IOTA price (MIOTA/USD) pares losses, as cryptocurrency market mounts comeback

The market gains more than $80 billion in two hours

IOTA price (MIOTA/USD) pares losses, as cryptocurrency market mounts comeback

The IOTA price (MIOTA/USD) has rebounded after falling to its lowest level in two months.

Earlier today, ‘Internet-of-Things coin’ fell to $1.41, its lowest price level since December 2, amid a large cryptocurrency sell-off. However, the coin has experienced a sharp rebound in more recent trading, which has allowed it to recover most of its earlier losses. According to data from cryptocurrency tracker Coinmarketcap, the IOTA price is currently hovering around $1.85, not that far below its Thursday close of $1.91.

This shift of momentum observed across the wider cryptocurrency market. For example, Bitcoin (BTC), the largest cryptocurrency by market cap, had fallen below $8,000 for the first time November, but has managed to return near the $9,000 mark after a similar price jump. The market as a whole has gained more than $82 billion since it reached a low of $348 billion around 14:45 GMT.

While today’s session has been a rollercoaster in terms of prices, IOTA’s trading volumes have remained relatively low. Over the past 24 hours about $134.7 million worth of the cryptocurrency have been traded on the global markets. Around two thirds of that volume has been generated on Bitfinex, while the Shanghai-based cryptocurrency exchange Binance has captured 17%. South Korea’s Coinone comes in third place with 10.5%

In today’s trading, the IOTA price stood at $1.87, as of 16:42 GMT. The digital coin has lost 0.8% of its value in the past 24 hours, Coinmarketcap data shows.

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