IOTA Price Drops by 16% Against Both USD and BTC

A lot of cryptocurrencies have undergone pump cycles over the past few weeks. Whenever such events take place, it is only a matter of time until a price correction sets in. In the case of IOTA, the correction is taking place right now. As a result, we’ve seen the IOTA price decline by over 16% in the past 24 hours. After the initial run-up to US$1 per token, the value of MIOTA is returning to where it should be at this point in time.

IOTA Price Correction is Quite Steep

It is not entirely surprising to see the IOTA price undergoing a very steep correction right now. The price per MIOTA has been inflated by nearly US$1 in the past few days, although everyone knew such a price point would not be sustainable whatsoever. Ever since the near all-time high was reached not long ago, things have certainly taken a turn for the worse. Over the past 24 hours, this altcoin has seen a 16% decline against both USD and BTC. This trend was to be expected after such a massive pump out of the blue.

In particular, the past week has been pretty interesting for IOTA investors. With the IOTA price rising from US$0.8 to just under US$1 in short order, it was evident someone was trying to pump this value to a new all-time high. Eventually, the pump failed miserably, as the IOTA price never reached that new all-time high. Instead, the pump ran out of steam and the IOTA price is now showing signs of weakness. It is expected this value will drop a lot further, as this currency shouldn’t necessarily be worth more than US$0.5, or even less than that.

The IOTA price is now hovering around the US$0.75 level. Although it dipped below US$0.70 and bounced back quickly, there is no reason to think it can’t drop further in the coming hours and days. Volatility is setting in for all cryptocurrency markets, yet the currencies whose values got pumped artificially will suffer the biggest losses. IOTA is still in the early stages of development and its token price was significantly overhyped over the past two weeks.  

Moreover, the IOTA trading volume is showing some signs of weakness as well. Although over US$101.5 million worth of volume in the past 24 hours is still pretty decent, most of the trading is dominated by people liquidating IOTA. That is only normal as more people become aware of the current downtrend. People will take their profits and simply move on to the next big thing. Exactly which currency that will be remains to be determined, though.

For the time being, Bitfinex remains the largest exchange in terms of trading volume for IOTA. Its price for IOTA is a lot lower compared to Binance, the second-largest exchange, and much lower compared to OKEX . Despite what most people think, IOTA can still only be traded on a few exchanges, and it remains to be seen if other trading platforms decide to list this token.  For now, the negative momentum has had a massive impact on the IOTA price, and it is unclear how low the value will drop in the coming hours and days.

The weekend is almost upon us and it might be a very volatile one, to say the least. More specifically, we have seen a lot of positive momentum for Bitcoin and virtually all altcoins all week. This momentum is starting to reverse in a lot of cases, especially for those currencies which haven’t seen any organic growth whatsoever. Unfortunately, IOTA is one of those coins with a massively inflated price, and a correction was only to be expected. It will be interesting to see what the IOTA price will be next week.

  • gmon

    so funny to see people pick on certain coins and say they’re over-inflated when the entire crypto market is over-inflated. 95% of coins don’t even have an actual product and are driven by hype. IOTA at least has something.

    “… this currency shouldn’t necessarily be worth more than $0.5 or even less.” Do you have any reasoning to back this number or did you just pull it out of your ass like the rest of this article?

    Cheers

  • Dan

    Wow, such a biased article. So this specific coin is overvalued but a coin which has doubled in the last month is “positive momentum”? Corrections are part of this market and I’m not sure how you came to conclude that this specific coin is “overhyped” and should be valued $0.5 or less. What do you think is the proportion of utility value against speculation on the top 5 coins? Yes, this coin is young but the tech behind the tangle has huge potential to solve scaling and transactions speed/costs. This piece would be more appropriate in a fanboy forum rather than an objective article.

  • Crypto Ching Ching

    What a silly guy, this author JP Buntinx.
    Thinking that when he can write he can also have a sensible opinion.
    Wrong!
    His analysis is so very empty headed.
    Silly, and arrogant.
    By the way, … as most Belgiums are.

  • dr evil

    JP Buntinx. another bashing on iota blog lol .. this guy is so biased. it’s getting funny

  • Max

    I’ve been in this space since early 2010, when I first heard about the potential of Bitcoin. It annoys me so much when people who have such scant technological knowledge write pieces like this..
    How does this wolly have authority to infer one coin has an ‘overinflated price’ over another, you could literally say that about every crypto.

    IOTA for me is one of the most exciting projects to come out of the space, I invested heavily in Ethereum when it launched because of the potential of smart-contracts, but it seems to me that it’s price is now also ‘over-inflated’ as more and more scammy ICO’s are created on its platform.

    I urge the author of this article to research more of the technology. Peaq will also offer similar capabilities to Dapp construction as Ethereum allowed, but of course for no transactional fees, which (as a business owner) I can tell you makes it an even more enticing offer for somewhere to create a platform.

    You have a responsibility as a journalist to at least try to be objective… It couldn’t be more evident that you have a strong personal position in Ethereum, but try to leave that aside when you’re researching your next piece. ??

  • The article is a welcome break from the blinkered arrogance exhibited by those who believe in IOTA come hell or high water. I think IOTA is a great concept, but it is still in the early stages of development. The price jump in the past weeks is obviously a product of pumping, and a correction is needed to build the confidence of long term investors. There was no news associated with the price increase. It was simply a product of traders shifting funds out of bitcoin when the free lolly hand out (Segwit 2x fork) was cancelled. That is not a sound basis for a rally. It is irrational hype driven by the hope of short term gains. Thanks for your article. Lets hope IOTA drops to a sensible price and stabilizes so new investors will not be spooked.

    • James Fredrick

      hate to break it to you but iota is going much higher over the coming months. What we are seeing is a correction down into a triagle that will break up again after dropping to the mid 50’s. late 2018 Iota will be sitting at over 3 dollars.

      • disqus_TlXijQCvMn

        I can’t wait! I buy more every month!

    • Henning Hom

      it is not true that the current uptrend is not associated with any news or progress. the iota foundation was recently finalized which gave the team access to more than 80 million dollar for further development.

    • Justin Pike

      Blinkered arrogance. Mwah haha! Please.

  • Redfroman

    So ridiculous. This person obviously has their own agenda. Very biased and not based in any sort of facts. What a moron.

  • rgingery23

    This article says over and over again what could be said in one sentence. No other useful info was given. Iota seems like an exciting concept and if it truly solves scaling and cost problems, it should fly high as the IoT progresses. The project still is in it’s early stages and obviously is being debugged.

  • Adam

    This isn’t even an article. And honestly – the journalist in training who created this should probably stay far away from financial reporting altogether.

  • Justin Jan

    HAHAHAHAH LOL, GFYM.

  • rpolevoi

    Of course, the article is absurd, merely bald personal opinion and the opposite of anything that passes for journalism. In fact, this is to financial journalism what ICO “whitepapers” are to responsible offering memoranda — juvenile and unprofessional. But IOTA is a complete flier as a technology — fundamentally different from established public blockchain tech — and whatever it’s merits, which may be great, it will require a massive stretch to achieve real-world adoption. To the extent the the token price depends on belief in its wide adoption, it’s impossible to guess the future. By contrast, anyone who is aware of the massive energy being invested in Solidity contracts for the Ethereum blockchain can feel confident that there will be long-term support for ETH, if only as the necessary vehicle to pay processing fees.

  • Nano Sapian

    I love your articles on Monero, but please don’t write hit pieces on iota–you’ll lose respect and cast doubt on your ability to be fair and unbiased.

  • Brian Racz

    garbage of article !!

  • Ron Rizzo

    The Iota network is down or they are making a deliberate attempt to keep people from sellling. My transaction has been pending confirmation for 8 hours now. I’m stuck and the market is tanking – I want nothing to do with this coin- very sketchy. Always issues…

    • Russo

      A) The Tangle Network is never down, using you logic it’s like saying the Blockchain is down
      B) Market is not tanking, your feelings are in fact the price is doing very well considering how new it is
      C) Have you contacted your exchange ??? Chances are there’s an issue with exchange.
      D) Read how to use the IOTA wallet, I’ve seen so many people jumping the gun and not following the step by steps requirements on how to use the wallet.

      If you can’t read and jump to conclusions then you are not worthy of owning this sleeping giant of a coin called IOTA

  • Holger Brockmann

    Who is paying the author of this nonsense … Iota is undervalued. Now is a great time to buy!

  • Russo

    “…and he aims to achieve the same level of respect in the FinTech sector.” Well he hasn’t got my respect that’s for sure. Clearly an uneducated write up who knows nothing about IOTA or knows enough to deliberately downplay IOTA due to his own investments in Blockchains and sees the risk iota poses to his investments. The fact is this, this post will soon be forgotten as another piece of trash and IOTA’s technology will catch everyone by surprise. If you can’t fight it join it !

  • Metro

    you sound like Kim Jong-un attempting to brainwash your community in the hope that they dont notice there is something bigger and better than your Bitcoin… I have news for you IOTA/Tangle is coming and you cannot stop it… it will be bigger than Bitcoin which i believe you know but ofcouse you have an agenda you need to protect! i am on to you buddy, lousy journalism.

  • laurent

    the price is at 1.093 currently..blablabla

  • reddfrog

    “It will be interesting to see what the IOTA price will be next week.” >>>>>>> $1.19 !!!

    “he aims to achieve the same level of respect in the FinTech sector” >>>>>>>> At this rate, good luck with that.

  • Casey Malone

    1.25 currently