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 (CRYPTO: BTC) 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). 

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. 

Ethereum (CRYPTO: ETH) 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 (CRYPTO: SHIB) fell 3.65% over the last 24 hours. It is trading at $0.00002826. 

Dogecoin (CRYPTO: DOGE) 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 (CRYPTO: BNB) is down by 4.98% and struggles at $432.96. Solana (CRYPTO: SOL) dropped 2.64% to $139.15, Cardano (CRYPTO: ADA) is down over 5% at $1.16, and Polkadot (CRYPTO: DOT) 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.

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

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