IOTA Price: Ongoing Bearish Pressure Won’t Relent Soon
The uneasy situation across all cryptocurrency markets is till tangible at this point. So much even that it would appear another round of bearish pressure will materialize at any given moment. As is usually the case, some coins feel this pressure a lot sooner compared to others. For the IOTA price, things are not looking too impressive.
IOTA Price Decline is Real
It was to be expected the weekend would bring more bearish pressure across all cryptocurrency markets. Weekends are notoriously troublesome for the many people trying to score quick profits. It seems unlike any major changes will occur in this regard. As far as the IOTA price is concerned, the losses have begun to mount pretty quickly over the past few hours.
More specifically, the market is currently faced with a 3.87% decline in IOTA price over the past 24 hours. It is also the biggest decline in the entire top 10, which further confirms this market will remain rather volatile for quite some time to come. For IOA price speculators, this development is not what they were hoping for, but there isn’t much one can do about this negative pressure.
Additionally, the IOTA price is currently bogged down by another decline in MIOTA/BTC ratio. Although a 2.62% setback isn’t all that spectacular, it does appear this will continue to weigh heavily on the IOTA price. Whether or not this means there will be further declines in the coming hours, remains to be seen. For now, the uneasy situation will remain in place.
Similar to most other cryptocurrencies, IOTA is suffering from a very steep decline in trading volume. It is evident the cryptocurrency markets suffer from a very worrisome trend in this regard. With the overall volume down to $11.766bn, it seems evident the altcoins will continue to suffer for quite some time to come.
Looking over the exchanges ranked by IOTA trading volume, Bitfinex is clearly in control of the market. Together with OKEX’s and Binance, these platforms complete the top five in a rather interesting mix. Although only one platform offers a fiat currency pair, it is evident there isn’t much fresh capital entering the IOTA market. That can become a big problem moving forward.
For the time being, this weekend is shaping up like any other as far as cryptocurrency is concerned. Small bearish pressure is sending some markets off the deep end, whereas Bitcoin continues to be stuck in sideways momentum with a slight negative tilt. A declining Bitcoin price pushes the IOTA price down as well, and it seems no real changes will occur in this regard.
by JP Buntinx via NullTX