Bitcoin has experienced a significant drop, falling 1.8% in the last 24 hours to $91,800, a price not seen since it first broke through $100,000 on Dec. 5. This represents a 14% decline from its record high of $108,278 on Dec. 17. Ether (ETH) has also seen a decrease, losing 0.7% to $3,320, now 17% below its December peak. Solana (SOL) has shown relative strength, with the SOL/BTC ratio up by 0.35%. The broader market, as indicated by the CoinDesk 20 index, has slid by 3.74%. Ripple (XRP) and Stellar (XRM) have been hit hardest, dropping 6% and 6.3% respectively, while Litecoin (LTC) has been more resilient, down only 1.9%. The selling pressure is largely due to investors cashing out after Bitcoin’s 117% surge this year. Profit-taking has exceeded $1.2 billion on a seven-day moving average, though this is less than the peak of $4.0 billion on Dec. 11. Macroeconomic factors, including a low Chicago PMI and uncertainty around Federal Reserve interest-rate policies, are also impacting the market.
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