Still no good news on the crypto market today. IOTA (MIOTA) and Dash have experienced major losses in the past 24 hours, the worst among the top 20 cryptos.
Much of the crypto selloff may be a result of Bitcoin. Bitcoin is currently down 6.19% in the past 24 hours, selling at just above $10,000. However, with nearly every coin down at the moment (and been down for most of the week), perhaps people just aren’t in the mood for purchasing crypto. February is a bit of a dreary month, after all – the spirits are down and so is crypto!
IOTA, especially, has had a rough week. First, the altcoin was overtaken by Dash as the 10th largest cryptocurrency. MIOTA coasted in 11th place for a while, but the coin has now been overtaken again. IOTA is now ranked as the 12th largest cryptocurrency, losing 11th to Monero (XMR). Iota’s market cap is currently $4.4 billion.
At the time of writing, IOTA is selling for $1.58. This puts the coin down 11.14% in the past 24 hours.
Based on this chart, IOTA doesn’t look like it has much chance of a recovery today.
There is some good news at least. Although IOTA has been declining pretty much since the beginning of this year, the coin is still worth more than it was when it first began. Since IOTA started last June, the coin has grown by 147%. It’s not much, but it is growing.
The issues of IOTA, however, may be further reaching than is ideal. A vulnerability in the IOTA network has been discovered, making users susceptible to replay attacks. (Replay attacks occur when valid data is erroneously repeated so that cryptocurrency is stolen from the user.)
The issue is at the very core of IOTA’s system – the Tangle network that is supposed to make transactions more efficient and scalable. But at what cost? Tangle uses one-time signatures to process transactions, which is what allows for this vulnerability. The process hasn’t been working as it is supposed to, thus causing the replay attacks. However, the attacks do rely on reusing wallet addresses, which the IOTA team does say not to do. Replay attacks are only able to occur when an address is reused – so if you don’t reuse your wallet address, you should be in the clear.
Even if rare, or avoidable, there are not many who are willing to dance so close to risk, so this vulnerability of IOTA may explain why the coin has been doing so poorly lately.
>> Lisk (LSK) suffers major losses
Dash, now ranked as the 10th largest cryptocurrency, has been steadily declining today. Its current selling price is $599.44, which puts the coin down 11.98% in the past 24 hours.
After peaking in December, with much of the rest of the crypto world, Dash has returned to the levels it was at in November. The coin looks to be continuing its decline for the day; however, it still hasn’t dropped quite as low as where it was at the beginning of February when Dash touched below $400.
>> Check out the Crypto Olympics: VeChain vs. NEM
How much longer can we expect to see crypto fall?
Featured image: Aichi8Seiran