Crypto traders have been feeling the brunt of the COVID-19 pandemic lately, particularly when information of the brand new Omicron variant broke out.
(Picture : Getty Photos )
When cryptocurrency costs have been decreased to new lows, one comparatively obscure coin has remained robust: Omicron–a coin that has the identical precise identify as the brand new coronavirus variant.
NotebookCheck.net studies that the Omicron crypto has largely defied the market crash affecting different main cash like Bitcoin and Ether, amongst others.
Latest pricing has skilled an enormous 700% surge. Now, the beforehand obscure crypto reached highs of as much as $420.
As of this writing, nevertheless, Omicron sits at over $333 as per information from CoinGecko. This worth remains to be actually excessive, extra so in the event you examine it to its authentic value.
The foreign money was solely priced at $60 following the WHO’s announcement of the Omicron COVID-19 variant being certainly one of concern. Its 24-hour buying and selling quantity is at $391,930, with a totally diluted valuation of $333,217,990.
There is a complete of two,430 Omicron cash in circulation.
Present evaluation of the market means that this could possibly be a short-lived fad, simply due to the identify. However that is additionally not the primary time that particular crypto has surged in worth for a similar cause. One nice instance, in accordance with Crypto Briefing, is the FLOKI token.
The FLOKI token’s value skyrocketed again in September after Elon Musk tweeted about getting a Shiba Inu pet which he named Floki:
Floki has arrived pic.twitter.com/2MiUKb91FT
— Title (@elonmusk) September 12, 2021
For now, solely time will inform whether or not the Omicron crypto’s luck holds up because the COVID-19 pandemic wears on.
Crypto Costs Are Tanking
Cryptocurrency traders is likely to be shaking their heads as of the second as a result of even big-name cash (except for the Omicron crypto, after all) are feeling the adverse results of the continuing world pandemic.
Bitcoin appears to be the toughest hit of all of them. News.com.au studies that the emergency of the Omicron variant has traders panicking, with the coin hitting a brand new low of $54,620.
(Picture : Getty Photos )
It is a very steep drop, contemplating Bitcoin’s earlier record-high mark. Again in early November, its value peaked at a excessive of $68,000, in accordance with TIME Magazine.
As for Ether (Ethereum) which is the world’s second-biggest after Bitcoin, the worth drop won’t be as significant–but it is nonetheless a drop nonetheless.
It dropped to as little as $3,971 over the last 24 hours however has since rebounded 4.65% to $4,287.73, in accordance with information from CoinDesk on the time of this writing.
Ought to You Make investments In Omicron?
As beforehand talked about, it stays to be seen whether or not Omicron crypto’s value surge will keep constant. And all of it relies on the brand new COVID-19 variant.
(Picture : Pierre Crom/Getty Photos)
ROTTERDAM, NETHERLANDS – NOVEMBER 28: A employee cleans a retailer as The Netherlands implements new measures of a tender night lockdown to counter the Coronavirus pandemic on November 28, 2021 in Rotterdam, Netherlands. For a minimum of the subsequent three weeks, venues equivalent to cafes, museums, and cinemas should shut by 5pm, and stay closed till 5am. 13 instances of infections by the Omicron variant have been detected by vacationers flying again to The Netherlands from South Africa.
No person desires the brand new variant to contaminate extra of the world’s inhabitants. But when it does unfold, then there is likely to be an opportunity that the cryptocurrency bearing its identify will surge in price–all due to the identify and nothing else.
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Written by RJ Pierce
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