Today will be either a pretty good or absolutely terrible day for all cryptocurrencies. More specifically, the uptrend is still in place, although it seems evident there is some bearish pressure forming as well. As of right now, the IOTA price is still noting some strong gains, as it value holds steady above $2. Whether or not this trend will continue in the days to come, is a different matter altogether.
IOTA Price Momentum Remains Strong
Anyone who has kept a close eye on the cryptocurrency will know all too well how there is a ton of volatility to contend with in this regard. In the case of the IOTA price, things have been heading an interesting direction as of late. More specifically, there has been some pretty solid price momentum over the past three weeks, yet anything can happen in this industry at any given moment.
With a solid 12.68% IOTA price gain over the past 24 hours, things are looking pretty good for this particular altcoin. Although there is still plenty that can go wrong before we can speak of a successful market recovery, the current trend looks pretty significant. With most of the top 10 cryptocurrencies noting small to medium gains, the overall demand for cryptocurrency is not slowing down by any means.
As one would expect, the IOTA price is also gaining on Bitcoin. Thanks to a solid 11.81% increase in the MIOTA/BTC ratio over the past 24 hours, things are looking pretty good as of right now. If this trend keeps up, there is a very good chance we will see the IOTA price surpass $2.5 in the very near future. If and when that will happen exactly, remains to be determined, for obvious reasons.
Thanks to over $228.496m in 24-hour trading volume, there appears to be a genuine demand for IOTA. Although it is likely this is mainly due to speculation and hype more than anything else, the same concept applies to virtually all cryptocurrencies on the market today. The ITOA trading volume has been on the rise for some time now, which is a positive trend to keep an eye on.
As of right now, Binance is the biggest market for IOTA trading. Its lead over Bitfinex is not all that big, but both platforms are well ahead of Coinone in this regard. With OKEx taking fourth and fifth place with its BTC and USDT pairs, things look pretty good for IOTA. If these exchanges can keep up the trading activity for this altcoin, we may see some interesting IOTA price movement moving forward.
For the time being, we have to wait and see what the future brings for the IOTA price. With most cryptocurrencies on the fence between going up in value or remaining in sideways trading momentum, it will be interesting to see what the end of the week brings to the table. If the previous weeks are any indication, some minor changes throughout the upcoming weekend will become apparent. For now, the IOTA price is doing just fine, although this may not be the last of the upward momentum.