Ethereum, Bitcoin and other cryptocurrencies stand strong amid fear over Omicron variant

The newly detected COVID-19 variant Omicron seems to have taken over the crypto market as well. After witnessing a rough end to the week, the price of Bitcoin is currently trading above the $57,000 mark on Monday with more than 6% growth. The world's largest and most popular cryptocurrency, Bitcoin is currently trading at $57,667.21 at 1:05 PM. 

Meanwhile, the Ethereum coin which is linked to the Ethereum blockchain and is the second-largest cryptocurrency after Bitcoin is also trading above 7% and is currently trading at $4,355.99.  

Apart from that, the performance of other crypto coins including Binance coin, Solana, Cardano, XRP, Dogecoin, Litecoin, among others has also witnessed a slide change in its market price. While Cardano has witnessed a hike of 5.70%, XRP is trading at a hike of 7.20% followed by 3.61% for Dogecoin and 4.94% for Litecoin, among others. 

Speaking on the competition between Bitcoin and Ethereum, Siddharth Menon COO of WazirX said that a major correction was seen in the prices of Bitcoin amid speculations concerning the new COVID-19 variant causing crash in stock markets. However, BTC has remained strong and resistance at the $68,000 level has been expected followed by immediate support at the $53,000 mark. 

"Ethereum continued to maintain its stronghold against Bitcoin. The adoption around Defi is ever increasing and we expect a turnaround for Ethereum soon", Menon said as quoted by Livemint. 

Crypto market falls under threat amid scare over Omicron variant

Earlier last week, a major dip was witnessed in the crypto market after prices of Bitcoin, Ethereum, and other crypto coins recorded a fall across the market. On Friday, it dipped by around 7% creating speculations regarding the impact of the Omicron variant on the market. Apart from that, the second-largest digital currency after Bitcoin, Ether also dropped more than 12% followed by Dogecoin, Shiba Inu, and others. 

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