Bitcoin experienced significant volatility at the close of the week, dipping below $80,000 for the first time in a month before rebounding by approximately $2,000. The cryptocurrency now trades around $81,500 amid ongoing macroeconomic pressure.
The week saw multiple price swings tied to economic data. After an October 9 decline to just above $80,000, Bitcoin recovered to $83,000 over the weekend and climbed to $84,000 on Monday morning before facing rejection and falling to $81,000. The asset continued its volatile pattern through mid-week, trading near $84,000 before tumbling again following the release of September CPI data, which showed inflation slightly higher than expected. Subsequent PPI data indicated inflation pressures remain, and broader market declines in the KOSPI and Nikkei indices contributed to additional selling, driving Bitcoin below $80,000 to mark a monthly low. Bitcoin rebounded to nearly $83,000 on Friday but faced another rejection, settling around $81,500.
Bitcoin's market capitalization stands at $1.630 trillion, with its dominance over altcoins declining below 60 percent.
Altcoin Weakness Intensifies
Most altcoins turned negative during the period. Ethereum declined 1 percent to $2,430, while BNB slipped by a similar margin to $723. XRP fell 2.4 percent to $1.31, with comparable declines affecting SOL, HYPE, DOGE, LINK, XMR, and ADA.
More severe losses emerged in other segments, with ZEC dropping 5.2 percent, RAIN falling 7.4 percent, and TAO declining 5.5 percent. ZRO, STRK, and PYTH led losses with double-digit percentage declines. A small number of tokens defied the downward trend, including BTW, TIA, and LIT, which posted gains.
The overall cryptocurrency market capitalization declined 1 percent over 24 hours, reaching $2.740 trillion.
