Things have developed in a rather interesting direction for IOTA as of late. When this currency was initially launched, things looked promising right off the bat. However, ever since this altcoin reached its all-time high of just over US$1 per MIOTA, things have taken a turn for the worse. Right now, the IOTA price is up by 33.56% since yesterday, which is pretty significant. This massive pump may run out of steam eventually, though.
IOTA Price Gets a Massive Pump
It is evident there is some interesting momentum in the world of cryptocurrency right now. A lot of currencies have been recovering some of their lost value over the past few days. Right now, the IOTA price is undergoing a massive pump cycle, as the value has skyrocketed out of the blue once again. The same thing happened when the IOTA price reached US$1 not that long ago, although the momentum reversed shortly thereafter.
The past seven days have been rather interesting for people keeping an eye on the IOTA price. More specifically, the IOTA price started out at US$0.32 on November 3rd, a pretty solid value. Since then, we have seen a few attempts to reach a higher price. IOTA got rejected at US$0.4 several times in the past few days, but it’s picked up steam over the past 36 hours.
More specifically, the IOTA price hit US$0.436 on November 8th and, after a brief dip, has kept moving up ever since. Right now, one MIOTA is worth US$0.57, which seems a rather high value for this particular currency right now. Then again, there is a lot of momentum in this market, even though there is very little trading volume to back it up, which is pretty peculiar. Then again, we have seen cycles like these affect other cryptocurrencies as well, and IOTA will surely come down in price in a few days from now.
Speaking of IOTA’s trading volume, the market has seen US$65.63 million over the past 24 hours. For a top 10 cryptocurrency, this number is anything but significant. Then again, we have seen altcoins gain even more value with less volume in the past. A 33.5% gain with US$65.6 million in trading volume shows it takes very little money to manipulate this market. This appears to be small market manipulation at its finest, although it remains to be seen when that will end.
One thing to keep in mind is how few exchanges actually allow for the trading of IOTA. That is a bit strange, considering this cryptocurrency is among the top 10 in terms of market capitalization at the time of writing. Bitfinex is clearly dominating the IOTA trading markets, as its three markets have generated a total of 83% of all IOTA trades over the last 24 hours. Binance is the second big exchange for this altcoin, with 6.7% of all trades. No other major exchanges have listed IOTA so far, which means the currency can’t be found on Bittrex, Poloniex, or any other popular platform.
All things considered, this IOTA price pump is pretty significant for people looking to make some quick money. At the same time, people also have to realize this cycle will not last much longer. Furthermore, this pump makes IOTA less appealing from a long-term perspective. If the only way for it to gain value is a few people manipulating the price, things don’t look all that great. It will be interesting to see what the future holds for IOTA beyond this price momentum; that much is evident.