IOTA (MIOTA) has been one of the worst performing cryptocurrencies in Q3 as the price dropped further below the $1 mark and is currently trading at $0.570048 USD. IOTA’s price has dropped 90% since its all-time high earlier in the year and the recent struggles on IOTA also have played a part in compounding the doubt on investors’ minds on HODLing the coin.
The market is currently on a slight recovery as we head into Q4, a time that cryptocurrency experts and analysts predict a strong bullish momentum. IOTA has been part of the recovery but has generally had a slower rise compared to its peers in the top 20 coins by market capitalization.
IOTA’s price analysis in 2018
Iota (MIOTA) reached its peak price in late December at $5.43 USD across major cryptocurrency exchanges in the world. Since then, the coin has seen its price decline gradually as it opened the year 41% lower than its ATH at $3.61 USD.
In each of the quarters so far this year, IOTA has suffered in one way or the other as positives get outdone by the negatives. We analyze the year so far in the IOTA community and some of the key happenings in the last 3 quarters of 2018.
Q1 2018: Iota market trades volumes drop by 90%
The market has rather suffered across the board since the early days of January and IOTA has been no different. The price of one token of the internet of things cryptocurrency pushed from a high of $3.61 USD to $1.1 USD during the months of January through the end of March. This represented over 70% drop in the value of IOTA. However, it’s the drop in daily volume traded in IOTA that captured the headlines as the value traded in IOTA dropped from $300 million USD traded daily to around a tenth of that at $31 million USD daily on March 31st 2018. (See the chart below)
Q2 2018: Iota keeps above the $1.50 USD mark for two months
As daily volumes reduced and the market bearish mark became more severe, IOTA struggled to reach its astronomical highs witnessed at the start of the year. The price opened at a low of $1.15 USD on April 1st as partnership announcements were made at the end of Q1 2018. It took the first two weeks of Q2 for the coin to break the $1.50 USD mark as seen on the chart below. This came at a time the Volkswagen partnership and Audi partnerships were announced by the IOTA blockchain development team.
The strong run seen in mid Q2 was highlighted by the strong momentum in late May that saw the coin increase to above $2.60 USD. However the run was halted in the second week of July as the prices dropped sharply below the dollar mark to $0.96 USD on July 31st 2018.
Q3 2018: The capitulation of IOTA’s price to $0.5 USD
We reported the recent fallout amongst board members of the IOTA Foundation which caused a massive selloff of the token. During a time the cryptocurrency market was at its worst point of the year in August, IOTA’s problems were compounded by the leaked emails showing disagreement between the founders of IOTA and the board members of the Foundation.
The third quarter of the year started off well as the price steadily increased in value from $0.96 USD on July 1st 2018 to $1.15 at the start of August. Here on, the email leaked and the price fell to $0.42 USD in the course of 2 weeks as investors were filled with doubt. It has generally been a slow climb of IOTA since then.
We wait for Q4 miracles on the IOTA token to revive its mojo as many crypto analysts and experts predict a possible $3 USD by the end of 2018 with the introduction of the Qubic project.