BitcoinThe price of other cryptocurrency cryptocurrencies rose Monday following a sharp drop at the close of last week.

Coin Metrics data shows that bitcoin’s price has risen by almost 6 per cent in the past 24 hours, to $57.373, Others digital assets saw a rise as well. etherUp to 7% for $4,331 XRPUp to 6% for as low as 98c.

Vijay Ayyar is the head of Asia Pacific for cryptocurrency exchange Luno. He stated that early reports indicated that the Covid variant, a heavily-mutated micron, was included with initial reports milder symptomsThe market was given a boost.

“We’re seeing news of the variant being potentially weaker in terms of symptoms in early analysis, which has bolstered the market comeback,” Ayyar said via email. Smart investors probably purchased this dip.

Bitcoin last week sank as low as $53,549This was its lowest point since October early, and it came amid an increase in stock prices and other more risky assets, largely due to fears about the new coronavirus variant.

Officially, the world’s biggest digital currency fell more than 20% after hitting a record high of $69,000. Bear markets typically have a 20% decline on recent highs.

New Covid has been identified as a variant that was originally discovered in South Africa. It is now widespread across many other countries such as the U.K. Germany, Italy, and Germany.

As a result, U.S., U.K. as well other nations have restricted travel to some African countries. Britain also has new measures in place to combat the virus mutation. This includes mandatory mask wear in public places and on buses in England.

Dr. Angelique Cetzee of South Africa was the one to first notice the omicron variant. She described it as mild on Sunday and eased concerns about the possibility of lockdown restrictions returning during holidays.

“The global environment did add to the uncertainty across all risk asset classes as we saw last week, but the bounce back always shows us how strong the uptrend is, which is what we’re seeing here,” Ayyar said.

According to Ayyar, bitcoin could lose $48,000-55,000 per week or daily. “That would certainly imply bearishness.” Ayyar said that for the moment, “we are still in bullish market territory.”