Following days of headlines surrounding the new Covid-19 variant called Omicron, the price of cryptocurrency OMIC has shot up to 1,100 percent before giving up three-fourth of its value within three days of trading.
According to reports, the Omicron token, which was trading for $65, hit an All-Time High of $689 in the day's trading last Saturday. Launched in early November, the OMIC token massively gained its price despite the low in the overall crypto market toward the end of last week.
Bitcoin price down 5%, lowest since mid-October
After WHO classified that the fast-spreading COVID-19 variant discovered on November 9 a matter of concern, the price of major cryptocurrencies such as Bitcoin dropped in the trading market.
However, the cryptocurrency listed on Coingecko in early November could not continue with its bull run. But it did threaten Bitcoin, the king of cryptocurrencies, as it struggled near a seven-week low after OMIC tanked the broader crypto market last week, according to reports.
Bitcoin price went down 5 percent, while Omicron galloped ten times in just two days. The price of the relatively new cryptocurrency token jumped to $692 on November 29.
Analysts confirm the price of Omicron went up due to the new Covid-19 variant
Crypto analysts have confirmed that the sudden surge in the price of the new crypto happened because of the name the digital token shares with the latest COVID-19 variant.
At present, the trading volume of OMIC - the amount being traded in 24 hours â is relatively lower than last week, which stands at $238,530 as of December 1. According to the data available on CoinMarketCap, the token (OMIC) reached its all-time-high price of $692.11 on Sunday.
At the time of writing, Omicron was trading at $432.57 up 29.38 percent in the day's trade, according to CoinMarketCap.
The International Business Times advises crypto investors and enthusiasts to carefully check the latest updates about the crypto market before making any investments and not fall for any rumours that may leave them in losses.