Things have developed in a rather interesting direction for IOTA as of late. When this currency was initially launched, things moved in a good direction right off the bat. However, ever since the altcoin reached its all-time high of over $1 per IOTA, things have started coming down. Right now, the IOTA price is up by as much as 33.5%, which is pretty significant. This massive pump may eventually run out of steam eventually, though. IOTA Price Gets a Massive Pump It is evident there is some interesting momentum in the world of cryptocurrency right now. A lot of currencies
Things have developed in a rather interesting direction for IOTA as of late. When this currency was initially launched, things moved in a good direction right off the bat. However, ever since the altcoin reached its all-time high of over $1 per IOTA, things have started coming down. Right now, the IOTA price is up by as much as 33.5%, which is pretty significant. This massive pump may eventually run out of steam eventually, though.
IOTA Price Gets a Massive Pump
It is evident there is some interesting momentum in the world of cryptocurrency right now. A lot of currencies are recovering some of its lost value over the past few days. Some currencies are more successful than others, which is only to be expected. Right now, the IOTA price is going through a massive pump cycle, as the value is skyrocketing out of the blue once again. The same happened when the IOTA price reached $1 not that long ago, although the momentum reversed shortly after.
The past seven days have been rather interesting for people keeping an eye on the IOTA price. More specifically, the IOTA price started out at $0.32 on November 3rd. A pretty solid value, as this has been the correct price point for IOTA for some time now. Ever since that time, however, we have seen a few attempts to successfully reach a higher price. The IOTA price got rejected at $0.4 several times in the past few days, but things have picked up steam over the past 36 hours.
More specifically, the IOTA price hit $0.436 on November 8th and has kept moving up after a brief dip ever since. Right now, one IOTA is worth $0.57, which seems to be a rather high value for this particular currency right now. Then again, there is a lot of momentum in this market, even though there is very little trading volume to back it up, which is pretty peculiar. Then again, we have seen cycles like these affect other cryptocurrencies as well, and IOTA will eventually come down in price in a few days from now.
Speaking of the IOTA trading volume, the market has seen $65.63m over the past 24 hours. For a cryptocurrency in the top 10 ranked by market cap, this particular number is anything but significant. Then again, we have seen altcoins gain even more value with less trading volume as well. A 33.5% gain with $65.6m in trading volume shows it takes very little money to manipulate this market in the right direction. This appears to be small market manipulation at its finest, although it remains to be seen when this trend will end.
One thing to keep in mind is how few exchanges effectively allow for the trading of IOTA. That is a bit strange, considering this is a top 10 cryptocurrency at the time of writing. Bitfinex is clearly dominating the trading volume right now, as their three markets generate a total of 83% of all IOTA trades. Binance is the second big exchange for this altcoin with 6.7% of all trades. No other major exchanges have listed IOTA so far, which means the currency can’t be found on Bittrex, Poloniex, or any other popular platform.
All things considered, this IOTA price pump is pretty significant for people looking to make some quick money. At the same time, people also have to realize this cycle will not last much longer. Furthermore, this pump makes IOTA look less appealing from a long-term perspective. If the only way for it to gain value is by a few people manipulating the price, things are not looking all that great. It will be interesting to see what the future holds for IOTA outside of the price momentum, that much is evident.