IOTA Price Surpasses $0.57 Thanks to Large Pump, Low Volume

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.

  • I must take exception to this entire release. There is no way the author can tell if the price is being ‘manipulated’. The author does not cite any sources of manipulation aside from the hunch that an increase in price on low volume. Perhaps it could be IOTA is attracting bids due to it’s own nature. Who is to say there is not simply a lack of sellers?

    The word “Pump” comes from the infamous pump and dump scams of the late the early 2000’s. The author should at the very least cite a source of hype if that is what is causing the increase in price.

    I have no position in IOTA and my opinions are my own- just opinions.

    I look forward to reading JDebunt’s writing, but in this case I think the ball was dropped.

    • ColdDayApril

      great answer.

  • Pascal

    IOTA will come up with a couple of good news in November/December. Furthermore, IOTA is in a partnership with industry giant Bosch. I expect many good things to come within the next year. I think it’s an investment worth considering.

  • J

    This is very
    Poorly written. Do some more research before writing.

  • Barry Edmiston

    What garbage writing. Obviously had a word count to fill.

    • dr evil

      he’s a bitcoin fanboy.. need to say more? ” Bitcoin enthusiast living in Belgium”

      • DENS

        hahaha

      • DENS

        maybe you write some for IOTA it seems you have a better and deeper views.

  • dr evil

    no trading experience by writer . this is how it works.. there was a correcting market .. slowly selling down.. a lot of iota is beeing bought meanwhile by accumulators.. at some point the selling just ends and it changes turns to the upside.. YES EVEN ON SMALL VOLUME thats exaclty how that happens when sellers died out., you can go up on low volume because noboby is selling. anymore. now the only sells you’ll see after this “pump” is profit takers.. so you can buy the dip.. until it turns around again down .. now repeat.. welcome to markets

  • Craig Smith

    “This massive pump may eventually run out of steam eventually, though.”

  • vermuner .

    C’mon really? Is that what a leading freelance Bitcoin writer has to say about Iota? Why are you people behaving just like the bankers: spreading nonsense about this supercool technology? Instead of feeling threatened by it, jump on while is still so cheap! Or paying huge fees, waiting many minutes, and burning lots of coil for mining in China or Russia for a transaction makes more sense for you…

  • Frank M

    IOTA is completely manipulated on bitfinex. Volumes are traditionally very low. And a few people on the inside dominate price fixing. IOTA is ok for short term trading, but any long term holding will end badly.

  • Marcus

    Sounds like a child wrote this article.

  • Stefan Georgi

    1) This article was really, really poorly written. Not trying to be mean, just shockingly bad writing. 2) I’m hoping that IOTA does indeed go down soon so I can buy up more of it. Currently holding around 30,000 coins and want more. 3) Reason for wanting to buy more: it’s a long-term hold. The technology is legit as are the partnerships IOTA has forged. It’s something I plan on being in my portfolio in five years from now (and worth a lot more money then too).

  • DENS

    This article is a trash! After you read (use) you DISPOSE it! Go home and eat 50 sacks of salt!