It is one of those days again where no cryptocurrency market momentum seems to make sense. All markets are in the dirt once again for no apparent reason, with the IOTA price losing a lot of value in the past 24 hours. With a 145% setback in the past 24 hours, it is evident there will be a lot more blood in the water by the time this day is over.
It is evident there is a lot of bearish pressure on the cryptocurrency industry as of right now. There is no reason as to why things should go in the deep red so quickly, especially when considering how there has been some relatively good news for all cryptocurrencies throughout 2018.
Even so, the negative pressure will not relent anytime soon, and the IOTA price is an excellent example of how dire things can get in a few hours time. To put this into perspective, the IOTA price lost a whopping 13.45% of its value over the past 24 hours alone.
While such dips are not uncommon in the world of cryptocurrency, it effectively pushes the IOTA price below $1.5 for the third time this year. Considering how this altcoin reached a peak of $4.7 in early 2018, it seems returning to that value will prove to be extremely difficult, if not impossible.
There is also a steep decline in the MIOTA/BTC ratio over the past day. With another 8.21% decline in this regard, it will be pretty interesting to see how low the IOTA price will go in the hours and days to come. Read more from nulltx.com…
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