IOTA (MIOTA) Price Dip Below 1 USD Was Reportedly Caused By Bitcoin’s (BTC) Bullish Movement

The majority of the top ranking cryptocurrencies are still trading in the green following a relatively positive weekend for the crypto market. Although, as expected there are some exceptions in this regard. The price of IOTA has now dropped below 1 USD once more because of bearish pressure. Whether this position will be sustained or not is still unclear.

How IOTA’s Price Has Faired in Recent Months

Despite several strong months last year, and early this year, the price of IOTA has returned to more normal levels. Unfortunately for ITOA proponents, this also means that the value of the virtual token has been in a continual decline for some time. This is a different situation from the 4.5 USD price point recorded months ago.

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IOTA (MIOTA) Price Today – MIOTA / USD

Name Price24H (%)
Bitcoin (BTC)
$6,422.43
0.65%
IOTA (MIOTA)
$0.467701
0.58%

In the last 24 hours, IOTA has suffered a 1.91 percent price drop which is a severe setback for the token especially when you consider how Bitcoin’s (BTC) price has risen during the same period. Formerly, in most cases, Bitcoin’s (BTC) price increase usually helps other tokens regain some value. But for IOTA’s price that isn’t the case, for unknown reasons.

IOTA is Losing Value Because of A Growing Loss Over Bitcoin (BTC)

It looks like IOTA’s price to BTC’s ratio has diminished by 5.52 percent in just 24 hours, which is similar to the case with most other cryptocurrencies on the market. It is uncommon for digital coins to lose so much ground against Bitcoin (BTC), although the situation may not remain in place for long. It also appears that there’s little interest in IOTA for now. Although 33.44 million USD market cap range is not a terrible score for this token, it is less than the threshold most crypto proponents would expect at this level, and without a sufficient trading volume, an immediate IOTA price rebound can’t be anticipated. This scenario will remain subject to any alterations for the future.


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