At the end of last week, on the heels of a sharp sell-off, Bitcoin, as well as other cryptocurrencies experienced a rise in value.
Bitcoin’s price once again rose up above $58,000, which accounts for a 5.8% rise to $58,136.63. Not too far behind is Ether, which leaped 7% to reach $4419.63. Following right behind is XRP, which spiked 6%, at close to 99 cents.
Earlier last week, the world was made aware of a new, potentially dangerous new variant of Covid-19 – Omicron. On the same note, Bitcoin’s value dipped heavily, priced as low as $53, 549 – it’s lowest since October. Several investors engaged in a sell-off of crypto assets in fear of what the new variant would bring for the crypto industry.
While this news did significantly influence the crypto market, we now hear reports of the variant being weaker with much milder symptoms, according to the latest testing reports. This news has strengthened the comeback of the crypto market, and it is to be noted that several investors have most likely bought the dip.
Bitcoin recently dropped below 20% from its all-time high value of $69,000, which officially puts this digital currency in the Bear market. But seeing the recent upward trend, crypto analysts insist that the world’s largest cryptocurrency is definitely in the bull market territory.
As the world prepares for the new Omicron variant to potentially cause more stress and havoc, people are, now more than ever, inclined to protect their assets the best they can.