Bitcoin (BTC) dropped by 2% in the last 24 hours, now at $91,800, a price last reached on December 5, when it went over $100,000 for the first time. This drop is more than 14% lower than the record high of $108,278 on December 17.
Ether (ETH) has dropped by 0.7%, now costing $3,320. This is 17% lower than its peak in December and still below its highest price of $4,820 from 2021. Solana (SOL) has been stable, with its value going up a bit compared to Bitcoin.
Ripple (XRP) and Stellar (XRM) have seen bigger losses, down 6% and 6.3%, while Litecoin (LTC) has fared better, dropping just 1.9%. Investors are selling to take profits after Bitcoin’s impressive 117% increase in value this year. The seven-day moving average shows that profit-taking has gone over $1.2 billion, but this is down from the high of $4.0 billion seen on December 11.
Wider economic factors are affecting the cryptocurrency market, as the U.S. Chicago PMI suggests a possible economic slowdown. Also, uncertainty about the Federal Reserve’s interest-rate policy and the upcoming inauguration of President-elect Donald Trump may have influenced things.
