Bitcoin price dropped below $42,000, Ether and major altcoins also fell

Cryptocurrency prices tumbled on Monday, a US national holiday honoring civil rights activist Martin Luther King, and there is little sign of a reversal anytime soon. Bitcoin, the largest cryptocurrency by market capitalization, has dipped below $42,000, although it was above that level at press time. At the time of writing, Bitcoin price is changing hands at $42,242.

bitcoin-price-dropped-below-42000-ether-and-major-altcoins-also-fell

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price most other altcoins also drop amid more bad news for the global economy

Equity markets were shuttered on holiday, offering a respite from the recent drumbeat of bad news that seems to be increasingly intertwined with crypto pricing. The Wall Street Journal reported that about 220 U.S. publicly traded companies with market capitalizations over $10 billion have fallen 20% from their peaks and that the S&P 500 and Nasdaq had declined 2.2% and 4.8%, respectively.

Meanwhile, a New York Times story highlighted the inability of the U.S. Centers for Disease Control and Prevention to keep pace with data about the Omicron variant of the coronavirus, which has been hammering the global economy.

BTC continues in the $41k to $44k range, staying surprisingly flat the past week after a tumultuous start to 2022. On the other hand, many altcoins have given up much more significant gains.

bitcoin-price-dropped-below-42000-ether-and-major-altcoins-also-fell

Source: Santiment

However, ten new Bitcoin whale addresses have reappeared in the past three months that hold 10k or more BTC. This is a 12.7% increase from the 9-year all-time low amount of mega whale addresses recorded in late October.

bitcoin-price-dropped-below-42000-ether-and-major-altcoins-also-fell

Source: Santiment

Amid the weakness in bitcoin and other crypto-assets during the latter part of 2021 and early 2022, there’s been an anomalous counter-performance by the DeFi sector. The last few weeks have seen a modest rebound in total value locked, a measure of how much digital asset value has been collateralized for loans in the DeFi system.

Could Bitcoin continue its recovery and pull select altcoins higher? Cause the overall cryptocurrency market cap stands at $2.021 trillion, and Bitcoin Dominance is 39.6%.

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