Omicron Soares to an ATH, amid the Covid-19 Pandemic Variant Outbreak

The price of one tiny cryptocurrency, coincidently named Omicron (OMIC) after the fast-spreading Covid-19 variant, has soared to an all-time high. - 2021-11-29T150432.013.jpg

OMIC token hit an all-time high of $689 during the Monday morning Asian trading session.

The move has added another 200% gains on the day for the token and a whopping 945% since Saturday when it was trading around $65.

In its initial soaring stages, OMIC added around 500% in the days since the World Health Organization named the new Covid-19 variant. To many observers, this sudden rise and fall recalled the instance of scam Squid Game-inspired cryptocurrency last month.

The quick rise and fall in the value of tiny cryptocurrencies are a common phenomenon of the volatile cryptocurrency market.

Last month, among the top news in the crypto market was about a crypto project motivated by the viral Netflix show called Squid Game, which saw its squid (SQUID) token add many thousands of percent before crashing back to almost zero.

According to cryptocurrency price data tracker CoinGecko, the price of omicron’s OMIC coin has soared from around $50 to almost $400 in the last few days.

Omicron shares its name with a new Covid-19 variant that was first discovered in South Africa on Nov 23.

The emerging token- OMIC is a decentralized reserve currency protocol that runs on the Ethereum layer two network Arbitrum. Its native OMIC token is backed by several other crypto assets including the USDC stablecoin and liquidity provider tokens.

It can only be traded on the SushiSwap decentralized exchange which has seen $454,000 in volume for the OMIC/USDC pair over the past 24 hours according to CoinGecko.

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Bitcoin Continues to Surge, Price Jumps to Record High After Crossing $68,000

Bitcoin jumped past $68,000 for the first time to a new all-time high, according to CoinMarketCap. - 2021-11-09T103536.985.jpg

The world’s largest digital coin by market value gained as much as 3.2% on Tuesday to $68,530, breaking its last record set on Oct 20 at just below $67,000. 

Bitcoin has seen a surge in current value and October record following a launch of the first futures-based bitcoin exchange-traded fund in the United States, which raised expectations of flow-driven gains.

The ProShares Bitcoin Strategy ETF, which tracks Bitcoin futures, drew more than $1.2 billion in volume on its debut.

Meanwhile, Ether, the second-biggest cryptocurrency by market value, made record peaks in Asia trade on Tuesday as it hit $4,825 in early Asian hours.

Both digital currencies have more than doubled since June and added nearly 70% against the dollar since October.

The climb in cryptocurrencies overall has taken their combined value above $3 trillion.

The digital assets market, which is a little more than a decade old, has already roughly quadrupled from its 2020 year-end value. Bitcoin, one of the oldest digital currencies, has gained over 130% year-to-date. 

According to data from CoinShares, Bitcoin inflows totalled $95 million last week, representing the largest inflows of all digital assets.

While blockchain networks like Ethereum and Solana continue to upgrade and attract new functionality, meme coins like Dogecoin and Shiba Inu continue to attract speculative investors.

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New ATH renews faith in PlanB’s prediction of $98K BTC by December

Bitcoin (BTC) has broken into new all-time highs, with the asset last changing hands in the mid $67,000-range.

During the final hour of Nov. 8 UTC time, BTC pushed into uncharted prices, with bulls firmly taking control of the markets as price action retested Oct. 20’s previous high of roughly $67,000.

BTC/USD: TradingView

The milestone comes on a historic date for Bitcoin, with analysts noting that Bitcoin’s market cap pushed above $1 million for the first time on Nov. 8, 2010.

Crypto Twitter appears to be rejoicing over the new all-time high, with many onlookers appearing to read the price-high as restoring their faith in the Stock-to-Flow (S2F) model from the pseudonymous analyst “PlanB” — which has gained significant popularity due to its eerie accuracy in predicting monthly closing prices for BTC.

The model measures the outstanding reserves of a given asset divided by its rate of annual production. PlanB first published their S2F model in March 2019 in a bid to quantify, measure, and predict the scarcity of Bitcoins, then estimating that Bitcoin would reach a market cap of $1 trillion after the May 2020 halving.

Using S2F, PlanB predicted with startling accuracy that Bitcoin would close August near $47,000 and end September near $43,000, while over-estimating October’s closing price by just 3%.

Looking ahead, S2F suggests that Bitcoin will close November above $98,000 and tag $135,000 by the end of the year, with many punters basing predictions that Bitcoin will trade in the six-figure price range before 2022 on PlanB’s outlook for the markets.

Related: Bitcoin hodlers ‘only halfway’ to selling BTC after new $500K price prediction

PlanB also pioneered the Stock-to-Flow Cross-Asset (S2FX) model in April 2020, which seeks to predict how the BTC markets may respond to changes in S2F dynamics based on how gold and silver have performed historically.

Using the S2FX model, PlanB has speculated that this bull cycle could see Bitcoin trade for $288,000 next year, with the analyst stating the markets will need to see “some real fireworks in 2022” for the projection to play out.

A recent Twitter poll from PlanB found that of 242,000 respondents, 39.8% believe Bitcoin will top out above $100,000 by Christmas, while 31.4% expect BTC to be trading for $288,000, and 23.8% anticipate the markets will fail to break above six-figures by Dec. 25.