After the drops in the value of cryptocurrencies like Bitcoin and Ether, IOTA, a cryptocurrency designed for the Internet of Things (IoT) declined over 26%.
IOTA suffers the most, every time the digital currency markets are down. The currency after facing a 26.86% drop within 24 hours currently stands at $0.205769. IOTA’s value decreased most significantly of the top 10 cryptocurrencies. The only three virtual currencies that went down by more than 20% are IOTA, Ripple, and NEM.
IOTA was the only currency that suffered the most during the June 15 cryptocurrency bloodbath by going down to 36.5% from the top 25 currencies.
IOTA experienced another severe hit on June 26 when it dropped by 20.16 points. Despite all the currencies going down on July 1, IOTA was the only one that performed strongest in the market from the top 10 currencies.
The Tangle ledger was designed to settle transactions with no fees. This ledger is utilized by IOTA that allows the devices to trade exact amounts of resources on demand. Since the ledger verifies the data stored from sensors, it offers high security.