New COVID-19 Variant Shakes the Crypto Market

Teodora Dobrilova
Teodora Dobrilova

Updated · Feb 21, 2022

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The news about the Omicron variant made investors turn to safer options, such as bonds, the yen, and the dollar.

The Dip

On Friday, Bitcoin experienced a 7.92% dip. This was due to the news of a new coronavirus variant. which led to investors dumping riskier assets.

Еther also suffered from the news. It went down by 9.34%. 

As a result, the smaller tokens saw a drop, too.

For example, Dogecoin is not having the best of weeks. It is down by 0.91 for the past 24 and is now valued at $0.21. It is still, however, in the top 10 list in terms of market cap.

Shiba Inu also had a bad period. It dropped to the 12th spot in the market cap list. But in the past 24 hours, it saw a rise of 3.97 percent.

Most Cryptocurrencies Stabilize

Thankfully, most of the cryptocurrencies managed to stabilize. According to CoinMarketCap, Bitcoin managed to rise by 5.5% in the past 24 hours. As a whole, it has been a volatile month for the currency, as it managed to dip by 7.3% for the past 29 days.

Global crypto exchanges show that Ether went up by 6.85% in the past 24 hours. The Ethereum cryptocurrency also has a turbulent month - it saw a 7.3% dip, but it also experienced an all-time high of  $4,870.

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Teodora Dobrilova

Teodora Dobrilova

Teodora devoted her whole life to words – reading, writing and trying to be original on social media. She got certified in digital marketing but still feels she’s not cool enough to be an influencer. (We all disagree – she influences the team pretty well.) She finished a master’s degree focused in Literature, Publishing, Mass Media. Her hobbies include traveling, and reading. Teddy hopes that yoga will be the thing to finally teach her some patience and show her the path toward world domination. Maybe modern tech can also help her with that.

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