The positive momentum continues to affect all cryptocurrencies, even though the reasoning behind it remains rather unclear. As long as Bitcoin remains in the green, altcoins continue to thrive. The IOTA price is noting some very solid gains over the past few hours.
IOTA Price is on the Move Again
It is rather interesting to see how all of these markets are evolving as of right now. With the Bitcoin price setting the tone for all other currencies to follow, it is evident there is plenty of excitement affecting the industry as a whole. How long all of this momentum will remain in place, is anybody’s guess at this point in time.
The IOTA price confirms now is the time for altcoins to begin their new rally. After another extended period of setbacks, recovering some of those losses is direly needed. Over the past 24 hours, the IOTA price has risen by 7.44%, pushing the USD value back above $0.54 for the first time in a while.
As one would come to expect from such a price increase, there is a positive development in the MIOTA/BTC ratio as well. Thanks to a nice 4,07% increase in favor of the altcoin, IOTA is slowly making its way back to the five-digit Satoshi mark. For now, staying above 8,000 Satoshi is the first order of business.
Similar to most altcoins suffering from a decline in volume, IOTA fails to escape this negative spiral. The altcoin notes just under $32m in volume in the past 24 hours, which will probably not be sufficient to keep the current price momentum in place for an extended period of time. Even so, it is sufficient to keep speculators happy at this stage, although some profit taking will ensue sooner or later.
Binance continues to show the world why it is the largest cryptocurrency exchange in the world. Its IOTA volume against both USDT and BTC is adding up nicely, albeit it is separated by Bitfinex’s USD pair. OKEx’s USDT and BTC markets complete the top five. A good collection of exchanges and trading pairs, although it remains to be seen how these rankings evolve in the hours to come.
In the cryptocurrency word, there are never any guarantees. For the IOTA price, any positive momentum materializing right now may very well turn into losses before the day is over. Even so, given the current excitement surrounding Bitcoin’s price, it seems unlikely altcoins will see any steep declines anytime soon.
Image(s): Shutterstock.com
