It was a tough weekend for crypto holders, with overall crypto market capitalization below the major $ 2 trillion level and now at $ 1.94 trillion.
There was a huge downturn in the crypto industry as a whole as investors were worried about the situation in Omicron around the world and how it would affect the market.
At the time of reporting Bitcoin (Cryptography: BTC) was trading at $ 41,651.69, down 0.81%. Over the last 7 days, apex cryptography has decreased by 11.69%.
Last week, BTC traded at around $ 47,000 on Monday and fell to the $ 43,000 range by Friday.
In the turmoil, BTC has fallen below the market capitalization of $ 1 trillion and is now $ 787 million.
Faced with big fluctuations, a well-known Bitcoin analyst tells his 1.7 million Twitter followers that the market is only half the cycle (2020-2024).
I know some people have lost their trust in this #bitcoin bull market. But we are only half of the cycle (2020-2024). Also, BTC has experienced some confusion at $ 1T, but the S2F60 / $ 10T yellow gold cluster (small 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 that BTC will come back. He states that recent drops may be preparing for a major Bitcoin rally.
#BITCOIN is down !!!
Huge bounce call!
Here’s the reason!
>> https://t.co/AqjGmrt145 pic.twitter.com/6jjhYkZ7YR— Altcoin Daily (@AltcoinDailyio) January 8, 2022
Ethereum (CRYPTO: ETH) continued to slide, dropping 3.20% in the last 24 hours. It stands at $ 3,106.74. ETH has a market capitalization of $ 370,362,122,346.
Shiba Inu (CRYPTO: SHIB) It has decreased by 3.65% in the last 24 hours. It is trading at $ 0.00002826.
Dogecoin (CRYPTO: DOGE) decreased by 3.51%, with an average decrease rate of 12.85% for 7 days. It is trading at $ 0.1507.
Other altcoins that have seen significant market declines over the last 24 hours include: Binance Coin (CRYPTO: BNB) It is down 4.98% and is struggling at $ 432.96. Solana (CRYPTO: SOL) down 2.64% to $ 139.15, Cardano (CRYPTO: ADA) is down more than 5% at $ 1.16, Polka dot (CRYPTO: DOT) is $ 24.32 after falling 1.42%.
Bitcoin’s Fear and Desire Index, on the other hand, rose slightly on Sunday, the lowest index since July 21, 2021, from a reading of 10 on Saturday.
Bitcoin’s horror and greed index is 23-extreme horror
Current price: $ 41,808 pic.twitter.com/afJdjbauZH— Bitcoin Fear and Greed Index (@BitcoinFear) January 9, 2022
Read also: Looking for the bottom of Bitcoin: This is what experts are saying right now
