IOTA Losing a Third Just a Day After Vertical Rise

The IOTA trading craze subsided, wiping out 30% of the height, for now abandoning plans of a "flippening" between IOTA and Bitcoin Cash.

The pump for IOTA turned out to be short-lasting, as the Korean rush to crypto coins could not support the levels above $5, or $8 on the Bithumb exchange. Within hours,MIOTAhad wiped out a third of its value, sinking to $3.10 and losing 10% only in the last hour. Investors believed MIOTA could not return below $1, but it may turn out this is quite possible.

Just as IOTA's rise was defying the gravity in the past two days, so now its losses are much sharper. In a day, MIOTA lost 35.9%, but for now keeps a weekly gain of 146%.

The weekly chart for IOTA starts to look quite like a short-term pump and dump. MIOTA has risen before above $1, but could not hold onto the price, as the usage for this asset is still quite small.

The IOTA rise was also cut short by all eyes getting on Bitcoin again, as the leading coin shot above $15,000 and continued climbing. The IOTA price climb was seen as another sign of crypto madness. While the project has claims to being the technology of tomorrow, its spike to higher market prices is still years ahead of the real significance of IOTA.

Where can I short$iota? This is the dumbest thing I think I’ve seen in crypto to date.pic.twitter.com/bL5VzKRHnx

The effect on IOTA came from a listing on the Coinone exchange in Korea. The asset is still rather thinly traded and this makes users believe in a future with a much higher market price.

Thoughts and prayers to those that bought IOTA above $5.00$IOTpic.twitter.com/TkcbKdx3zF

On Coinone, IOTA still trades at a premium at $3.95, but the correction has affected even the high spirits of Korean buyers. But this interest in altcoins shows that the crypto space is still open for new deals, going beyond Bitcoin.

IOTA may be getting a boost from new slots opening up on Bittrex as TIME and TKN tokens are delisted. At the same time, just exchange support is not quite enough for IOTA, as the project still has issues with wallets. The silver lining is that this time, most IOTA seems to be traded on exchanges, and the network has not shown any signs of congestion or failures.

And while IOTA promises a chance for unlimited transactions, the "tangle" data structure may still be overburdened by spam transactions, given that IOTA has zero fees.