The IOTA price (MIOTA/USD) has seen a massive correction after soaring to over $5 in yesterday trading.
On Wednesday the ‘Internet of Things coin' surged to an all-time high of $5.55, from a Tuesday close of $3.84. However, the cryptocurrency was not able to sustain these gains and declined amid high volatility. IOTA closed the session at $4.36.
The decline continued in today’s session, with the IOTA price dropping to an intraday low of $3.10. So far it has managed to defend the $3 level and is currently hovering around $3.30.
Most major altcoins have declined over the past 24 hours, with investor attention drawn to Bitcoin and its latest price jump. However, with losses of over 30%, IOTA has been by far the worst performing cryptocurrency in the top 10. Given that, the IOTA price had soared more than 400% over the past week or so, a significant correction was always on the cards for the cryptocurrency.
IOTA continues to enjoy strong trading, but it shows signs of slowing down. Yesterday the cryptocurrency’s daily trading volume reached record levels, surpassing $2 billion for the first time. IOTA’s current 24-hour volume stands at $1.2 billion, suggesting that today’s trading has been subdued. Nearly two thirds of that volume has been generated on Bitfinex.
In today’s trading, the IOTA price stood at $3.25, as of 12:44 GMT. The digital coin has lost 32.5% of its value in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. IOTA’s market capitalisation currently stands at just over $9 billion.