IOTA price (MIOTA/USD) hovers around $0.70 as recovery stalls

The digital coin struggles to recoup losses despite strong start to Friday trading

IOTA price (MIOTA/USD) hovers around $0.70 as recovery stalls

The IOTA price (MIOTA/USD) has experienced a few ups and downs in the past 24 hours, as it has been trying to recover from the steep correction that hit the wider crypto market on Thursday.

The 10th-largest digital currency on the market had to endure some tough trading on Thursday, with its price struggling during large portions of the session. Overwhelmed by significant selling pressure, the digital coin dropped below the $0.70 mark in the morning session and proceeded to decline further in the early afternoon, falling to an intraday low of $0.670. The situation improved in the final hours of the session, allowing the coin to launch a recovery. While its advance was far from smooth, IOTA managed to reclaim the $0.70 level and mitigate its losses for the day. The coin finished the session at $0.717, only slightly down from its opening level of $0.720.

IOTA’s performance has been rather mixed on Friday. The digital currency had a positive start, as it managed to rise to an intraday high of $0.738 in the early hours of the session. After failing to break through the $0.74 barrier, however, the coin experienced a significant pull-back that eventually led to another drop below the $0.70. At the time of writing the IOTA price was hovering around that level, according to data from digital currency tracker Coinmarketcap.

In today’s trading, the IOTA price stood at $0.692, as of 16:42 BST. The digital currency has lost 1.6% of its value in the past 24 hours, Coinmarketcap data shows. In currently has total market capitalisation of nearly $2 billion, which is nearly $700 million below the market cap of the ninth most valuable digital coin, Cardano (ADA).

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