The IOTA Price Surge Continues
Whereas most major cryptocurrencies have already lost some of their most recent gains, a few currencies remain in the green. IOTA is one of those currencies, mainly because of a lot of positive announcements surrounding this project. Strategic partnerships can go a long way in the cryptocurrency world, as the IOTA price is still mainly based on speculation and hype at this point.
Thanks to a solid 7.89% IOTA price increase over the past 24 hours, the value per MIOTA has risen to $1.86 again. This is still pretty low compared to the all-time high noted in early 2018. At the same time, it’s also a lot higher compared to the 2018 low of $0.99. Putting things into their proper perspective is often overlooked in the world of cryptocurrencies.
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It is also interesting to see how the IOTA price is on the rise thanks to an increase in the MIOTA/BTC ratio. With a 7.91% change in favor of the altcoin, a very interesting future lies ahead for IOTA. Even so, the IOTA price will remain subject to major volatility for the time being, as all cryptocurrencies are still struggling to find new stable support levels.
Even though IOTA has $144.365m in 24-hour trading volume, it remains to be seen if this can sustain the current IOTA price trend. With all markets still suffering from a drop in trading volume, it will become a lot easier to create volatile price swings. That is exactly what most speculators are looking for, as a lot of money can be made during these troublesome periods.
The way things stand at the time of writing, Bitfinex is the biggest market for IOTA trading volume. Its USD pair is well ahead of Binance’s BTC market and OKEx”s USDT pair. Binance’s USDT market and Coinone’s IOTA/KRW pair complete the top five. Two fiat currencies in the top five is rather impressive at this stage, and it may hint at a higher IOTA price yet to come.
Even so, cryptocurrency markets will remain unpredictable first and foremost. That is not a positive trend by any means, although it is something most industry veterans have grown accustomed to over the past few years. With the IOTA price on the road to $2 again, a lot of interesting things can happen over the weekend. At the same time, users should keep their expectations in check, as the bears are still keeping a close eye on every single market.