The uneasy situation across all cryptocurrency markets is till tangible at this point. So much even that it would appear another round of bearish pressure will materialize at any given moment. As is usually the case, some coins feel this pressure a lot sooner compared to others. For the IOTA price, things are not looking too impressive.
IOTA Price Decline is Real
It was to be expected the weekend would bring more bearish pressure across all cryptocurrency markets. Weekends are notoriously troublesome for the many people trying to score quick profits. It seems unlike any major changes will occur in this regard. As far as the IOTA price is concerned, the losses have begun to mount pretty quickly over the past few hours.
More specifically, the market is currently faced with a 3.87% decline in IOTA price over the past 24 hours. It is also the biggest decline in the entire top 10, which further confirms this market will remain rather volatile for quite some time to come. For IOA price speculators, this development is not what they were hoping for, but there isn’t much one can do about this negative pressure.
Additionally, the IOTA price is currently bogged down by another decline in MIOTA/BTC ratio. Although a 2.62% setback isn’t all that spectacular, it does appear this will continue to weigh heavily on the IOTA price. Whether or not this means there will be further declines in the coming hours, remains to be seen. For now, the uneasy situation will remain in place.
Similar to most other cryptocurrencies, IOTA is suffering from a very steep decline in trading volume. It is evident the cryptocurrency markets suffer from a very worrisome trend in this regard. With the overall volume down to $11.766bn, it seems evident the altcoins will continue to suffer for quite some time to come.
Looking over the exchanges ranked by IOTA trading volume, Bitfinex is clearly in control of the market. Together with OKEX’s and Binance, these platforms complete the top five in a rather interesting mix. Although only one platform offers a fiat currency pair, it is evident there isn’t much fresh capital entering the IOTA market. That can become a big problem moving forward.
For the time being, this weekend is shaping up like any other as far as cryptocurrency is concerned. Small bearish pressure is sending some markets off the deep end, whereas Bitcoin continues to be stuck in sideways momentum with a slight negative tilt. A declining Bitcoin price pushes the IOTA price down as well, and it seems no real changes will occur in this regard.
The fundamental difference between Iota and most other CC is that the price of Iota is irrelevant to the roll out of the protocol. CC’s are reliant on popularity and have a desire to achieve mass adoption. CC speculators jump from one to the next according to how likely they think adoption and use will be: the more demand the higher the price. What the majority of CC speculators are turning a blind eye to is that the Iota Foundation have been diligently working behind the scenes, driving the adoption of the Iota protocol by the major chip and device manufacturers. Nothing is as efficient, infinitely scalable and quantum secure as Iota. With no transaction fees, smart contracts, resource sharing and the ability to securely transfer data between devices in both net and mesh environments Iota is the protocol of obvious choice. All businesses with devices, machines and tools containing Bosch or Fujitsu chips (that alone is massive and includes Apple devices) will immediately have Iota as a default system. The global roll out is under way right now, and as more local Authorities follow the Dutch and Taipei projects it will be game over for the majority of block chains that have no direct function in the 4th Industrial Revolution. It will be interesting to see the effect on the Iota price as the UN starts to send $1B+ through Iota now that their technical department have adopted the protocol.