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.
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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).
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.
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#BITCOIN IS DIPPING!!!
— Altcoin Daily (@AltcoinDailyio) January 8, 2022
HUGE Bounce Incoming!
HERE IS WHY!
>> https://t.co/AqjGmrt145 pic.twitter.com/6jjhYkZ7YR
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.
Bitcoin Fear and Greed Index is 23 - Extreme Fear
— Bitcoin Fear and Greed Index (@BitcoinFear) January 9, 2022
Current price: $41,808 pic.twitter.com/afJdjbauZH
Also Read: In Search For The Bitcoin Bottom: Here's What The Experts Are Saying Right Now