Cryptocurrencies rallied on Monday, recovering from last week’s sell-off caused by the WHO’s official warning about Omicron, the new strain of Covid-19, and subsequent border closures around the globe.
The top crypto, bitcoin, was up almost 5% at $56,901 per coin as of 9:48am GMT. The second largest virtual currency, ethereum, has surged by 5.8% to trade at $4,299. Other major cryptocurrencies were also trading higher, with Binance coin rising by around 2.3% to $609 and solana soaring 7% to $204. Memecoins Shiba Inu and dogecoin have also gained.
The global crypto market’s capitalization surged 5.58% to $2.58 trillion.
While some experts believe cryptocurrency prices are likely to rise over the next few days, CoinDesk reported that “the fate of the crypto market could face weeks of uncertainty as investors await Omicron’s potential impact.”