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We present the results from the timing and spectral study of Mrk\,421 based mainly on the \emph{Swift} data in the X-ray energy range obtained during the time interval 2015\,December--2018\,April. The most extreme X-ray flaring activity on the long-term, daily and intraday timescales was observed during the 2-month period which started in 2017\,December when the 0.3--10\,keV flux exceeded a level of 5$\times$10$^{-9}$erg\,cm$^{-2}$s$^{-1}$, recorded only twice previously. While the TeV-band and X-ray variabilities mostly were correlated, the source often varied in a complex manner in the MeV--GeV and radio--UV energy ranges, indicating that the multifrequency emission of Mrk\,421 could not be always generated in a single zone. The longer-term flares at X-rays and $γ$-rays showed a lognormal character, possibly indicating a variability imprint of the accretion disk onto the jet. A vast majority of the 0.3--10\,keV spectra were consistent with the log-parabolic model, showing relatively low spectral curvature and correlations between the different spectral parameters, predicted in the case of the first and second-order Fermi processes. The position of the synchrotron spectral energy distribution (SED) peak showed an extreme variability on diverse timescales between the energies $E_{\rm p}$$<$0.1\,keV and $E_{\rm p}$$>$15\,keV, with 15\% of the spectra peaking at hard X-rays and was related to the peak height as $S_{\rm p}$$\varpropto$$E^α_{\rm p}$ with $α$$\sim$0.6, which is expected for the transition from Kraichnan-type turbulence into the \textquotedblleft hard-sphere\textquotedblright~ one. The 0.3--300\,GeV spectra showed the features of the hadronic contribution, jet-star interaction and upscatter in the Klein-Nishina regime in different time intervals.