IOTA Price Spikes 23% Overnight, Rebounding From November Lows

IOTA sunk to almost new lows yesterday after shipping 14% of its value en route to a price not seen since November 25th. But the temptation of getting a top-ten coin at a nine month low proved too much for the market to resist, and the coin’s value surged in the early hours of this morning.

Overnight Spike

By 05:00 UTC this morning IOTA had sunk from $0.91 at the day’s open to its 2017 low of $0.78 – which ultimately proved to be the rebound point. From there IOTA went on a two-hour surge, during which time it accumulated 23% gains and returned to a price of $0.96. Amid the stasis of the last month or so, IOTA has averaged out around the $1.00 range. The return to the high nineties marks IOTA out as one of only five gainers for the day, with the other four being Binance Coin (BNB), Maker (MKR), EOS and XRP.

Of course, such dramatic spikes never hold at their peak, and IOTA has since begun to descend, now hovering around the $0.92 mark.

At the 5am low this morning, IOTA was down 37% for the month. That number has since changed to 23% following the spike and subsequent rebound. For some comparison, Ontology (ONT) is down 55% for the month, while Stellar (XLM) is up 21%.

On the Exchanges

IOTA finds itself traded between the triumvirate of Bitcoin, Tether and the good old U.S dollar this morning, with the highest concentration of trades coming from Bitfinex’s MIOTA/USD trades, which amount to $31 million.

The place where the funds are safu, Binance makes up a similar bulk of trades, with BTC and USDT each accounting for $15 million worth – or 15% each of the daily total.

The daily volume has increased 260% overnight, jumping from $28 million to $101 million in 24 hours.

The eastern influence has touched IOTA today, with East Asian exchanges Huobi, OKEx and Bitfinex being the most prominent. Between the three they account for over 60% of IOTA’s trade movements, and without them it seems unlikely we would have seen such an overnight growth spurt.

Declining Partnerships

In other IOTA news, it was recently announced that Sirin Labs would no longer be considering IOTA for their FINNEY native blockchain project, with the group now making the move onto a private Ethereum blockchain instead.

Chief marketing officer of Sirin Labs, Nimrod May said:

“At launch, we will be using the Ethereum blockchain. The FINNEY will process transactions through a series of complete nodes hosted at Sirin Labs.”

Despite the news IOTA remains the best performer in the top ten – a feat that it hasn’t been able to claim for a long time.

Featured image courtesy of Shutterstock. 

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