Omicron, a relatively obscure cryptocurrency, has been surging to an all-time high today with the new variant of Covid getting christened the same name. The OMIC token went on to hit an all-time high of $689 a couple of hours ago during the Asian trading session of Monday morning.
The move has gone on to add another 200% gains on the day for the token along with a whopping 945% since Saturday when the altcoin was trading at around $65. The token, as it has been well-established, shares its name with the new COVID-19 variant that was first identified on the 23rd of November in South Africa. The WHO named the strain after the fifteenth letter of the Greek Alphabet.
Omicron Sees A Surge With New COVID Variant
According to Mr. Whale, the crypto critic, the massive price spike of Omicron was an indication that most of the things have been in a giant bubble. As it is noted, OMIC is a decentralized reserve currency protocol that works on the Ethereum later two network Arbitrum. The native token is also backed by several other crypto assets that include the USDC stablecoin along with other liquidity provider tokens.
The token currency can only be issued to the SushiSwap decentralized exchange which has been witnessing around $454,000 in volume for the pair over the last 24 hours as reported by CoinGecko. The token analytics website doesn’t seem to have any further details on OMIC supply or the market cap.
The previous week saw the stock markets slumping as news of the new Omicron variant spread and Black Friday saw a massive sell-off that managed to wipe out the November gains for the S&P 500 Index along with the Nasdaq Composite.
However, things look to be getting brighter as the new week would herald the crypto markets back into the green zone after they fell to their lowest levels since mid-October on Saturday. For altcoins like Omicron and others, total market capitalization has been up by 5.6%.