Bitcoin and other cryptocurrencies surged today following a sharp sell-off at the end of last week. Bitcoin had gone down more than 20% from its recent all time high of nearly $69, 000.

Today, the price climbed back above $58,000, rising 8.6% in 24 hours to $58,607.75, according to Coin Metrics data. The world’s largest cryptocurrency sank to $53,549 last week, its lowest level since October.

This upward swing in price is coming in the wake of renewed fears about the emergence of a new variant of the coronavirus.

Vijay Ayyar, Head of Asia Pacific at Cryptocurrency Exchange, Luno, said that the new heavily mutated variant, omicron, came with milder symptoms thus, giving the market a boost and bolstering its comeback.

Other digital assets also witnessed a rise as ethereum jumped by 5% to $4,321 and XRP climbed by over 4% at 97 cents.

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