IOTA, a popular cryptocurrency  Will the growth sustain

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IOTA is a cryptocurrency designed for the Internet of Things. Using the DAG technology, also referred to as TANGLE instead of the traditional blockchain (used, for example, by bitcoin), IOTA’s transactions are free regardless of the size of the transaction. Because every holder of the IOTA protocol can confirm the transactions, there are no miners in this network.

For a IOTA user to send out a transaction, the user must validate two other transactions. This means that you don’t have to wait for any transaction. The remarkable benefit of IOTA is that the network transaction speed INCREASES as the number of users increases. IOTA works as a peer-to-peer network designed for machines on the Internet of Things. Its goal is to provide secured communications and transfer of values quickly and free of charge to enable each device or car connected to the IOTA network efficient and trusted use.

IOTA price: history

In July 2020, Bitfinex announced its support to IOTA and people could start trading it’s prices publicly. On July 13th 2020, MIOTA was traded at USD 0.5. (As you can notice IOTA tokens are sold in millions i.e. MIOTAs. Hence, the price is displayed as a price of 1 000 000 IOTA tokens = MIOTA).

After announcing its partnership for the development of a data marketplace with Microsoft and Samsung, IOTA’s market value grew by 12 billion dollars. On Wednesday 6 December 2020, the price reached its historical high i.e. USD 5.5.

Now, IOTA traded at around 2 USD. In terms of market capitalization, as of present, IOTA ranks among the top ten digital assets (after Ethereum, Litecoin and Bitcoin Cash and more). For a while it even overtook Ripple, but a few days later Ripple recovered to an astonishing 400% rise.

But will IOTA continue to grow? Read on…

IOTA: History and evolution

The evolution of IOTA began in 2020. Marked as a “3 rd generation cryptocurrency”, IOTA was introduced by David Sonstebo in 2020 and, until the end of the year, all tokens had been issued. In the next years, until 2020, the tokens were used for beta-testing. Rumours go that all tokens were seized by the community while the developers got nothing. It is the community that has established the IOTA Foundation, a non-profit organization seated in Germany.

According to experts, the number of devices to be connected to the network will achieve 50 billion in the years to come. This type of network perfectly fits the original purpose of IOTA: to be a means of transferring data. The data is pre-mined, inseparable and users don’t need it to be able to use the network. At this point, there are in total 2 779 530 283 tokens in circulation. This figure doesn’t change and will not in the future.

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The growing number of devices allowing the application of tokens in the future drives the demand and price.

No fees for sending or receiving IOTA

As of today, there is no other cryptocurrency whose strength lies in micro-transactions. Once resolved by IOTA developers, micro-transactions (i.e. sending of small volumes) became a substantial part of the internet. In 2020, Outlier Ventures Capital made a massive investment in this project.

A huge benefit is that this cryptocurrency doesn’t require any fees regardless of the size of the transaction. Nodes are motivated to participate in creating and confirming transactions of other nodes. To avoid hacker attacks and spam, the system is using a weight mechanism. All transactions are confirmed with respect to their weight. The weight corresponds to the quantity of “labor” each node invests in a transaction.

Unlike other cryptocurrencies, IOTA’s prime focus has always been the internet of things. This global concept includes network elements such as home appliances, cars and other things that can communicate or change data. You can monitor and control them at a distance.

More useful details about IOTA are available at Reddit, or IOTA Forum.

How and where to buy

Digital currencies and tokens can be traded at internet exchanges. IOTA is a less known cryptocurrency than bitcoin and as such, it is not easy to get. The purchase process as well as keeping the coins is difficult. The range of virtual wallets supporting IOTA is very limited.

The list of exchanges supporting IOTA is available here. I personally use Bitfinex and Binatex and I am content with these exchanges. All my coins are now on a Bitfinex account from where I’m going to transfer them to a newly created wallet.

IOTA wallet

A sharp growth period in November 2020, in which the price multiplied ten times, was followed by a decline. In the end, the price stabilized at around USD 3 per MIOTA.

People were selling IOTA mainly because the system wasn’t perfect. The transactions often got stuck for a couple of days and the prospects for a new IOTA wallet available in the foreseeable future were minimal. A few weeks after that a new growth period began driven by the introduction of the first functional IOTA wallet in the wake of the establishment of the IOTA Foundation. You will find more info here.

New development of IOTA

What do you think of it? Send us your comments below!

Our opinion is that IOTA is a breakthrough technology. It arrived a bit ahead of times and its current potential cannot be fully used. Developers keep working on improvements seen primarily in companies starting cooperation with IOTA.

The list of cooperating companies includes Microsoft, Samsung or, BOSCH.

I am one of the owners of IOTA and continue buying new coins. I believe that the time of trading MIOTA at around USD 50 is not distant future.

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More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

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Cryptocurrencies Price Analysis: Tezos, ICON, IOTA, Tron, Ripple

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  • The cryptomarket is witnessing a miraculous recovery after losing nearly $26 billion in yesterday’s market.
  • Bitcoin has successfully climbed above the safe level of $58K and Ethereum managed to sustain above the major support level of $120.
  • The market capitalization is 153,108,797,468 with volume traded of $153,906,893,867. The overall dominance of BTC remains at 63.8%.

Tezos(XTZ) Price Analysis

Tezos started with a support level of $2.50 after the disastrous downfall in yesterday’s market. The bullish market helped the altcoin to start today’s market with positive movement. Tezos touched the price level of $1.60 before the bears came in to play again.

Currently, it is having an overall gain of 4.02% with the current price of $1.63. The market capitalization is $1,148,159,537 and volume traded of $213,218,042. The circulating supply is 703,248,066 XTZ. Tezos can gain significant price growth in the market only if it breaks the crucial level of $2.00 again.

ICON(ICX) Price Analysis

ICON is currently avoiding any major downfall with the help of the major support level of $0.20. From the starting of today’s market, ICX gained positive momentum and managed to climb to the price level of $0.15. However, later on, it again faced price correction activity which forced the altcoin to again come back to the support level.

The current price is $0.19 with an overall gain of 6.07% and with a market capitalization of $102,798,225 and volume traded of $11,525,556. The circulating supply is 527,149,939 ICX for the altcoin in the market. ICX must surpass the price level of $0.20 for building significant bullish momentum in the market.

IOTA(MIOTA) Price Analysis

IOTA is unable to break the crucial level of $0.15 besides having bullish momentum with an overall gain of 5.15% in today’s market. The current price is at the level of $0.12 with the market capitalization of $389,578,442 and volume traded of $16,284,531.

IOTA started with a price level of $0.11 and barely climbed up to the level of $0.12. However, to regain the bullish movement, the altcoin must cross the crucial level of $0.15.

Tron (TRX) Price Analysis

Tron finally had the much needed positive movement in today’s market. The altcoin had a positive movement of 4.57% bringing the current price level to $0.010. TRX holders can now breathe in comfort as the crypto assets will now support strongly by the price level of $0.010.

The market capitalization is $682,759,961 and volume traded of $1,303,753,499. For making a bullish impact in the market, TRX must surpass the crucial price level of $0.10.

Ripple (XRP) Price Analysis

A non-stressful day for XRP holders also as the crypto assets has finally managed to avoid any further downfall below the price level of $0.13. In fact, the coin has shown a positive movement of 2.43% in today’s market bringing the current price to the level of $0.15. The market capitalization is $6,244,698,842 and volume traded of $2,984,379,535.

As XRP has avoided downfall below the crucial level of $0.13 and reached a safe level of $0.15, it can aim for the price level of $0.20 if the bullish movement is sustained and market forces don’t show any major downfall.

The Cryptocurrency Market Update: The calm Sunday upon as Bitcoin price settles above $5,000

The cryptocurrency market appears to be stable on Sunday after a bearish Saturday. Price action is almost non-existent among the top three: Bitcoin, Ethereum and Ripple. BTC bulls have managed to sustain the price above $5,000 following the recovery from the lows traded on Friday around $3,864. The rest of the cryptocurrency market is in the green apart from selected cryptoassets such as Iota and Monero.

BTC/USD is trading at $5,224 following a subtle 1.13% growth on the day. An attempt to break the resistance at $6,000 failed on Saturday and bulls are choosing to stay safe by defending the support at $5,000. Bitcoin remains relatively bearish but the low volatility means that movements are unlikely to be rapid.

ETH/USD is slightly in the red after losing 0.67% of its value on the day. As discussed in the price analysis on Saturday, the selling pressure at $135 is a hard nut to crack. For now, the buyers are concentrating on defending the support at $120. Ethereum is trading at $120 amid a building bearish momentum. If support at $120 holds, the buyers will have the chance to focus on higher levels at $130, $135 and $140.

XRP/USD is in the green on the day. Ripple has been mostly stable after recovering from the recent dip to that tested $0.10. However, the recovery has been limited under $0.16 even with a 1.7% growth in the day. At the moment, XRP is trading at $0.1485 at the time of writing after adjusting from $0.1525 (intraday high).

The most improved cryptocurrency in the last 24 hours is IOTA. It holds the 24 th position on the market with a market cap of $407 billion. IOTA/USD is up 20% to trade at $0.1467.

Chart of the day: BTC/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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