Bitcoin remained volatile at the end of the business week, falling below $80,000 for the first time in a month, before rebounding around $2,000.
Most altcoins turned red again, with XRP returning to $1.30 and ZEC plunging over 5% after being rejected at $1,200.
BTC calms down at $81.5K
After the October 9 price catastrophe, which pushed BTC to just over $80,000, the asset managed to regain some ground and returned to $83,000 over the weekend. It climbed to $84,000 on Monday morning, but was quickly rejected there and fell to $81,000. Significant price fluctuations continued, with a rebound that took it to the same upper limit it reached on Tuesday and held until Wednesday afternoon.
Then came CPI data for September, which showed inflation was slightly higher than expected. Bitcoin reacted with an immediate decline to below $82,000. PPI data released a day later showed that inflation is indeed not disappearing. Along with other macroeconomic reasons, such as the major crash in KOSPI and Nikkei, Bitcoin plunged again. This time it fell below $80,000 to mark a monthly low.
Bitcoin rebounded again quite quickly and surged to almost $83,000 on Friday. Another rejection followed, however, and the cryptocurrency is now struggling at $81,500 as macroeconomic pressure mounts.
Its market cap fell to $1.63 trillion on CMC, while its alt dominance fell below 60%.
Alts sees significant sales
Ethereum is down 1% at $2,430, BNB is down a similar percentage to $723, while XRP is struggling at $1.31 after a 2.4% decline. The landscape around SOL, HYPE, DOGE, LINK, XMR and ADA is similar.
More painful declines come from ZEC (-5.2%), RAIN (-7.4%) and TAO (-5.5%). ZRO, STRK and PYTH lead the unfavorable trend with double-digit price declines. On the other hand, BTW, TIA and LIT defied the general trend and recorded gains.
The cumulative market capitalization of all crypto assets decreased by 1% in the last 24 hours, reaching $2.74 trillion.
The post These Alts Bleed the Most as Bitcoin (BTC) Settles Below $82,000: Weekend Watch appeared first on CryptoPotato.
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