The IOTA price (MIOTA/USD) has experienced a sharp downward correction that has put an end to its most recent rally.
The Internet-of-Things coin gained a significant boost from the recent announcement that Japanese tech giant Fujitsu was launching a Proof-of-Concept to utilise IOTA’s Tangle protocol for audit trials in the manufacturing industry. IOTA was one of the best-performing major altcoins during the first two days of the week, as its price topped the $0.60 and $0.70 levels in two consecutive sessions. Attempting to extend its winning streak, the coin mounted a strong offensive at the $0.80 mark on Wednesday, but its attempt to break above that barrier was faced with heavy resistance. After reaching a 22-day high of $0.798 in late morning trading, the IOTA price experienced a reversal that seemed to be mirroring a larger downtrend that had started to develop on the digital currency market. The coin eventually finished the day at $0.716, down from its opening level of $0.768.
The IOTA price has continued to decline in today’s trading, as the digital currency proved unable to defend the $0.70 mark in the morning session. The price has seen further losses in the afternoon, hitting an intraday high of $0.67, according to data from digital currency tracker Coinmarketcap. The cryptocurrency has managed to recoup some of its losses in more recent trading, but it is till trading well below the $0.70 level.
In today’s trading, the IOTA price stood at $0.686, as of 14:45 BST. The digital coin has lost 11.4% of its value in the past 24 hours, according to Coinmarketcap. The coin currently has a total market cap of just over $1.9 billion, which makes it the 10th-largest digital coin on the market.