In terms of angular speed (e.g. revolutions per minute), lower orbits are faster, higher orbits are slower (think of a Mercury year versus a Neptune year).

The ISS circles the Earth every 92 minutes. If we dropped a cable from the ISS (or another satellite at the same height), the anchoring point (e.g. something like a floating oil platform) would also have to circle the Earth roughly every 92 minutes. That's not feasible.

Satellites at 36,000km circle the Earth every 24 hours, which is the same speed that the Earth rotates. If the satellite is orbiting around the equator, going the same direction as the Earth's rotation, then we would not have to move the anchor (the Earth's rotation would do it for us)

it's the height above earth's surface for a geostationary orbit.