comscore How a cryptocurrency achieved its highest valuation because of COVID

Omicron Covid-19 variant helped this cryptocurrency gain new heights: Check current status

The Omicron crypto was only listed on November 8 at a price just shy of $200

Cryptocurrency graph

Pic: Pexels/Alesia-Kozik

Omicron has cast a shadow on the global economy once again but there are some who have benefited out of the rise of the new Covid-19 variant as well. As news spread about the new heavily mutated variant of the virus, a Cryptocurrency going by the same name, Omicron, achieved its highest valuation. Also Read - CEO confirms major data breach: Here’s what we know so far

According to cryptocurrency tracker Coingecko, the Omicron crypto reached a high of $689 on Monday. The surge pushed the value almost 900% within a very short period. However, the peak wasn’t sustainable for the crypto and it lost most of its value. Currently, it is listed at a price of $380. Also Read - WEF Davos Agenda: PM Modi calls for collective global effort on cryptocurrencies

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The Omicron crypto, according to the listing on Coingecko, was only listed on November 8 at a price just shy of $200. The prices fell in the following days and stayed stable around the $60-$100 range. The prices started to surge on Saturday after WHO’s announcement of the new Omicron covid-19 variant.

The WHO has announced that the new Omicron variant could be dangerous given its mutations. However, scientists need more time to know the intensity of the damage it can cause.

Status of other cryptocurrencies in the market

Other major cryptos like Bitcoin and Ethereum witnessed substantial drops in price due to the new crypto regulatory bill that was table in the parliament. The new bill described that the government is planning to ban all private cryptocurrencies. The definition of private cryptos is still up for debate. Investors and stakeholders will get a clearer idea about the legislation when it will be discussed in the lower house of the parliament in the ongoing winter session. Despite the fall last week, most crypto currencies are on the path of recovery and are expected to regain the losses.

The crypto exchanges and investors await the new bill which is expected to shape the future of cryptos in the country. A recent statement by Finance Minister Nirmala Sitharaman hinted that the government is not looking to ban cryptos. Instead, it plans to regulate it.

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  • Published Date: November 30, 2021 3:55 PM IST
  • Updated Date: November 30, 2021 5:35 PM IST

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