Bitcoin price: Ethereum, Ripple XRP and all other top 100 digital currencies tumble

It’s an extremely worrying situation for investors, and could further fuel existing fears that the cryptocurrency 'bubble' has burst

Bitcoin’s value has dropped dramatically over the past few days, but other cryptocurrencies are falling even harder.

At the time of publication, all of the top 100 digital currencies by market capitalisation have declined over the past 24 hours, according to CoinMarketCap.

It’s an extremely worrying situation for investors, and could further fuel existing fears that the "bubble" that numerous financial experts have warned of over recent months has already burst.

Bitcoin, which has fallen by 17.48 per cent over the past 24 hours, is actually performing less badly than many of the other major digital currencies.

Ethereum, the second most valuable digital currency, is down 21.37 per cent while Ripple XRP, the third most valuable digital currency, is down 16.86 per cent.

Bitcoin Cash and Cardano, which complete the top five, are down 21.49 per cent and 15.36 per cent, respectively.

Populous, the 22nd biggest digital currency, has suffered the biggest decline of the top 100, having fallen by 36.11 per cent.

The value of bitcoin has tumbled rapidly over the past few days.

It has fallen by more than 37 per cent over the past week, and by more than 61 per cent over the past month, according to Coinbase.

The cryptocurrency had been worth more than $13,400 at the start of 2018, and less than two months ago it came close to hitting the $20,000 mark.

It isn’t clear why bitcoin and so many other digital currencies are plummeting so quickly at the moment, but the latest drops come amid financial instability that is dragging down share prices and other financial markets across the world.

That began overnight as the Dow Jones began to fall dramatically, but the drops have been matched by stock markets across Asia and Europe.

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