From CryptoPotato · By Jordan Lyanchev
It was less than 24 hours ago that BTC was riding high, and the bulls had turned their focus to the next major milestone ahead of $90,000. Now, though, the attention is back on the $80,000 level and whether it will help prevent another massive leg down.
The altcoins are deep in the red as well, far below yesterday’s peak. XMR is the only exception here, while NEAR, UNI, TAO, WLD, BTW, and AAVE have marked substantial losses.
BTC Rejected at $85K Again
The primary cryptocurrency dipped below $80,000 precisely a week after inflation fears materialized following the release of the US CPI and PPI reports. However, it reacted well to this nosedive and rebounded by nearly $3,000 in an instant. More volatility ensued over the weekend, including a flash crash on Saturday evening, and a fresh decline to under $81,000 on Sunday.
The bulls went on the offensive on Monday, pushing BTC to $83,000. It was stopped there again and dropped by $2,000. A sudden price uptick drove it north by the same amount, and BTC topped $83,000 on Tuesday evening. The actual gains came on Wednesday when the cryptocurrency climbed to a two-week peak of just under $85,000.
As the landscape appeared to have improved significantly, came the aforementioned rejection. BTC tanked to $83,000 within a few hours, and has dived further to under $82,000 as of press time.
Its market cap has plummeted to $1.640 trillion on CMC, while its dominance over the alts remains at 60%.
BTCUSD October 22. Source: TradingView
Alts Dive, XMR Doesn’t
Ethereum jumped past $2,500 yesterday, but the violent rejection has driven it south by $100. BNB is down to $730, while XRP was stopped at $1.40 again and now sits at $1.33. SOL, HYPE, ZEC, DOGE, LINK, and RAIN have all dropped by 3%-5%.
BTW’s volatility has gone mad again, as a 25% plunge has pushed it to $1.61. UNI, TAO, NEAR, AAVE, and WLD have dropped hard as well. In contrast, XMR has soared by almost 11% and now sits at $650.
The total crypto market cap has shed over $60 billion since yesterday’s peak, and it’s down to $2.740 trillion on CMC.
Cryptocurrency Market Overview October 22. Source: QuantifyCrypto
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