Cryptocurrencies across the board had a pretty unsteady day on Tuesday, with many coins seeing declines from previous highs. One of the more prominent coins to face significant headwinds on Tuesday was IOTA (IOT).
Coming into Tuesday’s trading IOT had seen a slight climb above $1.80, fluctuating a bit over the course of trading on Monday, March 5, but never showing any real sings of any greater pullback below the $1.80 mark. That changed in the early hours of trading on Tuesday and the decline stood for pretty much all of the day’s session.
When most other digital currencies were seeing declines in the 3 – 5% range, IOT it seems had to fend off an out and out decline approaching 10%. By 8:57 am IOT had declined from the mid $1.80s reached on Monday to a low of $1.69. This remained the case for much of the morning and by about noon the coin had fallen even further, dipping to a low of $1.68 by 12:52 pm. Any hope of a rally back to Monday’s highs was dashed further by 14.32 pm when IOT declined further to $1.67. An hour or so later there was another round of decline which took IOT down to $1.66. This proved to be the low of the day and by late afternoon IOT had regained some momentum to climb above $1.70. Another dip to $1.68 around 6:32 pm was some indication that volatility hadn’t left the digital currency but thankfully there was some recovery well into the night of trading.
Digital currencies trade pretty much round the clock so it will be interesting to see how traders and investors approach the next 24 hours of trading for IOT.
IOT is also interesting for its application. Founded on much of the same blockchain technology driving digital currencies, IOT has staked out its position as the premier digital coin for the Internet of Things. This puts the digital currency in the think of the next generation of internet technology. Interestingly it is IOT that seems to have struggled to continuously spark the imagination of traders and investors and the current trading price below $2.00 is a reflection of that divergence between traders and investors and IOT’s upside potential. The next few months will be a good look at where IOT can potentially go. The coin has so far set an all-time high of $4.83, a mark set back on December 19, 2017