Categories: CryptoNews

IOTA Price Surpasses $5.55 Before Correction Sets In

Cryptocurrencies will continue to increase and decrease in value, regardless of their price at any given moment. In the case of IOTA, there are still varied opinions as to whether or not this altcoin has any real potential. The IoT industry should not be underestimated by any means, and the IOTA price recently surpassed US$5.40 at one point. As of right now, the markets are slowing down a bit, and the price per MIOTA is dropping.

IOTA Price is Still Holding Strong

The past week has been nothing short of incredible for holders of the MIOTA coin. According to CoinMarketCap, IOTA‘s market capitalization now sits above US$12.68 billion, which is extremely surprising. What is most interesting isn’t IOTA’s price, but rather the route this currency has taken to achieve this value. The IOTA price has increased quite spectacularly over the past few days, and it seems this rally may still have some momentum left in the tank to push the price toward another all-time high.

More specifically, we saw IOTA’s price hit an all-time high of US$5.55 a few hours ago. That is pretty impressive, considering the price of this coin sat at a value of US$3 several hours prior. It is evident this currency is currently attracting a lot of attention from the cryptocurrency community. IOTA can certainly make an impact on the IoT sector in the next few months and years. Moreover, the Tangle technology is of great interest, despite some lingering concerns regarding its viability.

With another 44.94% gain over the past 24 hours, it remains to be seen how steep the upcoming price correction will be. MIOTA also gained 33.93% in value compared to Bitcoin, which is quite interesting to take note of. The world’s leading cryptocurrency is setting a new all-time high as we speak, yet a few other currencies are also appreciating in value.

IOTA has a more than solid amount of trading volume right now as well. Whereas most altcoins barely break the US$1 billion mark at times, IOTA has seen over US$2.46 billion worth of trading volume in the past 24 hours. It looks like the demand for this crypto asset will not be diminishing anytime soon. Whether or not this trading volume will become the new normal for IOTA or is just a flash in the pan remains to be determined.

Bitfinex is still the main driver of IOTA’s trading volume right now. Its lead over Coinone is pretty spectacular, even though the latter exchange valued IOTA at over US$7.55, which is definitely overpriced. That exchange’s price is currently excluded from CoinMarketCap, though, which is something we have seen affect other altcoins in the past as well. South Korea is massively driving up the value of all cryptocurrencies right now, although it is unclear why these prices would be excluded from CoinMarketCap. Regardless, this doesn’t seem to be affecting the IOTA price rally in the slightest.

It is unclear what the future holds for IOTA and the price of this intriguing coin. Although the value of IOTA has yet to be fully determined in the real world, speculation certainly hints at big things to come. The active community is also doing its part in this regard; that much no one can deny. For speculators, these are golden times to be involved in cryptocurrency. What goes up in value will eventually come down, though, and IOTA will most likely not be an exception in this regard.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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