Cryptocurrency Prices : Record rally in Omicron cryptocurrency.

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A small cryptocurrency has come into the limelight for two big reasons. Cryptocurrency Omicron is making headlines due to its name and second record fast. However, market analysts are also saying that due to its name, it has registered a record increase. This cryptocurrency, named Omicron, a new variant of the coronavirus, had jumped 10 times in the past. A new variant of the coronavirus was found in South Africa last week, after which the World Health Organization (WHO) named it Omicron. After this, there was a tremendous jump in the cryptocurrency of the same name in the last few days. According to market research agency CoinMarketCap, its price which was $ 65 i.e. Rs 4,874 on November 26, has increased to $ 680 i.e. Rs 50,996 by November 29.

However, after this uptrend, its prices have fallen and by Friday it had come to half the price of the record high.

According to Coingecko.com, around 2 pm on Friday, there was a decline of 25.1% in this coin and it had reached the level of $ 265.97 i.e. Rs 19,897.

CoinMarketCap says that the Omicron Cryptocurrency was launched in early November.

Its prices were running stable since its launch, but after the naming of the new variant of the virus, its prices saw an increase.

Also read: SQUID Game Crypto's Scam!

Investors lost money, scammers blew 22 crores

Experts say that the sudden jump of this coin may be due to its name meeting with new variants of coronavirus.

However, it is also a coincidence that the WHO named the new variant of Kovid after the letter Omicron of the Greek alphabet and left out the two letters that preceded it - Nu and XI.

It is known that the WHO did not name the variant as Nu because it could have caused confusion among people due to its pronunciation as 'new', while XI was not kept so that stigma does not arise about the places of this name.

CoinMarketCap has asked investors to be increasingly cautious of this coin.

The agency says that even though it has outperformed popular coins like Bitcoin and Ethereum in terms of bullishness, this does not mean that investing in it will be successful.

Not much is known about this coin.

The rise of this coin is reminiscent of Squid Game Crypto, which just defrauded investors of millions in early November.

This coin reached a record high of $2,800 or up to 2.10 lakhs, after which its price suddenly crashed and came down to 0.01.