IOTA price (MIOTA/USD) falls amid wider crypto decline on Tuesday

The cryptocurrency outperforms major rivals in terms of price gains, but trading volumes continue to disappoint

IOTA price (MIOTA/USD) falls amid wider crypto decline on Tuesday

The IOTA price (MIOTA/USD) has fallen in today’s trading, mirroring the performance of the wider cryptocurrency market. However, the cryptocurrency is outperforming its main rivals in the past 24 hours, as it is the only top 20 digital coin posting gain over that period.

IOTA gained a strong positive momentum in yesterday’s afternoon trading, which allowed it to bounce back from an intraday low of $2.40 and close at a five-day high of $2.58. The token was able to extend its gains to $2.64, a nine-day price high, but the rally did not last beyond the opening minutes of today’s session. At the time of writing the IOTA price was hovering around $2.45, according to data from cryptocurrency tracker Coinmarketcap.

Although IOTA has seen a slight improvement in terms of market activity, its trading volumes remain relatively thin. Coinmarketcap data shows that only about $90 million worth of IOTA tokens have exchanged hands in the past 24 hours. Nearly half of that volume has been generated on Bitfinex, while Shanghai-based platform Binance accounts for about a third of the trades. Meanwhile, South Korea’s Coinone exchange captures around 10% of the volume.

In today’s trading, the IOTA price stood at $2.47, as of 15:08 GMT. The digital currency has gained just over 15 in the past 24 hours. Its total market capitalisation currently stands at $6.86 billion, which makes the coin the 11th-largest cryptocurrency on the market.

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