All cryptocurrency markets have been shaken up to their core once again. Even though things looked a lot worse several hours ago, most losses have been recovered in the process. As of right now, we still see a lot of markets in the red, which will not change all of a sudden either. One of the biggest “losers” is the IOTA price as of right now, a sit has dipped by as much as 11.37% over the past 24 hours. It is evident this trend is not overly positive, but things will eventually return to normal.
IOTA PRICE TAKES ANOTHER BEATING ALL OF A SUDDEN
With all of the cryptocurrency markets dropping in value over the past 24 hours, the first question that comes to mind is why this is happening right now. It is pretty difficult to explain why things tend to go in this direction over the weekend, even though yesterday was a pretty solid day for the most part. Cryptocurrency markets will always be incredibly volatile, and that situation will not come to change in the near future, by the look of things. For those willing to take a small gamble, there’s some good money to be made when dips like these occur.
Looking at the IOTA price, it is evident things have gone from bad to worse throughout 2018. Similar to other cryptocurrency markets, the IOTA price has taken a very steep tumble from its previous all-time high. In this case, the price went from $4.85 to $1.15 in a matter of weeks. For now, it seems the current negative trend will continue for the foreseeable future, even though there was a small uptrend to $2.1 earlier this week. A lot of those gains have already been wiped out again, as the IOTA price is currently valued at $1.73.
Whether or not this IOTA price will return to $4 and more in the near future, remains to be seen. All of the markets are still reeling from their previous dip, which effectively crashed most markets by as much as 50% in three days. Recovering such losses in quick succession will be rather difficult, as any noteworthy gain will automatically be met with a brief correction shortly after. For the time being, we will have to contend with this volatility first and foremost, but there is some profit to be made from timing the price swings accurately.
With $55.75m in 24-hour trading volume, there is no real demand for IOTA as of right now. it is a trend we see across most altcoin markets this week, yet no one knows for sure why that is the case exactly. One would expect speculators to buy the dips and hope for price improvements along the way. Unfortunately, it seems most people focus their attention on the top three cryptocurrencies these days, and leave everything else in the rearview mirror.
With the majority of IOTA’s trading volume originating from the Bitfinex exchange, there is some fresh capital entering the ecosystem as we speak. Given the current IOTA price trend, one could also say how people are cashing out to fiat currency once again, yet it remains to be seen which side of the story is effectively true. Coinone and Binance complete the top three of exchanges ranked by IOTA trading volume, which makes for a rather interesting mix.
With all of this negative pressure disrupting the cryptocurrency markets once again, it has become evident the long-term road to recovery will not be without challenges. Nor should anyone expect anything less, as people will take profits whenever they can. It has always been the most solid strategy and there is no reason to think this situation will come to change in the near future. It will be interesting to see what the future holds for the IOTA price, but if the market can recover, reaching $2.5 will happen a lot sooner than expected.
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source: https://themerkle.com/iota-price-notes-another-11-3-drop-as-markets-turn-sour/