BTC, ETH and XRP recover from flash crash as more volatility looms: weekend watch

The typical weekend slowness was briefly disrupted over the past few hours, with BTC plunging a thousand dollars before rebounding just as quickly in what appeared to be a flash crash.

Altcoins followed suit, with many experiencing even more violent volatility over a quiet weekend. However, further fluctuations are expected on Monday.

BTC decline and rebound

The business week started off on the right foot for the leading cryptocurrency, with prices surging to $84,250. However, this quickly ended as the bears took over and pushed the asset south to $81,000 within hours. Interestingly, the recovery was just as rapid and BTC knocked on the door of $84,000 on Tuesday morning.

It remained near this level until Wednesday, when the US CPI figures for September were announced. As inflation seemed slightly higher than expected, BTC fell to $82,000. A day later, the PPI confirmed this narrative, and bitcoin initially plunged to $80,200, before the bears pushed it even further to a monthly low of $79,800.

The rebound was quite impressive, as the cryptocurrency surged by several thousand dollars almost immediately. It neared $83,000 again on Friday, but was interrupted and remained below $82,000 as the weekend began. Then came the aforementioned flash crash that saw BTC go from $81,600 to $80,750, before climbing to $82,000 and back to where it started.

Calls for a “Black Monday” are going viral among online analysts due to several factors, including last week’s broader correction in stock markets, so greater volatility is likely to ensue tomorrow.

For now, BTC market cap remains at $1.630 trillion on CMC, while its dominance on alts has returned to 60%.

Alts are also rebounding

Most larger-cap alternative assets saw a similar crash to BTC over the past few hours, but remained in the red on a daily scale. ETH fell to $2,360 and is now struggling to stay above $2,400. XRP continues its fight with the $1.30 support, currently on the wrong side.

ZEC, SOL, HYPE, DOGE, TRX, LINK and ADA are all in the red again, while XMR, RAIN and HBAR have seen gains of 3-4%. BTW stole the show again, climbing 17% to $2.43.

The total crypto market cap is down 0.2% daily to $2.730 trillion on CMC.