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<p class="is-style-lead">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 (<a href="https://crypto.news/price/bitcoin/" data-type="URL" data-id="https://crypto.news/price/bitcoin/">BTC</a>) and ether (<a href="https://crypto.news/price/ethereum/" data-type="URL" data-id="https://crypto.news/price/ethereum/">ETH</a>), have also witnessed corrections.</p>



<p>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.</p>



<p><a href="https://crypto.news/iota-makes-it-to-the-final-phase-of-european-blockchain-pre-commercial-procurement/">IOTA (MIOTA)</a> 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.</p>



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<p>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.</p>



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



<figure class="wp-block-image size-full"><img decoding="async" width="1200" height="1200" src="https://crypto.news/app/uploads/2023/05/IOTA.jpeg" alt="IOTA is down by over 10% as bitcoin and altcoins struggle  - 1" class="wp-image-14163752"><figcaption class="wp-element-caption">IOTA price chart | Source: CoinGecko</figcaption></figure>



<p>While analysts are of the <a href="https://crypto.news/us-debt-crisis-may-trigger-70-surge-in-bitcoin-price-says-youtuber/">opinion</a> 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.</p>



<p>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. </p>



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<p>As <a href="https://crypto.news/eu-selects-iota-to-test-blockchain-technology/">reported</a> 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.</p>



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

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