Bitcoin Recovers to $58,000

• Bitcoin managed to pull off recovery, bouncing back above $58,000 in the early hours of Monday

• This is coming a few days after the flagship cryptocurrency plunged by over 20% from its all-time high of $69,000

• The entire cryptocurrency market also showed strong signs of recovery with the top 10 crypto assets adding to their values in the last 24 hours

Bitcoin and other cryptocurrencies recovered on Monday after a sharp sell-off caused the market to crash last week.

The price of the flagship cryptocurrency, climbed by more than 6% in the last 24 hours to reach $58,281.

Other digital assets also bounced back, with Ether adding 7% to $4,331 and XRP climbing by 6% to $0.98.

Head of Asia Pacific at cryptocurrency exchange Luno, Vijay Ayyar believes that the market was boosted by news the Omicron COVID variant came with milder symptoms.

The crypto expert said the following via email:

“We’re seeing news of the variant being potentially weaker in terms of symptoms in early analysis, which has bolstered the market comeback,”

Last week, Bitcoin sank to its lowest level $53,549, after a sell-off in stocks over fears of the new COVID variant.

The world’s largest cryptocurrency by market cap briefly fell by more than 20% from its all-time high.

Read also: Tanzania Set to Copy Nigeria With the Introduction of Digital Currency

There have been worries over the Omicron variant which was discovered in South Africa being more transmissible than other forms of Coronavirus.

The U.S., U.K., and other countries have now imposed travel bans on some countries to limit the spread of the virus.

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