Ethereum, Ripple and even Dogecoin values plunge as bitcoin alternatives are hit by new rules banning anonymous trading

As bitcoin’s price continues to drop, alternatives to the cryptocurrency are also declining.

At the time of publication, all of the top 39 digital currencies by market capitalisation have fallen in value over the past 24 hours, according to CoinMarketCap.

Only five of the 100 biggest digital currencies have increased in value over the same period.

South Korea has announced new digital currency regulations, which ban people from trading them anonymously.

Over the past 24 hours, bitcoin has fallen by 8.29 per cent.

Ethereum, the second most valuable digital currency, is down 8.87 per cent while Ripple XRP, the third most valuable digital currency, is down 4.87 per cent.

Bitcoin Cash and Cardano, which complete the top five, are down 8.85 per cent and 8.98 per cent, respectively.

Dogecoin, which was originally created as a joke, is down 10.13 per cent.

Syscoin has suffered the biggest decline of the top 100 digital currencies, having fallen by 19.45 per cent.

Bitcoin’s value has dropped repeatedly over the past week, amid fears that the trading of digital currencies was about to be banned in South Korea and China.

The South Korean government has now announced that, from next week, everyone trading digital currencies in the country will have do so using their real names.

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The measure, which will help authorities trace digital currency transactions, is designed to prevent bitcoin being used for criminal activities.

South Korea will also prevent foreigners residing outside South Korea who do not have local bank accounts and people younger than 19-years-old from buying or selling bitcoin and other digital currencies.

Once the new system is in place, existing accounts that have already been used for cryptocurrency trading will no longer be valid.

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