After dipping to $80,500 once again on Sunday, bitcoin has rebounded swiftly and tapped $83,000 earlier today for the first time since the CPI-induced nosedive in the middle of the previous week.
Most altcoins are also up in the green today, defying expectations for a Black Monday as markets opened earlier. At least for now.
No Black Monday?
The CPI and PPI announcements on October 14 and 15 last week brought a new wave of concern in the markets that inflation is not going down, as both metrics exceeded expectations. Naturally, risk-on assets such as bitcoin felt the pressure. BTC dumped from over $84,000 to a monthly low of just under $80,000 in about 24 hours.
It reacted well to this major leg down and jumped to $82,800. However, it was rejected again on Friday alongside most financial markets and dipped below $81,000 again. The weekend was somewhat strange in terms of price action. Instead of the usual dull movement, there was a flash crash on Saturday evening, which intensified the calls for a Black Monday, as it happened 39 years ago.
Analysts were predicting another massive black swan event as markets started to open on Monday morning, but that hasn’t been the case so far. Just the opposite: the US futures markets are in the green, and so is BTC. The leading cryptocurrency is up by over 1% today and sits around $83,000.
Its market cap has climbed to $1.660 trillion, while its dominance over the alts is well above 60%.
Alts in Green Too
Ethereum has defended the $2,400 support after a mild increase since yesterday. XRP is also above a key support level, currently trading close to $1.32. SOL, HYPE, XMR, LINK, NEAR, and BCH have marked similar increases, while ZEC is up by 2.6% to $1,170.
The biggest gains today come from ARB (9%) and RAY (7%), while TIA, STRK, and BTW have posted the most substantial losses.
The cumulative market cap of all crypto assets has increased by over 1% on a 24-hour scale, and now sits at $2.760 trillion on CMC.
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