Cryptocurrency enthusiasts who have grown fond of IOTA will not be too happy with the current price momentum. It seems ages since the IOTA price hit its all-time high of $4.5. Unfortunately, it seems that level will not be reached again in the near future. The most recent setbacks push the value even lower, with no recourse in sight. All of this is happening despite some interesting IOTA-related developments becoming apparent.
Positive IOTA Price Momentum Remains Elusive
Even though the IOTA ecosystem has tremendous potential, it seems the MIOTA price is not necessarily responding in kind. After the brutal year 2018 turned out to be, this token struggles to note any real gains for more than a few hours on end. The most recent price trend is no different, as IOTA continues to bleed value all over the place. What is even more worrisome is how its overall trading volume has all but dried up in very quick succession.
Over the past 24 hours, there has been another 2.7% decline in both USD and BTC value for IOTA. This trend only further confirms overall interest in this token is on the decline. With under $10m in trading volume, sustaining the $824m market cap may prove to be extremely difficult first and foremost. Even though interesting developments are happening behind the scenes, it seems most traders want to seek quick profits elsewhere.
The big news for IOTA this week is how the Trinity mobile wallet has received another big update. For a currency focused on the Internet of Things ecosystem, keeping the mobile wallet aspect up-to-date at all times will prove to be crucial. This wallet now includes some significant changes and updates, although further additions will be introduced in future iterations.
— Daniel Stricker (@dantherealm4n) January 24, 2019
Secondly, it seems a recent major IOTA token theft has finally lead to an arrest. Roughly 10 million euro worth of IOTA was stolen a little while ago. After Europol launched its investigation shortly after, they have now successfully apprehended at least one suspect in the process. Whether or not any of the funds will be recovered and returned to initial investors, remains unclear.
— CybIntelligence (@Cybintelligence) January 24, 2019
Last but not least, it would appear there will be another Livestream on Twitch to teach the basics about IOTA. Efforts like these are always worthwhile, as they can attract a lot of attention from enthusiasts. Anyone who is remotely interested in experimenting with private IOTA testnets may want to tune in, as it seems an interesting session lies ahead. All in all, developments like these can pave a bright future for this particular project.
— Dave de Fijter (@fijter) January 24, 2019
The main question is whether or not the MIOTA price can not any real gains in the foreseeable future. As is usually the case for other markets, that will primarily hinge on how the Bitcoin value evolves in the coming weeks and months. IOTA, just like all other tokens and altcoins, needs a Bitcoin uptrend prior to going in the green itself. Especially with this weak trading volume, that may prove to be very difficult to achieve.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.