The world of cryptocurrency is definitely unpredictable. The value of a particular digital currency today does not rise simply because of its scope or offerings, but also due to influence from popular culture, the internet – and now – the pandemic!
Recently, the World Health Organization discovered a new variant of the Covid-19 in South Africa. As per the nomenclature provided for all previous variants, it was time for this new variant to be dubbed ‘Omicron’. While this news made its way around the globe to much panic and discussion, crypto enthusiasts opted for an entirely different route.
Omicron is also the name of a lesser-known digital cryptocurrency. Since the news of the new covid-19 variant broke, crypto fans rushed to invest in this coin. The cryptocoin, which stood at $65 on 27th November, shot up in value unlike ever seen before. On 29th November, in just a matter of three days, its value reached a whopping $689 – which marks a huge 945% increase in value in such a short period of time.
While such peaks and falls are indicative of crypto’s volatile nature, such big differences are unforeseen in the digital asset market. All factors indicate the surge to be caused by WHO’s naming of the new coronavirus variant, and this has brought in a lot of criticism as well.
While other cryptocurrencies are seeing a drop in their value, Omicron seems to be climbing up the ladder. We have to wait and see if this spike will prove to be useful in bringing this Ethereum-based coin to the forefront, or whether it will dwindle in value in the months to come.