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
Bitconnect is “officially dead”
The BitConnect project, which ceased operations in January of this year, and its open-source cryptocurrency BCC with an investment program accused of being a Ponzi scheme, have lost their last supporting platform.
1 billion TRX tokens will be burned after the end of the migration
The TRON Foundation has successfully launched the migration process and is preparing to celebrate the transition from the Ethereum blockchain to the main network with the act of burning 1 billion TRX tokens.
