With the total cryptocurrency market cap fast approaching the $400bn mark again, the coming months will be interesting to keep an eye on. Despite some minor bearish pressure on the hourly candles, all currencies that matter are still in the green overall. The IOTA price is the biggest gainer in the top 10 right now. Thanks to solid 24-hour gains, one MIOTA is now valued at $2.09.
IOTA Price Surge Appears to be Solid
All cryptocurrencies have gone through a rather interesting week. With a lot of positive momentum materializing out of the blue, the overall community sentiment is a lot more positive than it was just two weeks ago. For the IOTA price, this past week has been pretty spectacular, as a very strong uptrend is still in play as of right now.
With the IOTA price rising from just under $1.6 all the way to $2.09, one has to acknowledge this currency is in a good place right now. Over the past 24 hours, this uptrend has been confirmed by another 10.31% increase in value. As is the case with all currencies, it remains unclear how long this momentum will remain in place.
All altcoins are gaining o Bitcoin all week long run. With the Bitcoin Dominance Index dropping below 38.5% again, it is safe to say currencies such as IOTA will continue to make their mark in the industry. With an 8.44% increase in the MIOTA/BTC ratio, things look pretty promising for the altcoin. Solidifying these gains into solid support levels is still an ongoing struggle, regardless of how promising things may look in the short term.
Even though it is a Sunday today, the IOTA trading volume appears to be just fine. While $84.48m in 24-hour trading volume is not impressive by any stretch of the imagination, it seems to be sufficient to keep the current IOTA price momentum going. At the same time, one has to acknowledge such low volume can easily lead to a market correction at some point.
Looking over the exchanges ranked by volume, Bitfinex is surprisingly in the lead. Its gap over Binance is not all that big, but it is still quite intriguing to keep an eye on. Coinone is also a surprising name in the top three, as they inch ahead of OKEX’s BTC and USDT pairs. With two fiat currencies in the top three, the current IOTA price trend should remain in place.
Whether or not the IOTA price will remain above $2, is difficult to answer. It is certainly possible this is only the beginning of a long and steady uptrend for all cryptocurrencies. At the same time, any uptrend is usually followed by a small correction, and the markets have yet to endure such a dip since this upward momentum began to take form.