These Alts Bleed the Most as Bitcoin (BTC) Settles Below $82K: Weekend Watch
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%.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Pi Network News: PI Price Jumps 4% as Team Announces Three-Day Developer Summit
New York Fed warns: Service sector input and sales prices surge, significant price pressure
A survey by the New York Federal Reserve shows that service sector input costs and prices in October rose sharply, while the business activity index fell to its lowest level since March. Businesses have turned pessimistic about the outlook, with increasing inflation and interest rate pressures.
Boeing (BA.US) Max 10 certification expected to be announced next week, adding new leverage for debt relief
The Boeing 737 Max 10 has completed key certification meetings and could be approved as early as next week. As Boeing's largest variant to rival Airbus, this model will help airlines replace aging 757s and is expected to become a cash cow for Boeing to reduce its debt.
Crypto prices
More
