The world of cryptocurrency is never boring, not even when the Bitcoin price is struggling. While that alone always makes things exciting, we’re also seeing the top currencies push back to escape this gravitational pull. The IOTA price, for example, has surged above the US$5 mark for the first time in over a week. In fact, a new all-time high was recorded in the past 36 hours. That was a very exciting development for IOTA holders, as this price movement wasn’t really expected.
IOTA Price Almost Reached $6
While most of us will readily agree 2017 has been the year of Bitcoin, there is no reason to look past the momentum of some worthwhile altcoins. Although the opinions on IOTA may be somewhat divided right now, it is evident the IOTA markets are firing on all cylinders. In fact, the price has never been as high as it is right now, other than this morning when it surged from just under US$4 to its new all-time high of US$5.64.
Remarkably, today was the first time we saw the IOTA price surpass US$5. Although there had been a few attempts to approach that value in the past, the psychological resistance had never been breached successfully. It is incredible how far this altcoin has come, even though it was only “released” to the public relatively recently.
Right now, the IOTA markets are consolidating somewhat, although that hasn’t impacted the price all that much. More specifically, IOTA is still holding its own around the US$5.45 level and it seems even bigger gains will be recorded later today. All altcoins which may have any form of impact on the future of cryptocurrency are rising right now. It is evident a lot of people have high hopes for IOTA, although only time will tell if that optimism is justified.
With over US$1.38 billion in 24-hour trading volume, things are looking pretty good for IOTA right now. This trading volume has been remarkably stable at the US$1 billion mark for a few days now, even though such a thing was seemingly unthinkable for altcoins a few months ago. Cryptocurrency is by far one of the world’s most remarkable sectors, and this may very well be only the beginning of what could be a magnificent 2018 – that is, barring any regulatory mishaps or shenanigans.
Bitfinex is the place to be if you want to trade IOTA these days. It was the first exchange to list this altcoin, and it is still generating more trading volume than any other exchange to this very day. Binance is in second place, having generated “only” US$286 million in 24-hour volume. Coinone is the surprising entrant to the top three, as it has overtaken Bittrex. This South Korean exchange is already trading IOTA above US$6, which may be an indication of what is yet to come.
How all of this will play out for IOTA in the long run remains to be determined. It is evident there is a lot of positive momentum across all markets right now, and the next few days will be very intriguing for all cryptocurrencies. It seems feasible to assume we will see the IOTA price surpass US$6 before the year is over, but it’s unclear if it will stay there for long. Good money will be made and lost, depending on how these markets evolve in the coming days.