From CryptoPotato · By Jordan Lyanchev
Bitcoin continued to be volatile at the end of the business week, dipping below $80,000 for the first time in a month, before rebounding by roughly $2,000.
Most altcoins have turned red once again, with XRP sliding back to $1.30, and ZEC plunging by over 5% after it was rejected at $1,200.
BTC Calms at $81.5K
After the price calamity on October 9, which drove BTC to just over $80,000, the asset managed to regain some traction and returned to $83,000 during the weekend. It climbed to $84,000 on Monday morning, but it was quickly rejected there and plummeted to $81,000. Major price fluctuations continued, with a bounce off that drove it to the same upper boundary it hit on Tuesday and held until Wednesday afternoon.
Then came the CPI data for September, which showed inflation was slightly higher than expected. Bitcoin reacted with an immediate leg down to under $82,000. The PPI data released a day later showed that inflation is indeed not going away. Alongside other macro reasons, such as the major crash of the KOSPI and the Nikkei, Bitcoin dived again. This time, it dipped below $80,000 to mark a monthly low.
Bitcoin rebounded again rather quickly and jumped to almost $83,000 on Friday. Another rejection followed, though, and the cryptocurrency now struggles at $81,500, while the macro pressure builds.
Its market cap is down to $1.630 trillion on CMC, while its dominance over the alts has dipped below 60%.
BTCUSD October 17. Source: TradingView
Alts See Heavy Selling
Ethereum is down by 1% to $2,430, BNB has slipped by a similar percentage to $723, while XRP struggles 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 adverse trend with double-digit price drops. In contrast, BTW, TIA, and LIT have defied the overall trend and have marked some gains.
The cumulative market cap of all crypto assets has declined by 1% over the past 24 hours, and it’s down to $2.740 trillion.
Cryptocurrency Market Overview October 17. Source: QuantifyCrypto
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