Crypto

IOTA Price Turns Sour Despite Promising Ecosystem Developments

As the bearish and uncertain market momentum continues to affect nearly all cryptocurrencies, tokens, and assets on the market, the next few hours and days will be very interesting to keep an eye on. While Bitcoin is still in uncertain waters, it would appear the IOTA price is struggling significantly. At this time, it is a bit unlikely what is driving this downtrend, although there may be further losses up ahead.

IOTA Price Momentum Looks Worrisome

While Bitcoin is not necessarily impressing cryptocurrency enthusiasts and investors by any means, there is nothing to be overly concerned about either at this time. Unfortunately for the alternative markets, weak Bitcoin momentum will usually result in some very awkward momentum for these altcoins as well. As far as

IOTA is concerned, things are not looking too great right now, primarily because the downtrend is visible all across the board.

Over the past 24 hours, the current IOTA price trend is not overly promising by any means. With a net 2.95% loss in both USD and BTC value, it is evident things are not looking too great right now. This recent downtrend drives the value down to $0.3049, or 7,582 Satoshi. While most holders and investors will not be overly concerned by that particular trend, it may very well be a sign of what is yet to come in the near future.  Assuming that is the case, the $0.3 level will not hold for very long.

Despite the current price pressure, most IOTA enthusiasts are not too concerned about what is going on. There are still a lot of developments taking place behind the scenes which spell an interesting future for this particular project. As Chris Mueller explains, there is a lot of focus on Fognet and other developments making use of IOTA technology in one way or another.

According to some sources, it seems some of the IOTA team members also made their presence known during a recent OMG blockchain event. As there was an active discussion regarding the use of IOTA technology on an international level and creating potential standards,  there is something to look forward to. There is no official timeline as to when such standards would be created, although there is always a chance things could evolve a lot faster than anticipated.

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There is also a very peculiar albeit interesting Tweet by Value-Investor. Although not everyone will agree with this user, he does touch upon an important point. More specifically, he expects IoT solutions will see a big growth courtesy of various cryptocurrency projects. However, the likes of IOTA will not necessarily be used for more mainstream transactions. It will be interesting to see if this vision comes to fruition, as anything is possible.

For the time being, it seems unlikely IOTA will mount a strong comeback anytime soon. Although the market is not in the worst of places as of right now, the bearish pressure may not necessarily relent anytime soon either. These losses are quite steep and the overall trading volume sits well below $15m. Without an increase in volume, it seems unlikely anything big will happen today, yet tomorrow may be a completely different day once again.


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.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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