IOTA Price Hits New 9-Month Low

IOTA has sunk to a low not seen since early December en route to a coin price of $0.90, although some exchanges have seen MIOTA coins trade for as little as $0.89. That marks the first team IOTA has fallen this low for almost nine months, and acts as a reminder that the market isn’t out of the woods just yet.

Nine Month Low

IOTA is down 3.5% over twenty-four hours, falling from $0.937 to the current price of $0.904. That rate of loss is generally in line with the rest of IOTA’s counterparts in the top ten, but it’s IOTA’s weekly numbers that are a little more concerning.

From a high of $1.05 seven days ago, IOTA finds itself down 14% for the week, while the monthly numbers show a 26% loss, as MIOTA fell from a monthly high of $1.23. That’s quite close to the median loss for the month, falling in the middle of the +40% losses incurred by Nano, Ontology and ICON over the same period – and the 7-10% losses recorded by Ethereum Classic, Binance Coin and Monero.

Only ten coins or tokens in the top one-hundred are glowing green for the month; eleven if we include the marginal positive fluctuation on Tether. In a generally poor month for the altcoins, DigiByte has seen close to 30% growth, while Stellar and Mithril are both up over 20%.

Bitcoin is up 15% for the month, while Ethereum is down 11.7%. That’s a 26% swing between ETH and BTC, and has many questioning the long-term viability of the second biggest dog in the yard.

Tether Swaps

Over 57% of IOTA/MIOTA daily trades have come against USDT today, with Binance and OKEx seeing the biggest flurry of activity. Many coins in the top ten show the same trend, while Tether’s 24-hour volume is not anywhere near its recent peaks. Is this a sign that traders are willing to take shelter in Tether’s port until the storm dies down?

Direct MIOTA/USD trades on Bitfinex account for 15% of the daily volume, while BTC trades make up the same volume across multiple exchanges. ETH trades amount to a mere 5% of the daily total.

IOTA, like many coins, is a polarising project which has supporters just as vociferous as its detractors. Supporters point to recent high-profile partnerships and the conceptual promise of the Tangle. Detractors point to a lack of MVP and emphasize that mere promises make up the bulk of the IOTA project at the moment.

Either one could turn out to be true – and given the current discount prices, now would be a good time to decide which side of the fence you fall on.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.