On Tuesday, the price of IOTA fell about 10%, although the broader cryptocurrency market recovered somewhat from the lows of the weekend.
IOTA worst among the first 25 cryptocurrencies
The cryptocurrency market has canceled the recent gains on Wednesday that brought the price of Bitcoin to reach $ 6,500. Other large-capital cryptocurrencies also record gains. However, IOTA was not one of them.
The currency started the week near the $ 1 mark but was unable to sustain the gains. IOTA fell to trade at $ 0.64 while markets continue to slide.
The IOTA has lost more than 20% of its value in the last 24 hours, making it one of the worst results among the major cryptocurrencies.
Failed major catalyst partnership behind the landfill
Perhaps the most obvious reason for the landfill was the revelation of Sirin Labs.
The creator of a smartphone blockchain called "Finney" (after using early Finnish Hal Finney) announced that he would not develop his platform on the IOTA distributed distribution of Tangle. Instead, he chose the Ethereum network.
The price of MIOTA collapsed immediately after the announcement of Sirin Labs CEO Moshe Hogeg.
This loss will most likely affect MIOTA even more in the coming days. With the closure of Ethereum Classic on the market capitalization of IOTA, MIOTA could soon abandon the top 10 of cryptocurrencies.
Undulation falls 17% when bears have full control
The price of XRP went down yesterday as it fell 17% on Wednesday. There was a sharp increase in sales pressure above $ 0.4350 in Ripple's price against the US dollar
The XRP / USD pair failed to exceed the $ 0 resistance area , 3400 and refused.
The overall cryptocurrency market recovered briefly yesterday, but XRP declined to trade at $ 0.34, reporting its lowest point since July 2017 when it was trading at $ 0.42 per currency. Over the past eight months, Ripple has lost more than 90% of its value.
The cryptocurrency continues to decline despite the multitude of positive news coming out of the community.
The recent announcement that the former US president Bill Clinton was a keynote speaker at the upcoming Ripple Swell conference did not affect the price of XRP.
Ripple also announced a partnership with singer Madonna to help raise money for her charity organization. This also did not help the price as it continued to decline.