By: JP Buntinx
A lot of interesting things are happening in the world of cryptocurrency right now Although the Bitcoin price is still of great interest, IOTA is certainly making its mark on this ecosystem as well. More specifically, the IOTA price has surged to $3.15 after reaching an all-time high of $2.4 just yesterday. With another strong 30.86% gain overnight, the IOTA market cap is on track to surpass Ripple. An intriguing development, assuming this is not a pump-and-dump cycle.
OTA PRICE RALLY IS FAR FROM OVER
Ever since the IOTA cryptocurrency was released to the public, it cemented its place in the cryptocurrency top 10. Although very few people knew what was going on behind the scenes of this project, investors are flocking to this altcoin like there is no tomorrow. It would certainly explain the meteoric IOTA price rise over the past few weeks, as every individual coin is suddenly worth around $3.15. For a currency with a total supply of nearly three billion tokens, that is quite a steep gain.
There are still some legitimate concerns over whether or not the IOTA price gain is just a pump-and-dump scheme. Based on the gains over the past week alone, one would certainly be inclined to think along those lines. However, we see a growing demand for different cryptocurrencies which fit a specific market. In the world of the Internet of Things, Bitcoin, Ethereum, BCH, and even XRP are simply not usable in any meaningful capacity. IOTA is targeting this industry specifically, which means it may very well have a bright future ahead, for all we know.
Thanks to another 30.86% gain in USD value and a 27.75% gain over Bitcoin, the IOTA price is soaring to astronomical heights right now. Moreover, its market cap is quickly approaching the $9bn market, and it may very well surpass Ripple in the coming days. A thorough shakeup of the cryptocurrency top 10 can be a good thing, as the current rankings don’t necessarily make a lot of sense. A lot of things may still change before the year is over, that much is rather evident.
With over $1.11bn in 24-hour trading volume, the demand for IOTA seems to be pretty genuine. Although it is traded on fewer exchanges compared to most other cryptocurrencies, it has no problem reaching such a high trading volume in quick succession. It is one of the few times the IOTA trading volume has surpassed the $1bn mark, but at this rate, it won’t be the last time either.
Unsurprisingly, the majority of trading volume originates from the Bitfinex MIOTA/USD pair. With over 57.59% of all trades, it is evident this price rise would never have been possible without the Bitfinex exchange. Their other IOTA pairs attribute another 21.6% of all IOTA trades, which is pretty interesting. Binance is the only exchange trying to make a decent impact in this regard, but they only provide ETH, BNB, and BTC trading pairs. An interesting situation well worth keeping an eye on, that much is evident.
How high the IOTA price can go in the next few days and weeks, remains to be determined. Anything that rises in value beyond normal proportions will have to go through a correction eventually. When and if that will happen for IOTA, remains to be determined right now. With this much positive momentum pushing the IOTA price higher, reaching $5 may not even be an unrealistic target. Then again, cryptocurrency markets often evolve in illogical ways as well.