Although it almost seemed as if the cryptocurrency markets would see some positive momentum today, the reality tends to work out completely different. In the entire top 10, there is only one currency noting some decent gains. More specifically, the IOTA price has risen by a surprising 13.12%, pushing its value to almost $2.5 once again.
IOTA Price Momentum Remains Impressive
It has to be said, the IOTA price is doing something other currencies simply cannot match at this time. It is not entirely surprising to see how this altcoin is rising in value, a sit seemingly has a somewhat solid business model. Even so, one wouldn’t expect such a steep price increase when Bitcoin is facing a lot of bearish pressure. Whether or not this IOTA price momentum will remain in place for long, is a different matter altogether.
Over the past 24 hours, the IOTA price has increased by 13.12%. That is rather impressive, especially when considering how so many currencies are suffering from small to medium-sized losses in the same period. This industry will always remain unpredictable first and foremost, which can be both a blessing and a curse at the same time more often than not.
It is also interesting to note how the IOTA price gains came to be thanks to a solid gain over Bitcoin. A 14.21% increase in the MIOTA/BC ratio is impressive, although it remains to be seen if people will eventually convert MIOTA back to Bitcoin once the world’s leading cryptocurrency sees more positive momentum. That is usually how things evolve in the cryptocurrency world, as altcoins are often considered to be “small fish” compared to Bitcoin.
With $229.834m in 24-hour trading volume, IOTA isn’t breaking any records either as of right now. While that is not necessarily a bad figure, it is far less than people would expect given the current IOTA price momentum. It will be interesting to see if this current IOTA price trend will increase the overall trading volume or not. Usually, the volume is ahead of the price action, but this trend is a bit different.
As of right now, Bitfinex is the leading exchange in terms of MIOTA trading volume. Its lead over Binance is not all that big, though, and Coinone is not that far behind either. OKEx completes the top five with its USDT and BTC pairs. There are two fiat currency pairs in the top five for MITOA, which should be sufficient to keep the IOTA price trend going for a few more hours.
Whether or not the IOTA price will be the only market worth keeping an eye on today, remains to be determined. Anything can happen in the cryptocurrency industry, but things are not looking great for the top markets as of right now. Then again, this current setback seemingly has nothing to do with actual news and is more of a game between whales turning out in favor of the bears.