It appears to be a matter of time until most cryptocurrencies go through a brief correction. With all of these gains in the past two weeks, a retrace will materialize sooner rather than later. As of right now, most of the top currencies are still in the green, although the IOTA price is down by almost 2%. While this may be a flesh wound, the altcoin is also dropping value compared to Bitcoin, which is rather unexpected.
IOTA Price Correction is Setting in
It was to be expected some altcoins would start to suffer from bearish pressure. While we have seen plenty of bearish momentum during the first three months of 2018, the past few weeks have been different. With solid gains across the board, speculators and investors will take profit eventually. When that happens, a brief correction is almost inevitable, and it seems the IOTA price is the first to go through such a brief setback.
More specifically, the IOTA price has seen a lot of positive momentum in the past two weeks. With the value rising from $1.3 to $2.18 in quick succession, the value per MIOTA has gone up by over 60% in very quick succession. Anyone with an inkling of financial market knowledge knows such a major uptrend will not go by unpunished, and the value comes down eventually. The IOTA price, in this regard, has now lost control over the $2 price level, and it seems the value may drop a bit further in the coming hours.
It is also interesting to see how the IOTA price is declining because of MIOTA losing value over Bitcoin. More specifically, the MIOTA/BC ratio has decreased by 3.09% in the past 24 hours. It is not the biggest change we have seen in cryptocurrency history, but it’s still rather significant. Considering how the Bitcoin price remains stable without too many problems, it appears investors and speculators are losing interest in IOTA, for some unknown reason.
The IOTA trading volume isn’t looking too healthy either. With just $74.22m in 24-hour trades, it is evident the demand for this altcoin is slowing down. While IOTA never had the most trading volume of any top cryptocurrency, a decline in volume at this critical time will inevitably lead to a value decline. It is possible things will pick up again next week, but for today, the bearish pressure will not relent anytime soon.
With Bitfinex in the lead in terms of IO A trading volume, there is still fresh capital entering this altcoin ecosystem. Its lead over Binance’s IOTA/BC market is not all that large, and OKEx’s BTC and USDT pairs are also within range. Coinone completes the top five with its KRW trading market. All things considered, it would appear as if the IOTA price bleeding may be kept to a minimum, albeit it doesn’t take much volume to trigger a big sell-off.
Sundays are always odd days when it comes to cryptocurrency trading. With the total market cap losing $14bn in a matter of two hours, there may be some other interesting changes in the near future. For the IOTA price, the downtrend is in full effect as of right now, but it remains unclear how bad things will get. Volatile markets often tend to go through ups and downs on a regular basis, and this IOTA price dip may be all but forgotten about in a week from now.