An unknown cryptocurrency called omicron (OMIC) grew more than 500% a day after the World Health Organization will assign 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 indices, the price of omicron jumped from about $ 50 to almost $ 380 in a matter of a 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 currencies with a fairly low capitalization, they are capable of rising dramatically, although they later collapse again.
Following the discovery of the new variant of the coronavirus, major U.S. stock indices plummeted this Friday. The oil prices they also suffered a severe setback from fears of a further economic slowdown and fell down to the lowest level in the last two months. Bitcoin, the largest cryptocurrency in market capitalization, lost a 9% of its value the same day.