Crypto News

IOTA Price: Short-term dip Isn’t Overly Concerning

It appears bearish momentum is taking hold of the cryptocurrency markets again. After a successful weekend, prices have come down quite a bit once again. Altcoins are feeling the pressure, whereas Bitcoin is still somewhat stable. Especially the IOTA price is dealing with steep declines, which causes some panic among currency holders.

IOTA Price Drops Quickly

Whenever the Bitcoin price remains flat or goes in the red, it is evident alternative cryptocurrencies will see their fair share of issues as well. In the case of the IOTA price, those issues have materialized in the form of an ongoing price decline in the past 24 hours. Although a setback was to be expected for virtually all currencies after yesterday’s positive momentum, some users held out idle hope regardless.

Over the past 24 hours, the IOTA price has declined by as much as 5.14%. That in itself is not all that bad, given the current market conditions, but it is not necessarily a sign of more negative momentum to come. It is only normal people take profits after some of the gains over the weekend, and the market will need time to calm down once again.

There is also the ongoing drop in the MIOTA/BTC ratio to take into account. This is mainly caused by Bitcoin’s slight price decline over the past few hours, even though that shouldn’t be of much consequences to the markets in general. Even so, until the Bitcoin value picks up again, it seems doubtful the IOTA price will effectively recover in a meaningful manner. When that situation will change, remains a bit unclear at this stage.

The declining cryptocurrency trading volume also has an impact on the IOTA trading in general. There has been a slight decline in overall trades over the past 24 hours, as the volume has dropped below $41m in total. This is not a great figure, but it is sufficient to maintain market liquidity at this stage. Unfortunately, the market will mainly be dominated by sellers rather than buyers, at least for now.

OKEx is the leading exchange for MIOTA with its USDT pair. Bitfinex is not far behind in the USD department, and Binance completes the top three with another USDT pair. Binance and OKEx both have a Bitcoin market in the top five as well. Just one fiat currency pair isn’t too convincing, but the current situation is far from disastrous.

As is always the case at the beginning of a new week, cryptocurrencies will be a lot more volatile than people may expect. This is only normal, as exchanges clear bank transfers on Monday, rather than during the weekend. It also means people are more eager to cash out after profits have materialized, which is exactly what happened this time around. For the IOTA price, remaining above $1 will not be much of a challenge.

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