$92K as Long-Term Holders Continue to Take Profit
Macroeconomic concerns and rampant profit-taking are weighing on the cryptocurrency market as the year comes to a close.
Bitcoin (BTC) has fallen 1.8% in the past 24 hours to $91,800, a price not seen since December 5, the day it first broke $100,000. The largest cryptocurrency is down more than 14% from its record high of $108,278 on December 17. Ethereum (ETH) has lost less, falling 0.7% to $3,320, though it is now 17% below its December high and has yet to surpass the record $4,820 it set in 2021. Solana (SOL) has also proven to be a bit stronger than Bitcoin, with the SOL/BTC ratio up 0.35% on the day. The CoinDesk 20 Index — an index of the top 20 cryptocurrencies by market cap, excluding stablecoins, memecoins, and exchanges — also fell 3.74%. Ripple (XRP) and Stellar (XRM) took the biggest hits, falling 6% and 6.3%, respectively, while the most resilient coin besides ether was Litecoin (LTC), which fell 1.9%.