The price of Bitcoin and value of the crypto market recovered slightly on Monday, two days after a major sell-off amid worries related to the omicron variant of the coronavirus and risks posed by Chinese real estate developer Evergrande.

Axar.az reports that after closing Friday at $53,709, Bitcoin saw its price plummeting to as low as $42,000 early on Saturday to close the day at $49,272 for a 8.26% daily loss. Its price recovered to $48,800 as of 11.23 a.m. EDT (1623 GMT), according to official data.

The total value of the cryptocurrency market plummeted from $2.65 trillion on Friday to as low as $2.12 trillion on Saturday, losing over $520 billion in a matter of hours.

The crypto market's total value later recovered, standing near $2.26 trillion at the time, according to data by digital asset price-tracking website CoinMarketCap.

The major sell-off came as the omicron variant has provoked fear that risky assets could see major losses as in March 2020, when COVID-19 hit.