#ChristmasMarketAnalysis The cryptocurrency market faced a sharp decline, with Bitcoin falling 7% to $97,020, just two days after hitting a record high of over $108,000. The significant drop marked a sudden reversal of recent gains, triggering a broader sell-off in the crypto space.

Ethereum saw a 12% drop, with its price falling to $3,422. XRP declined 11%, trading at $2.22. Dogecoin, one of the hardest-hit assets, fell nearly 20% to around $0.31, erasing much of its recent momentum.

Solana also joined the decline, slipping below the $200 threshold to $191, marking a 12% loss. This drop reflects widespread uncertainty and profit-taking among investors as the market adjusts to Bitcoin’s dramatic reversal.

The sharp market decline has triggered liquidations totaling $1.17 billion in the past 24 hours. Bitcoin alone has accounted for $241 million in liquidations, highlighting its significant influence on the broader market.

BTC is currently valued at $96,790.06, reflecting a 4.40% decline in the past day and a 3.11% decline in the past week. See the BTC price chart below.

The overall cryptocurrency market is down 9%, illustrating the cascading effects of Bitcoin’s decline.

As the market navigates this turbulence, attention is now turning to whether Bitcoin and other major cryptocurrencies can stabilize. Or if they face further downward pressure. The next few days will be crucial in determining the next phase of this volatile market cycle.