An unknown cryptocurrency called omicron (OMIC) grew more than 500% a day after the World Health Organization assigned the same name to the new variant of covid-19. In fact, the omicron is the fifteenth letter of the Greek alphabet that gave rise to the Latin letter O.
According to the indices, the price of an omicron jumped from about $50 to almost $380 in a matter of one day. Despite this remarkable rise, none of the platforms that provide information related to the performance of most of the cryptocurrencies available has data on the market capitalization of omicron.
The cryptocurrency market, in general, is very unstable. Even currencies with a high market capitalization fall and grow by tens of percentages unexpectedly. As for the currencies with a fairly low capitalization, they are capable of rising drastically, although afterwards they collapse again.
After the discovery of the new variant of the coronavirus, the main stock indices of the United States plummeted this Friday. Oil prices also suffered a severe setback on fears of a further economic slowdown and fell to the lowest level in the past two months. Bitcoin, the largest cryptocurrency in market capitalization, lost 9% of its value on the same day.
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