As was to be expected after a few days of positive price momentum, the cryptocurrencies are in a battle for survival once again. Despite Bitcoin holding its own relatively well, the IOTA price is going off the deep end at an alarming pace. It is the only currency in the entire top 15 to note double-digit percentile losses at this time.
IOTA Price Feels the Pressure
Every time the Bitcoin price takes a small stumble, the altcoins will respond in a rather volatile manner. So far, most of the top altcoins have succeeded in keeping the losses to a minimum, but there will always be some exceptions to take into account. In the case of the IOTA price, the going is getting very tough in very quick succession, which does not bode well for speculators in search of quick profits.
Over the past 24 hours, the IOTA price has lost a surprising amount of value. A 10.67% setback in USD value is not what most people expected, even though it doesn’t exactly come as a total surprise either. Because of this USD value decline, the IOTA price is dipping below $0.7 again, an event that was bound to happen sooner or later after some solid gains earlier in the week.
Unfortunately for IOTA price watchers, things are not looking any better in the MIOTA/BC ratio. A steep decline of 9.51% has been noted in this regard, and it may not necessarily be the lowest point either. Because of this decline against Bitcoin, one MIOTA is worth less than 10,000 Satoshi once again. Retaking this hurdle will take some time, although it primarily hinges on how the Bitcoin price evolves in the coming days and weeks.
The overall cryptocurrency trading volume is not looking too impressive right now. After a few days of gradual increases, it appears things have come to a status quo, for the time being. IOTA is not affecting the overall volume in a positive or negative manner, as its $84.92m in trades is on par with the volume one would expect for this particular altcoin in this day and age.
The majority of this trading volume still originates from Binance, even though Bitfinex’s USD pair is still at the top in terms of individual volume. Binance takes second and third place with its USDT and BTC pairs, followed by OKEx’s USDT pair. A new entrant made it in the top five, as CoinOne’s KRW pair successfully fends off the competition. Despite two fiat currency pair sin the five, it seems unlikely the IOTA price will recover anytime soon.
As is always the case in the world of cryptocurrencies, anything can happen prior to and during the weekend. For ITOA price watchers, this may very well be a brief dip when looking back on the situation next week. At the same time, it may also be a sign of things to come for the crypto industry, which would be rather troublesome. An interesting few days lie ahead, that much is almost guaranteed.