The usual weekend lethargy was momentarily interrupted in recent hours, as BTC experienced a decline of a significant amount before swiftly recovering, resembling a flash crash. The altcoins exhibited similar behaviour, with numerous assets undergoing even more pronounced volatility during a relatively tranquil weekend. However, further fluctuations are anticipated on Monday. The business week commenced positively for the leading cryptocurrency, witnessing a price increase to $84,250. However, it swiftly concluded as the bears dominated, driving the asset down to $81,000 within hours. Interestingly, the recovery was equally rapid, with BTC approaching the $84,000 threshold by Tuesday morning.
It remained near that level until Wednesday, when the US CPI figures for September were released. As inflation emerged marginally above expectations, BTC declined to $82,000. A day later, the PPI confirmed this narrative, and bitcoin initially fell to $80,200, before the bears pushed it further down to a monthly low of $79,800. The bounce-off was notable, as the cryptocurrency surged by several thousand almost instantaneously. It approached $83,000 once more on Friday; however, it was restrained and stayed beneath $82,000 as the weekend commenced. Subsequently, the previously mentioned flash crash occurred, resulting in BTC declining from $81,600 to $80,750, before rebounding to $82,000 and subsequently returning to its initial level.
Calls for a “Black Monday” are gaining traction among analysts online, driven by various factors, including the recent broader stock market correction. As a result, increased volatility is anticipated in the coming days. Currently, BTC’s market capitalisation stands at $1.630 trillion, with its dominance over alternative cryptocurrencies returning to 60%. Most larger-cap altcoins experienced a comparable flash crash to Bitcoin in the past several hours; however, they have continued to show negative performance on a daily basis.
ETH has experienced a decline to $2,360 and is currently facing challenges in maintaining a position above $2,400. XRP remains engaged in its struggle with the $1.30 support level, currently positioned unfavourably. ZEC, SOL, HYPE, DOGE, TRX, LINK, and ADA are all experiencing declines once again, while XMR, RAIN, and HBAR have recorded gains of 3-4%. BTW has captured attention once more, surging by 17% to $2.43. The total cryptocurrency market capitalisation has experienced a decline of 0.2% over the past day, now standing at $2.730 trillion according to CMC.
