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Ivy Washington posted in the group Business
The cryptocurrency market rebounded late Sunday from Friday’s sell-off which saw the cryptocurrency market capitalization lose 8.78%, from trading 2.62 trillion in the early hours of the day to as low as 2.39 trillion.The market capitalization, as of the time of this writing, currently stands at $2.57 trillion, a 7.5% recovery from Friday’s low according to Coinmarketcap.
Flagship cryptocurrency asset bitcoin has also almost recovered its losses from Friday, as it currently trades $57,400, up 7.15% from Friday’s close of $53,569.76.
Altcoins are also not left out as majority of the top 50 altcoins are posting single-digit gains in the Asian session.
The sell-off seen on Friday was as a result of investors’ fears of a new COVID-19 variant strain that was first detected in South Africa, which experts are saying is vaccine-resistant. The World Health Organization (WHO) has given the virus the designation ‘Omicron’ and have issued a statement explaining that this variant is ‘a variant of concern.’