Calls for a “Black Monday” are going viral online, so is this the calm before the major storm?
The typical weekend sluggishness was briefly disrupted over the past several hours, with BTC dipping by a grand before rebounding just as quickly in what appeared to be a flash crash.
The altcoins followed suit, many experiencing even more violent volatility during a calm weekend. However, even more fluctuations are expected on Monday.
BTC Dips and Rebounds
The business week began on the right foot for the primary cryptocurrency, with a price surge to $84,250. However, it quickly came to an end as the bears took over and pushed the asset south to $81,000 within hours. Interestingly, the recovery was equally rapid, and BTC knocked on the $84,000 door by Tuesday morning.
It remained close to that level until Wednesday, when the US CPI numbers for September were announced. As inflation appeared slightly higher than expected, BTC dipped to $82,000. A day later, the PPI confirmed this narrative, and bitcoin nosedived to $80,200 at first, before the bears drove it a step further to a monthly low of $79,800.
The bounce-off was quite impressive, as the cryptocurrency jumped by several grand almost immediately. It neared $83,000 once again on Friday, but it was halted and remained below $82,000 as the weekend began. Then came the aforementioned flash crash that saw BTC dip from $81,600 to $80,750, before it jumped to $82,000 and retreated to its starting level.
Calls for a “Black Monday” are going viral among analysts online due to several factors, including the broader stock market correction from last week, so more volatility is likely to ensue tomorrow.
For now, BTC’s market cap remains at $1.630 trillion on CMC, while its dominance over the alts is back at 60%.
Alts Rebound Too
Most larger-cap alts went through a similar flash crash as BTC over the past several hours, but have remained in the red on a daily scale. ETH dipped to $2,360 and now struggles to remain above $2,400. XRP continues its fight with the $1.30 support, currently sitting on the wrong side.
ZEC, SOL, HYPE, DOGE, TRX, LINK, and ADA are all in the red once again, while XMR, RAIN, and HBAR have posted 3-4% gains. BTW has stolen the show again, rocketing by 17% to $2.43.
The total crypto market cap is down by 0.2% daily to $2.730 trillion on CMC.
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