IOTA price plunges amid thin trading volumes

The cryptocurrency is underperforming in a downbeat market, Hong Kong-based exchange Bitfinex accounts for 90% of the global trading activity

IOTA price plunges amid thin trading volumes

IOTA has been the worst-performing top 10 cryptocurrency over the past 24 hours, with its price falling nearly 11%. The cryptocurrency market as a whole has seen a significant decline over that period, but, at the time of writing, the ‘Internet-of-Things’ coin is the only major cryptocurrency with a double-digit percentage loss.

Meanwhile, standing at just under $15 million, IOTA’s 24-hour trading volume continues to be among the lowest in the top 10. The Hong Kong-based cryptocurrency exchange Bitfinex accounts for about 90% of the global market activity, while Binance captures nearly 10%.

Binance, a Shanghai-based cryptocurrency exchange, last week became the latest exchange to add support for IOTA. The platform offers two options for trading IOTA – IOTA/BTC and IOTA/ETH.

While IOTA has established itself as one of the most valuable digital coins on the market, it has so far been unable to gain much support from cryptocurrency exchanges, which limits the coin chances to reach a larger pool of potential investors. The Binance listing is welcome news for the cryptocurrency, but it remains to be seen whether it will provide a significant boost to the token.

IOTA’s most interesting feature is its unique protocol, called The Tangle. According to the coin’s creators, this protocol enables fast and feeless transactions. IOTA also boasts its own hash function called Curl, which was criticised in a recent report by academics from Boston University and MIT. The researchers claimed to have discovered “cryptographic vulnerabilities” in the hash function. The IOTA team subsequently issued a response, rebuffing those claims.

In today’s trading, the IOTA price stood at $0.554, as of 12:04 BST. The cryptocurrency has lost 9.1% of its value, according to data from Coinmarketcap. Its market capitalisation currently stands at $1.54 billion.

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