Bitcoin, Ethereum, Solana and XRP Drop Again. The Latest Problem Hitting Crypto.

Bitcoin is now trading 21% off the record high it hit in early October. (Michael M. Santiago/Getty Images)

The price of Bitcoin was sliding again Tuesday, extending a recent selloff that has dragged down cryptocurrency prices.

The world’s largest token was down 3.4% to $104,207 over the past 24 hours, according to data from CoinDesk. It’s now trading 21% off the record high it hit in early October.

Ethereum dropped 5%, after a hack hit a decentralized finance protocol based on the token’s native network. Solana slid 8.5%, and XRP dropped 5.5%, per the Kraken crypto exchange.

Created with Highcharts 9.0.1Sources: CoinDesk (BTCUSD); Kraken (ETHUSD,​XRPUSD)

Created with Highcharts 9.0.1BitcoinXRPEthereumNov. 2Nov. 4-12-10-8-6-4-2024%

The digital assets were struggling after several Federal Reserve policymakers on Monday said the central bank will have to look at the data before deciding whether to lower interest rates next month. When borrowing costs remain high, cryptos become less appealing relative to interest-bearing investments, such as bonds.

Crypto bulls will be hoping Bitcoin can soon find a floor, as if the token dips below $100,000 that could trigger a wave of further sales.

“The market sits in a fragile equilibrium,” analysts for the crypto exchange Bitfinex said. “We are not yet in a capitulation phase from [top buyers], but they are showing signs of waning conviction.”

They added: “Unless the price recovers decisively above this range, time becomes a growing headwind for bulls, as prolonged stagnation historically erodes sentiment.”

Write to George Glover at george.glover@dowjones.com