With the total cryptocurrency market capitalization soon to reach $400 billion, it will be interesting to watch developments in the coming months. Despite a slight downward trend, the prices of all major cryptocurrencies are now rising.
Of the 10 main ones, the IOTA cryptocurrency has the best performance; within a day, the price of MIOTA rose from $1.6 to $2.09. All cryptocurrencies had a good week, but IOTA had a particularly good week.
With the Bitcoin Dominance Index falling below 38.5% again, it is safe to say that the price of other cryptocurrencies will continue to rise. An increase in the IOTA/BTC ratio of 8.44% looks quite promising for the altcoin. However, maintaining the price at a high level is quite difficult, no matter how good things may seem in the short term.
Although IOTA's trading volume was 84.48 million USD in one day, which is not that much compared to other cryptocurrencies, it is enough to keep the current IOTA price level. At the same time, it must be recognized that such a small volume may at some point lead to a market correction.
The leader in terms of trading volume among exchanges was the Bitfinex exchange, with a small gap from the Binance exchange. The Coinone exchange took third place.
It is difficult to say whether the IOTA price will remain at $2. Perhaps this is just the beginning and the price will rise, or perhaps after the increase a market correction will follow and the price will decrease slightly.
According to https://themerkle.com
You May Also Like
How did alcoins survive the bearish trend?
Altcoins have demonstrated that they are much more subject to speculation and volatility than Bitcoin. Several groups of altcoins have formed on the market based on the size of the price decline since its peak.
Litecoin added to another listing
SFOX, one of the premier cryptocurrency dealers for institutional investors and professional traders, has added Litecoin to its trading platform listings.
