This weekend seemingly proves to be another interesting period for all cryptocurrency trading. More specifically, we see most of the top 15 markets in the green right now, even though the overall momentum is still pretty bearish. For the IOTA price, things are finally looking up again, albeit it remains to be seen if this will last for a lengthy period of time.
IOTA Price Rises Above $1
Similar to most other cryptocurrencies, the year 2018 has not been kind to IOTA whatsoever. In fact, it has been a while since we last saw IOTA above $2, and it is evident we may not see that value again until later this year at the earliest. Whether or not we will see any long-term positive momentum from here on out, remains to be determined.
As of right now, the IOTA price has successfully retaken the $1 level. Although the IOTA price was well above $1 for some time in the past few weeks, it has taken at a bit of a tumble earlier this week.That is not entirely surprising, as the markets are being manipulated beyond belief as of right now. Unfortunately, this pressure will not relent anytime soon, by the look of things.
Thanks to a solid 5.35% gain over the past 24 hours, the IOTA price is now looking up once again. As is usually the case in the cryptocurrency world, there is a good chance this positive momentum will be wiped out pretty quickly in the near future, although it remains to be seen how things will play out for IOTA in this regard. It is also worth noting IOTA successfully gained 3.39% over Bitcoin, even though the world’s leading cryptocurrency is also regaining some lost value.
The overall trading volume for IOTA is about a slow as it can get, but that won’t surprise anyone. With just $19m in trades over the past 24 hours, the demand for IOTA isn’t there, but it isn’t there for virtually all other cryptocurrencies either. For the time being, this is more than sufficient to keep the IOTA price momentum going, for the time being.
As of right now, Binance is the leading exchange when it comes to IOTA trading. While its lead over Bitfinex is marginal at best, it is quite substantial compared to OKEx’s two trading pairs. We see two fiat currency pairs in the top five for IOTA, which may indicate some fresh capital entering the market as we speak.
How all of this will play out for the IOTA price, remains to be seen. As of right now, the positive momentum seems to be solidifying, but the low trading volume means things turn around pretty quickly. We are still in a bear market, for all intents and purposes. As such, it is only normal to expect the IOTA price to drop below $1 again in the not-so-distant future.