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Bitcoin, the largest cryptocurrency by market value surged 3% on Sunday morning after a huge plunge on Saturday. The digital currency plummeted more than 17% in 24 hours, and lost over $10,000 of its value trading near $43,000 on Saturday.

Bitcoin traded at $48,012 around 10:50 A.M. Sunday on Wall Street, according to data from Coin Metrics. Earlier today, Bitcoin traded at $49,000 and the digital token seems to struggle to gain momentum and hit the $50,000 mark again.

Before the plunge, Bitcoin was trading around $57,000.

The price plummets followed a risk-off tone in the broader market on Friday. S&P 500, Dow Jones Industrial Average and Nasdaq Composite finished Friday’s trading in the red and caused losses following fears about the Omicron Covid variant. The appearance of the new Covid variant raised fears about the current economic recovery.

Omicron results in a bearish market

As the Omicron variant started emerging in several new countries at a fast pace, traders started ditching equities in favor of safer areas of the market. Meanwhile, the Nasdaq Composite underperformed the Dow and S&P 500. The technology stocks were the worst performers in the market.

“It looks like somebody likely got hit with a margin call yesterday and thus was ‘forced’ to sell,” noted Matt Maley, equity strategist at Miller Tabak. “The Bitcoin market tends to be much more “thin” on the weekends, so that probably exacerbated the decline. Once the dust had settled, the buyer came back in and it stabilized.”

Nevertheless, the bearish stock market isn’t the only reason behind Bitcoin’s price plummet. In fact, the largest cryptocurrency globally has entered bear market territory on November 26. Bitcoin plunged to its seven-week low mark of $54,000.

“Whether it regains that level or not next week (once regular trading activity resumes) should be important to Bitcoin,” he said.

Bitcoin is currently trading almost 30% lower than its all-time high of $69,000. The digital currency reached the milestone in early November.

“Bitcoin is in ‘no man’s land right now and that does not seem to be changing anytime soon,” noted Ed Moya, senior market analyst at Oanda. “The long-term bullish case remains intact but prices seem poised to consolidate between $52,000 and $60,000,” he added.

On the other hand, Ether — the second-largest cryptocurrency by market value — surged 1.5% to $4,176. That is higher than Saturday’s $3,500 price per token. Ether plunged 16% between Friday and Saturday morning.