The cryptocurrency created for the Internet of Things, IOTA, will be available to trade very soon on Bittrex, the world’s third-biggest exchange, according to several media reports.
Things have developed in a rather interesting direction for the token that has no blocks, no chain and also no miners, as of late. IOTA’s meteoric rise continued to shock the crypto community last week as the currency soared another 150 percent within 2 days to hit new highs over $5 per IOTA. Ever since the altcoin reached its all-time high, things moved in a good direction right off the bat.
Wild trading saw different prices around the world: while the price was about $5.3 on Wednesday afternoon, it fell to about $4.08 as of writing. However, the IOTA price is still up by as much as 45% off last Monday’s close, which is pretty significant.
IOTA’s enthusiasts have begun speculating for more than a month that the decentralized cryptocurrency may be soon added to Bittrex, after DevIOTA @deviota_com has confirmed in their Twitter that it will be listed in the popular cryptocurrency exchange.
— Roman Semko [DevIOTA] (@RomanSemko) ١١ نوفمبر، ٢٠١٧
The information was revealed by the user @Fevzii with these captures that shows IOTA inside the Bittrex API code:
As multiple hopeful users have pointed out, the currency in the above code is labeled “TROLL’, which is a sign that Bittrex plans to list the cryptocurrency.
Bittrex is a U.S.-registered cryptocurrency exchange, that also operates as a wallet and ranked as the third in the top-10 list, based on the trading volumes.
Bittrex’s action, if confirmed, will be the IOTA’s biggest public launch in such grand fashion. One thing to keep in mind is that despite this altcoin having the fourth-largest cryptocurrency, following after Bitcoin, Ethereum, and Bitcoin Cash respectively, IOTA is currently only listed on two major exchanges, Binance and Bitfinex.
While these two exchanges are clearly dominating the trading volume right now, they seem to have a limited pool of users, particularly from the United States. As such, if IOTA gets added to Bittrex it could open the door to new buyers from the United States, which is only to be expected, allowing the price to go through a renewed massive pump cycle, possibly out of the blue once again.
While we have seen cycles like these affect IOTA in the past, which eventually come down in price in a few days, but this time there is a lot of momentum in this market, as well as a strong trading volume to back it up, which is pretty peculiar. Speaking of the IOTA trading volume, the market has seen $170 million in volumes over the past 24 hours, implying a market cap over $11.2 billion, which is anything but significant.
However, this massive pump may eventually run out of steam eventually, as the same happened when the IOTA price reached $1 not that long ago, although the momentum reversed shortly after.
But again, listing the cryptocurrency in Bittrex, coupled with higher volume and market cap, shows it will really take a lot of money to manipulate this market in any direction.