Ethereum, Ripple XRP and all other major cryptocurrencies plummet even further than bitcoin

All of the other top 20 digital currencies by market capitalisation have plummeted over the past 24 hours

Aatif Sulleyman
Tuesday 16 January 2018 12:00 GMT
What is Bitcoin and why is its price so high?

Bitcoin’s price dropped dramatically this morning, but the situation looks even worse for anyone who has invested in alternative cryptocurrencies.

At the time of publication, all of the other top 20 digital currencies by market capitalisation have plummeted further than bitcoin over the past 24 hours.

In fact, all of the top 100 digital currencies have seen their prices fall significantly since yesterday, according to CoinMarketCap.

:: The Independent’s bitcoin group is the place for the best headlines and discussion of all cryptocurrencies. Like it here for the latest on how people are making money – and losing it

While bitcoin is down 14.47 per cent, ethereum has slumped by 21.24 per cent and Ripple XRP is down by 28.76 per cent over the past 24 hours.

Bitcoin Cash and Cardano, the fourth and fifth biggest digital currencies by market capitalisation, have fallen by 22.5 per cent and 27.52 per cent, respectively.

Dentacoin and Binance Coin are two of the worst affected digital currencies in the top 100, having slipped by 49.05 per cent and 44.09 per cent over the past 24 hours.

Digital currencies are notoriously volatile, but this decline has been particularly noteworthy because so many bitcoin alternatives have been simultaneously affected.

They’ve all plummeted amid new fears that trading them could be banned.

South Korea is weighing up a total ban on trading in cryptocurrencies, and at the very least it could impose sweeping new regulation on the market.

“There are no disagreements over regulating speculation,” such as using real-name accounts and levying taxes on cryptocurrency trading, Finance Minister Kim Dong-yeon said this week.

Shutting down digital currency exchanges is “a live option but government ministries need to very seriously review it”.

We’ve teamed up with cryptocurrency trading platform eToro. Click here to get the latest Bitcoin rates and start trading. Cryptocurrencies are a highly volatile unregulated investment product. No EU investor protection. 75% of retail investor accounts lose money when trading CFDs.

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