Weekend Watch: Crypto Market Cap Dips Below $ 2T, Bitcoin Dips Below $ 42,000

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It was a difficult weekend for cryptocurrency holders as the overall crypto market cap fell below the key level of $ 2,000 billion, currently at $ 1.94 trillion.

There have been significant declines in the crypto industry as investors worry about Omicron’s position around the world and its impact on the market.

At the time of the report, Bitcoin (CRYPTO: BTC) was trading at $ 41,651.69, down 0.81%. In the past 7 days, the crypto apex has fallen 11.69%.

Last week, BTC traded around $ 47,000 on Monday and fell into the $ 43,000 range on Friday.

As the turmoil continues, BTC has fallen below a market cap of $ 1 trillion, now standing at $ 787 million.

Faced with massive volatility, a well-known Bitcoin analyst tells his 1.7 million Twitter followers that the market is only halfway through the cycle (2020-2024).

I know some people have lost faith in this #bitcoin bull market. However, we are only halfway through the cycle (2020-2024). And although BTC is experiencing turbulence at 1T, the yellow gold cluster at S2F60 / 10T (the little black dots are 2009-2021 gold data) is still the target IMO. pic.twitter.com/xWFQKKnndP

– PlanB (@ 100trillionUSD) January 9, 2022

Another longtime crypto analyst is hoping BTC will rebound. He says the recent drop could set the stage for a big Bitcoin rally.

#BITCOIN DIVING !!!

HUGE inbound rebound!

HERE’S WHY ! >> https://t.co/AqjGmrt145 pic.twitter.com/6jjhYkZ7YR

– Altcoin Daily (@AltcoinDailyio) January 8, 2022

Ethereum (CRYPTO: ETH) continues to fall, falling 3.20% in the past 24 hours. It is $ 3,106.74. The market capitalization of ETH is $ 370,362,122,346.

Shiba Inu (CRYPTO: SHIB) has fallen 3.65% in the past 24 hours. It is trading at $ 0.00002826.

Dogecoin (CRYPTO: DOGE) is down 3.51% with a seven-day average rate of decline of 12.85%. It is trading at $ 0.1507.

Other altcoins that have seen steep declines in the market in the past 24 hours include Binance Coin (CRYPTO: BNB) which is down 4.98% and struggling at $ 432.96. Solana (CRYPTO: SOL) is down 2.64% to $ 139.15, Cardano (CRYPTO: ADA) is down more than 5% to $ 1.16 and Polkadot (CRYPTO: DOT) is at 24.32 $ after falling 1.42%.

Meanwhile, the Bitcoin Fear & Greed Index edged higher on Sunday, from a reading of 10 on Saturday, the lowest index number since July 21, 2021.

Bitcoin Fear and Greed Index is 23 – Extreme Fear Current price: $ 41,808 pic.twitter.com/afJdjbauZH

– Bitcoin Fear and Greed Index (@BitcoinFear) January 9, 2022

Also Read: In Search of the Bitcoin Bottom: Here’s What Experts Are Saying Right Now

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