The crypto selloff continued over the last 24 hours with declines being seen across the board this morning. In fact, just three coins in the top 50 are in positive territory since this time yesterday.
These latest declines have weighed on the value of the entire market, reducing it down by 2.1% over the period to US$191.3 billion according to Coin Market Cap.
The declines have been more pronounced amongst the alt coins, leading to Bitcoin’s share of the entire market hitting its highest level this year. At present Bitcoin accounts for 56.8% of the market, compared to a low of around 32% in January.
The reason alt coins are falling harder today could be due to a New York federal judge ruling that U.S. securities law can be used to prosecute fraud cases over cryptocurrency offerings.
According to Reuters, this will allow federal prosecutors to pursue people that defrauded investors with dodgy initial coin offerings (ICOs).
Here is the state of play on Wednesday morning compared to 24 hours ago:
The Bitcoin (BTC) price has fallen 0.5% to US$6,295.22 per coin, reducing its market capitalisation down to US$108.7 billion.
The Ethereum (ETH) price has plunged a further 6% to US$184.22 per token. This decline leaves Ethereum with a market capitalisation of US$18.8 billion.
The Ripple (XRP) price has dropped 1.7% to 26.3 U.S. cents, leaving the alt coin with a market capitalisation of just over US$10.4 billion.
The Bitcoin Cash (BCH) price has tumbled 7% lower to US$433.30 per token. This has reduced the Bitcoin spin off’s market capitalisation to US$7.5 billion.
The EOS (EOS) price is down 3.2% to US$4.86. This decline leaves EOS with a market capitalisation of US$4.4 billion.
Outside the top five things were equally bleak, except for the Stellar (XLM) price. Stellar rose 5.4% to 20.12 U.S. cents after ICO services platform TokenSoft announced plans to launch support for projects on the Stellar protocol.
Elsewhere, Litecoin (LTC) has fallen 4.7%, Tether (USDT) is down 0.5%, Cardano (ADA) is off 6.3%, and Monero (XMR) has dropped 2%.