The cryptocurrency market is bleeding red on Wednesday morning, however, there is a spot of green colour on the charts among the top twenty cryptocurrencies by market capitalization. The coin is IOTA (MIOTA) which is up 1.58% in a highly bearish market. An investor looking at the charts today will most definitely have a saddened heart. For some coins, it could be a normal downside correction, and the digital assets will pick up the pace in no time. On the other hand, some cryptocurrencies like Ethereum Classic (ETC) is down over 11% in the last 24 hours.
A look at CoinMarketCap shows a drop in the total market capitalization of the entire digital asset market from $435 billion at the close of trading on Tuesday 8 to $418 billion at the time of writing. On the other hand, the Global trading volume has remained slightly unchanged. For instance, the total volume traded yesterday was $23.8 Billion while it stands at $23.3 at the moment. Bitcoin dominance has gone up slightly from 35.9% recorded on Tuesday to 36.9%. Ethereum follows with a market share of 17.20% while Ripple closes the top three coins at 7.24%. After the top ten cryptos, the rest of the digital assets took up 25.29% of the total market share.
Top Ten Cryptocurrencies Roundup
The majority of the cryptocurrencies in the top ten bracket are showing major declines on the charts. Stellar (XLM) is leading among the biggest losers with a 9.9% drop followed closely by Cardano (ADA) with downside correction of 9.29%. Bitcoin Cash (BCH) is also recording a 9.25% drop while Ripple (XRP) and Litecoin (LTC) are down over 7% in the last 24 hours. Moreover, Tron (TRX) is down over 5%, although it is still hanging on to $0.080. The rest of the cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and EOS are recording a price drop of between 3% – 5%. On the contrary, IOTA (MIOTA) is defying the generally bearish market trend to record a significant gain of 1.58% while trading at $2.31.
IOTA Partners With the Global Multinational Schindler Group
IOTA is booming with good news, first, it has hired Michael Niles to be the new Board of Director while it has entered into an alliance with the above mentioned Schindler Group. Furthermore, Andrew Greve, a PhD student in Political Science at Rutgers University is joining the team in the position of an Online Community Liaison (OCL). Andrew is excited to be joining IOTA, he said in a comment:
“Just as IOTA is on the cutting edge of technology, the IOTA Foundation and community are similarly on a cutting social edge. I believe that the open nature of the IOTA ecosystem and community push the redefinition of the relationship between organization and community to new levels.” He added, “As such, I am honored serve as the first steward of the Online Community Liaison role at the IOTA Foundation.”
Micheal Niles is reported to be “an advocate and an early adopter of the Industrial Internet who has been on the learning curve of deploying smart, connected and data-driven capabilities”.
The Schindler Group is a multinational that deals with the production of escalators, elevators as well as moving walkways all around the globe. The company was founded in Switzerland in 1874 and currently has operations in more than 140 countries. It employs over 58,000 staff while most of the production takes place in China, Brazil, Spain, Switzerland as well the United States and India.
IOTA Price Snapshot
IOTA (MIOTA)IOTA (MIOTA) price is currently trading at $2.33, at the same time, there is a progressing upside correction on the 15’ time frame chart. MIOTA/USD rejected the supported at $2.4 in the Asian trading hours but was supported at $2.25. On the upside, the bulls are eyeing $2.4, but they must break above the resistance at $2.35 before retracing higher. The MACD on the same chart is moving upwards but still in the negative territory. If the immediate support at $2.25 fails to hold the price, IOTA will find another support at $2.15.