crypto.news
The price of MIOTA, $IOTA’s native cryptocurrency, has decreased by more than 10% in the last 24 hours, making it one of the top losers of the day. Major cryptocurrencies, including bitcoin ($BTC) and ether (ETH), have also witnessed corrections.
While the global cryptocurrency markets reacted positively to the recent US debt ceiling agreement, with the price of bitcoin temporarily surging to the $28,447 price region on May 29, the euphoria has gradually died down, as evidenced by the price corrections of crypto assets in the last 24 hours.
$IOTA (MIOTA) has emerged as one of the top losers today, with its price of 0.19997, representing a decline of 9.2% in the 24-hour timeframe. MIOTA’s market capitalization of $548 million makes it the 82nd largest token on the market.
Looking at the larger picture, the current price of $IOTA’s native MIOTA token represents a 96.24% decrease from its all-time high of $5.25 during the initial coin offering (ICO) craze of 2017, according to CoinGecko.
The global cryptocurrency market capitalization is $1.18 trillion at press time, representing a 1.8% decline in the last 24 hours.
While analysts are of the opinion that the current United States debt crisis may trigger a massive increase in the price of $BTC, the flagship crypto asset is currently struggling to surpass the $27,107 price region, and it remains unclear when the bulls will finally return.
Despite its significant price slump, the $IOTA project, designed to facilitate the Internet of Things use cases, has recently attracted its fair share of adoption.
As reported by crypto.news last January, $IOTA was chosen for the next phase of the European Blockchain Pre-Commercial Procurement exercise, which aims to explore blockchain use cases in the region.