Bitcoin and major altcoins experienced a flash crash over the weekend, dipping sharply before recovering within hours. BTC fell from $81,600 to $80,750 before jumping to $82,000, while most larger-cap altcoins exhibited similar patterns of volatility.
Bitcoin's price action this week reflected broader market movements tied to economic data releases. The asset opened the business week at $84,250 but declined to $81,000 within hours. It recovered near $84,000 by Tuesday morning, then faced pressure following the September US CPI announcement, which showed inflation slightly higher than expected. BTC dipped to $82,000 in response.
The following day's PPI report prompted further selling pressure, sending Bitcoin to a monthly low of $80,200 before additional declines to $79,800. The cryptocurrency then rebounded sharply, approaching $83,000 on Friday before settling below $82,000 as the weekend began.
Bitcoin's market capitalization stands at $1.630 trillion, with its dominance over altcoins at 60%.
Altcoins Follow Similar Patterns
Ethereum dipped to $2,360 during the flash crash and currently struggles to remain above $2,400. XRP continues testing the $1.30 support level and is currently trading below it.
Most larger-cap altcoins remain in negative territory on a daily basis, including ZEC, SOL, HYPE, DOGE, TRX, LINK, and ADA. XMR, RAIN, and HBAR posted modest gains of 3-4%, while BTW surged 17% to $2.43.
The total cryptocurrency market cap declined 0.2% daily to $2.730 trillion.
Additional volatility is expected to continue, with analysts citing factors including last week's broader stock market correction.
