IOTA is down by over 10% as bitcoin and altcoins struggle 

The price of MIOTA, IOTA’s native cryptocurrency, has decreased by more than 10% in the last 24 hours, making it one of the top losers of the day. Major cryptocurrencies, including bitcoin (BTC) and ether (ETH), have also witnessed corrections.

While the global cryptocurrency markets reacted positively to the recent US debt ceiling agreement, with the price of bitcoin temporarily surging to the $28,447 price region on May 29, the euphoria has gradually died down, as evidenced by the price corrections of crypto assets in the last 24 hours.

IOTA (MIOTA) has emerged as one of the top losers today, with its price of 0.19997, representing a decline of 9.2% in the 24-hour timeframe. MIOTA’s market capitalization of $548 million makes it the 82nd largest token on the market.

Looking at the larger picture, the current price of IOTA’s native MIOTA token represents a 96.24% decrease from its all-time high of $5.25 during the initial coin offering (ICO) craze of 2017, according to CoinGecko.

The global cryptocurrency market capitalization is $1.18 trillion at press time, representing a 1.8% decline in the last 24 hours. 

While analysts are of the opinion that the current United States debt crisis may trigger a massive increase in the price of BTC, the flagship crypto asset is currently struggling to surpass the $27,107 price region, and it remains unclear when the bulls will finally return.

Despite its significant price slump, the IOTA project, designed to facilitate the Internet of Things use cases, has recently attracted its fair share of adoption. 

As reported by crypto.news last January, IOTA was chosen for the next phase of the European Blockchain Pre-Commercial Procurement exercise, which aims to explore blockchain use cases in the region.