So it is the Holiday season and it was Xmas. How many people dived into their Bitcoin hoard to buy Xmas gifts and also paid for a nice holiday with their family?
We saw a huge increase in the price, early in the season and this might have triggered a situation where people rewarded themselves with some "Gifts" for the holiday season.
The direct impact of that would have been a higher influx of coins onto the exchanges and if that was not met with a higher demand for coins, then it would explain the drop in the price.
Did you splash out with some expensive gifts and extravagant holidays with your bitcoins, during the holiday season?
There is a large rather big possibility that the answer would be a yes. Since holiday season is making people too much busy fixing and planning their stuffs such as family outing or out of town vacation, they would not be able to get active into working with Bitcoin cryptocurrency and the same thing applies with the alternate cryptocurrencies so the demands and usages of the cryptocurrencies will be lowered down that will surely result to the dropping of the prices.