Omicron crypto with the token name OMIC was not so popular as digital currency until yesterday. The day after WHO named the new covid variant Omicron, the digital currency space witnessed Omicron cryptocurrency rise by 900%. Let us have a look at some of the news on cryptocurrency.
The crypto rose to an all time high yesterday after the latest fast spreading coronavirus variant was given a similar name. During the Asian Trading Session on Monday morning, the OMIC token of Omicron attained an all time high of $689. This move has increased the value of the token by another 200% in one day and by an astonishing 945% since Saturday when the coin was trading at nearly $65.
The cryptocurrency is named after the latest covid-19 variant that was first found in South Africa. This fast spreading strain B.1.1.529 was named after the fifteenth letter of the Greek alphabet by WHO. The huge Omicron cryptocurrency rise is getting mixed responses from the crypto critics on Twitter. So if you were thinking, which cryptocurrency will rise today then you should look at the OMIC token.
The Omicron Cryptocurrency Rise
Omicron is a completely decentralized money reserve system on the Ethereum layer two network Arbitron. The native OMIC token is being backed by the liquidity provider tokens and the USDC stablecoin. This crypto can only be exchanged in the SushiSwap decentralized digital currency exchange, which as per CoinGecko has had $454,000 in trading for OMIC per USDC pair in the past 24 hours. There is no added data on Omicron crypto supply or the market capitalization on the website.
Reason For Omicron Cryptocurrency Rise
Omicron is a bond based yield farming project that began as a fork of DeFi protocol, OlympusDAO is the beginning of November, but it is more associated with the covid variant than the name. The latest news of the spread of the new covid variant sent the share markets tumbling last week, and the Black Friday witnessed a grand wipe off of the November gains for the S&P 500 Index and the Nasdaq Composite.
The main reason for Omicron cryptocurrency rise was the news of the WHO naming the latest covid variant “Omicron”. This news transmitted shock waves across the cryptocurrency space and the Omicron price took off like a rocket. This is thus an example of how an unrelated piece of news can have a great impact on the crypto industry.
The present price of the OMIC token is $212.83 USD along with a 24-hour trading volume of $538,442 USD. The present CoinMarketCap ranking of this token is #3320 with a maximum supply of 1,000,000 OMIC coins. It appears that this coin is going to decrease soon. Let us see if the recently increased price continues or if it falls. If you are wondering, which crypto to buy today? You can go for the OMIC token, but we are not sure for how long it will successfully hold its value.
The Bottom Line
With the latest Omicron cryptocurrency rise, a lot of people are buying this token. It is difficult to say exactly what that token is. If you are wondering if this is bad news for cryptocurrency, then you are mistaken. However, one thing in this scenario is for sure, the value of the token is increasing and that is a good thing. There is also a concrete reason for its rise. But time will say whether this coin will continue to hold this position or not. Also, the crypto market, in general, may face an alteration, as cryptocurrency in India is going under judgment and it soon may start getting regulated. So there may arrive new price fluctuations, and changes in the crypto space. So if you were wondering why crypto market is up today, we hope you have got your answer.