The crypto markets are firing on all cylinders as we speak. Bitcoin’s wild price fluctuations have certainly introduced a lot of changes, and most altcoins are still reeling. The IOTA price is picking up once again, thanks to another 26.19% gain overnight. With a value of US$4.25 right now, it is a matter of time until a new push toward US$5 occurs. Whether or not it will succeed is a different matter altogether.
IOTA Mounts Another Comeback
It is evident there are a lot of things happening in the world of cryptocurrency right now. More specifically, the Bitcoin price is making all other currencies look bad, which is not entirely surprising. It is unclear what all of this means in the long run, though. For now, the alternative currencies are trying to recover in price. The IOTA price is making some interesting moves in this regard, although it is still too early to speak of a major recovery.
More specifically, the IOTA price has risen by 26.19% since yesterday. While that is spectacular, it may be only the beginning of what is yet to come. The IOTA price hit an all-time high of over US$5.50 before it started collapsing earlier this week. With the Bitcoin bull run still firmly intact, it is evident most altcoin markets will remain volatile in the near term. At the same time, it creates excellent buying opportunities for fans of specific altcoins.
In the case of the IOTA price, no one knows for sure how things will play out. It is evident that all worthy altcoins will mount a comeback of sorts in the coming hours and days. The Bitcoin price momentum cannot be sustained forever, and the weekend will introduce a lot of interesting price action. This may mean that we will see some big changes in the IOTA price, although it is still too early to make any accurate predcitions in this regard.
With over US$1.11 billion in 24-hour trading volume, one has to acknowledge the demand for IOTA is still very strong. This altcoin has garnered a lot of support among cryptocurrency traders in recent weeks; that much is evident. It is also thanks to this trading volume that we’ve seen the IOTA price rise by 26.19% against USD and 18.16% against BTC over the past 24 hours. An interesting future lies ahead in this regard, although there will be plenty of volatility along the way as well.
As is usually the case, Bitfinex leads the markets in terms of trading volume. With nearly US$500 million in 24-hour volume, this company is clearly doing something right. Binance has successfully claimed the second spot right now, although the BTC market on Bitfinex is not too far behind in terms of volume. Coinone is the fourth exchange generating over US$100 million in 24-hour volume right now. CoinFalcon is excluded from the total volume figure for the time being due to its lack of trading fees, but it’s generated over US$2 million in 24-hour volume.
It will be interesting to see what the future holds for the IOTA price. With each MIOTA valued at US$4.25 right now, the markets could easily swing in either direction. These are promising times for all cryptocurrencies, yet no one knows for sure how things will play out in the coming days and weeks. With the weekend almost upon us, interesting things are bound to happen sooner or later.