Weekend Watch: Crypto Market Cap Down Below $2T, Bitcoin Plunged Below $42K

It's been a rough weekend for cryptocurrency holders, as the overall crypto market cap dropped below the key $2 trillion level, currently sitting at $1.94 trillion. 

There were major drops across the crypto industry, as investors are worried about the Omicron situation across the world and how it may impact the market.

At the time of reporting, Bitcoin BTC/USD traded at $41,651.69, down 0.81%. In the past 7-days, the apex crypto is down by 11.69%. 

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

As the turbulence continues, BTC has dropped below a $1 trillion market cap, now sitting at $787 million.

In the face of the massive volatility, a well-known Bitcoin analyst tells his 1.7 million Twitter followers that the market is only halfway into the cycle (2020-2024). 

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

— PlanB (@100trillionUSD) January 9, 2022

Another long-time crypto analyst is hopeful that BTC will bounce back. He says that the recent drop may be setting up for a major Bitcoin rally. 

#BITCOIN IS DIPPING!!!

HUGE Bounce Incoming!

HERE IS WHY!
>> https://t.co/AqjGmrt145 pic.twitter.com/6jjhYkZ7YR

— Altcoin Daily (@AltcoinDailyio) January 8, 2022

Ethereum ETH/USD continues its slide, falling 3.20% in the last 24 hours. It stands at $3,106.74. The market cap for ETH is at $370,362,122,346. 

Shiba Inu SHIB/USD fell 3.65% over the last 24 hours. It is trading at $0.00002826. 

Dogecoin DOGE/USD is down by 3.51% with a seven-day average down rate of 12.85%. It is trading at $0.1507. 

Other altcoins seeing big drops across the market in the past 24 hours, include Binance Coin BNB/USD is down by 4.98% and struggles at $432.96. Solana SOL/USD dropped 2.64% to $139.15, Cardano ADA/USD is down over 5% at $1.16, and Polkadot DOT/USD is at $24.32 after falling 1.42%.

Meanwhile, the Bitcoin Fear & Greed Index is up slightly 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 For The Bitcoin Bottom: Here's What The Experts Are Saying Right Now