Another day has dawned upon the cryptocurrency markets, and it has become apparent there isn’t any real reason for excitement. Most of the top markets are in the red once again, and the IOTA price is currently getting clobbered. No real surprise, as all markets suffer from a dwindling BTC price.
IOTA Price Keeps Declining
With another 5.57% decline for the IOTA price, the current market momentum is not looking all that appealing. Even though the weekend seemingly offered a reprieve for all currencies, all of that positive momentum has been wiped out earlier today. Finding stable ground remains impossible in the world of cryptocurrency.
With the Bitcoin price going down once again, it is only normal alternative cryptocurrencies see their fair share of bearish pressure. In the case of the IOTA price, it has become apparent that bearish pressure is growing quite steep in quick succession With a current value of $1.12, the situation looks pretty worrisome.
These issues for the IOTA price are only compounded by the losses in the MIOTA/BTC ratio. With a sharp 4.6% decline over the past 24 hours, it is evident IOTA will not have much success in scoring any short-term gains. From a long-term perspective, things are not looking all that appealing either.
As has become apparent across all cryptocurrency markets, the ongoing trading volume decline is quickly getting rather worrisome. For IOTA, there has been a volume of $58.1m in the past 24 hours, which is not terrible. However, it seems unlikely the volume will pick up in the coming hours unless it is because people effectively begin to panic sell.
Interestingly enough, Bitfinex generates the most trading volume as of right now. More specifically, its USD pair is the largest, but Binance’s BTC and USDT pairs, as well as OKEx’s USDT and BTC pairs generate more volume overall. An interesting situation well worth keeping an eye on moving forward.
Whether or not the ITOA price will maintain a value of $1,1 for much longer, remains to be determined. Given the current momentum, it seems only normal to expect further losses, but the cryptocurrency markets can turn around at any given moment. For the time being, it is best to take the current trend in stride and not worry about short-term changes all that much.
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