The Omicron variant of Covid-19 is affecting the cryptocurrency marketplace.
Digital currencies, especially bitcoin and ethereum, render extreme volatility in market price and gas fees because the market value of these currencies gets affected by numerous reasons like supply & demand.
After the foremost case of the Omicron Variant of Covid-19, the market has slumped by an exceeding extent. The most significant digital currencies, bitcoin, ether, and lite coin, have declined over the past few days.
The market valuation of ethereum has declined by 5. To know more about bitcoin and cryptocurrency trading, check blockchain technology. The most popular meme coin, the SHIBA Inu coin, acquired traction after the second wave of Covid-19 has also decreased by almost 10%.
Bitcoin, the largest digital currency, has also decreased by more than 5%. As per the reports, bitcoin is trading at $55,944. In November, bitcoin has declined by more than 10% as it touched an all-time high on the 10th of November. Here is a complete list of cryptocurrencies that declined after the Omicron Variant of Covid-19.
Shiba Inu and Dogecoin
Shiba Inu coins and dogecoin are the widespread meme coins. Elon Musk backs both of these coins. Dogecoin is also the primary payment medium for Elon musk’s space x foundation. Elon musk named Shiba Inu Coin Floki.
Vitalik Buterin, one of the founders of Ethereum, also donated in the form of Shiba Inu coin to India’s healthcare industry. Unfortunately, Shiba Inu coin and dogecoin have dipped after the first case of the Covid-19 new variant in America. SHIBA decreased by 10%, whereas dogecoin decreased by 5%.
The cryptocurrency market cap is $2.76 trillion.
The cryptocurrency market cap recently touched a milestone of $3 trillion. As per the reports of Coin Gecko, the cryptocurrency market cap has now reached $2.76 trillion, and bitcoin contributes half of this value.
Solana continues to rise.
Solana is one of the popular projects at this time. This is because Solana and polygon connect one blockchain with another and allow the interchange of different chains’ tokens. As a result, Solana and polygon are the only top-notch models showing positive growth even now. On the other hand, altcoins like a lite coin, XRP, and Polka continue to decline.
Biggest gainers according to the coin market cap include coins and NFT tokens like ElonFlokiInum FireFlameInu, The Sandlot, Christmas Floki X, MetaShiba, Lobby, Buffer Finance, Diamond Shiba, BaBB, Friendz, ZEON, Txbit token, Gbrick, Xcel Token Plus, Fluff Coin, Zada, Olyseum, Mars SpaceX, Baby Catecoin, Primecoin, Euro Shiba Inu, Aeron, HeroFi, Seamless Swap, Coin Merge, Engine, Bridge $, Santa coin, Santa Floki, Kiradoge Coin.
The list of top losers includes YSL.IO, YTizer, Bankless DAO, MultiFarm Capital, Economics, Undermine gold, Firulais, Age of Tanks, meta land, Crypto Mines, Big Fund Capital DAO, collect coin, and Millionaire Maker. Spaceship War, Punk Shiba, Lition, GoneWild Token, Vari Stable Capital, Santos FC Fan Token, Rich Santa, Surviving Soldiers, multi Stake Capital, All best ICO, Big Brain Capital DAO, Qrkita Token, Invest, Flokishu, DAO invest, Block Farm Club and wanderlust are also among top losers.
According to coin market cap, trending cryptocurrencies are Rainbow token, meta pets, Shiba Elon, Shibaorg INU, Taboo token, WolverINU, Nevada, DogeVillage, Onyx, Micro pets, Shiba Inu, Ariva, flow, Railgun, The SandBox, Mr web Finance, Metadoge, Dogedash, Biconomy, bread, Illuvium, Binance coin, Decentraland, Minisport Zilla, Gala, Polygon, SafePal, Binary X, Terra.
You might wonder why Covid-19 is affecting digital currencies. The cryptocurrency market is one of the most fragile markets, and its dynamics change daily. The factors that affect the market value of cryptocurrencies are lousy press, institutional adoption, huge, high-profile losses, and an inclining number of altcoins. In addition, supply and demand with the cost of production also influence the market value of this coin.
Ethereum is trading at $4500 after showing positive growth for almost two days. Bitcoin is trading at a value of $55,944. The fact might astound you that bitcoin declined by almost $4000 over the past few weeks.
If these cryptocurrencies continue to fall, investors might see negative results in their portfolios. However, as per a few cryptocurrency experts, we can buy this dip as the cryptocurrency market will rise in the future.