Hormonal fluctuations and cycles within the body are likely the culprit. Clinical depression, as you probably already know, is due to the brain not producing enough serotonin. Production of chemicals like this and dopamine (the reward chemical) will change depending on life situation (if you’re under a lot of stress or unhappy), diet, excercise, cycles such as the menstrual cycle, etc.
As for your question regarding anxiety being matched with periods of depression, I would reckon it is a result of being in a state of extreme agitation (thus using a great deal of energy and mental faculties) for some time. The body and brain burns itself out and is still dealing with the aftermath of the chemicals created during the anxiety attack. Might be to do with a lack of GABA (Gamma Aminobutyric Acid) as well which is a neurotransmitter that calms you down. GABA’s been linked to anxiety and mood disorders like depression
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