MIOTA falls down
The morning of December 7 was shocking for many crypto-enthusiasts. Despite the fact that the total capitalization of the market was fixed at around $ 400 billion, all currencies from the top 10 list (with the exception of Bitcoin) lost from 1.5 to 32% of the value. The leader in the list of losses can be called the MIOTA. December 6, the value of this crypto-currency at the peak was $ 5.5 with a capitalization of more than $ 15 billion (Ripple outscored and ranked 4th in the top 10 list).
These were just amazing results, because even on December 3, the cost of 1 IOTA token was $ 1.4 (capitalization $ 4 billion).
Analyzing the IOTA exchange rate charts for the last week, one can see something resembling Elliott waves: the 1st wave is from $ 1.4 to $ 2.9, the 2nd from $ 2.9 to $ 2.5, the third from $ 2.5 to $ 4.84, the 4th from $ 4.84 to $ 4.18, and the fifth from 4.18 to $ 5.5. At the moment the rate is $ 3.3.
It's in a good position though, the partnerships being announced give it longevity and with the entire crypto market pulling back a bit it makes sense IOTA did too. Plus it's still way up so if this is where it "corrected" to it seems like there's going to be more upward momentum.
Disclaimer: Not an investment expert, and I bought some IOTA last week so I'm excited! :)
This situation on the market has happened repeatedly and its should stabilize soon. Also, the growth of some cryptos from the top 40 list is noticeable. 17 crypts from the top 40 list (including bitcoin) increased in value from 1.1 to 76%. While the rest of the cryptic currencies from the same list lost in value from 0.1 to 32%.
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