Bitcoin’s price reacted well to the recent macro pressure and rebounded from the $81,000 range to over $83,000 as of now, charting a weekly high.
The larger-cap alts have followed suit with notable recovery sessions today, including ETH’s 3.4% rise to over $2,450 and XRP’s strong rebound to $1.35.
BTC Back Above $83K
Bitcoin’s troubles intensified precisely a week ago when the US CPI numbers came out and showed inflation was still persistent and slightly higher than expected. A day later, the PPI reading confirmed this, and BTC nosedived once again. In total, the asset fell from over $84,000 to a monthly low of just under $80,000 all within 24 hours or so.
The bulls finally intervened at this point and didn’t allow another leg down. Instead, BTC bounced off to $82,500, where it stood for a day, before its breakout attempt was halted at $83,000 and it slipped to under $81,000.
The weekend was rather weird, including a $1,000 flash crash on Saturday evening. Another dip followed to $80,750 before the asset finally showed some strength and surged to $83,000 on Monday despite expectations for a Black Monday crash. However, this was a short-term relief rally, and BTC quickly dipped toward $81,000 on Tuesday.
Another major rebound took place in the evening, taking bitcoin to $83,000. Earlier today, the asset climbed above that level and tapped $83,600 for the first time since last Wednesday’s pullback began. Although it was stopped there for now, it still trades above $83,000.
Its market cap has recovered to $1.670 trillion, while its dominance over the alts is shaky at 60% on CMC.
ZEC, NEAR Pump
Today’s major altcoin rally is led by ZEC’s impressive 13% surge to $1,267. NEAR Protocol’s 11% pump and RAIN’s 13% follow suit among the mid-cap alts. Naturally, BTW is also here, with a 41% surge today, after it nosedived by a similar percentage yesterday.
Other notable price gainers on October 21 include BCH, ENA, PUMP, WLD, SUI, AAVE, PEPE, UNI, and SKY.
Ethereum is above $2,450 after a 3.4% increase; XRP is back at $1.35 following an even more impressive 4.5% jump, while SOL defended the $100 support and now sits at $106. ADA, DOGE, HYPE, LINK, and BNB are also in the green today.
The total crypto market cap is up by just over 2% since yesterday to $2.780 trillion on CMC.
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