IOTA is a distributed ledger that is designed to record and execute transactions between devices on the Internet of Things (IoT), and it also wants to stabilize is the standard mode of transaction in the future. IOTA’s ledger system is based on Decentralized Acyclic Graph (DAG) instead of blockchain technology used by other cryptocurrencies. Use of Tangle technology enables IOTA to be infinitely scalable. Users find this digital currency more feasible because of the Zero transaction fees for transactions and exchanges taking place on the network. Its primary focus aims at solving three key problems- scalability, network speed, and transaction fees.
IOTA’s market value traded at USD 854,052,050 at 06:34 UTC for the price of 0.307265 USD or 0.00007545 BTC. It is currently the 42nd largest currency in the current market with a total circulating supply of 2,779,530,283 MIOTA coins. The current trading price sums to 0.305894 USD or 0.00007517 BTC for the Mcap value of USD 850,240,448 at 13:19 UTC for the corresponding 24h of $12,550,235. The cryptocurrency’s market opened at a high market value close to USD 1000 million- the peak price from the beginning of 2019. The volatility of the currency knocked the values down, and subsequently, the market reached its lowest of USD 683,417,411 on February 06 at 12:34 UTC. Nonetheless, the market rose from its downtrend period and reached a peak value of USD 906,782,132 and a trading price of 0.326236 USD on February 24. The trend was stable from the all-time high until March 23, where the trading value touched USD 881,213,914 and toppled reaching the current value with a percentage difference of 3.51%. The moving average exhibits an uptrend with the price increasing from 0.279347 USD to 0.307265 USD by 10% contributing to fair support resistance. However, the volatility of the market drives the coin to bearish pressure.
Mega Crypto has deduced the market price of IOTA to reach 1.13 USD by the end of 2019. There are hopes for an increase in trading price for the cryptocurrency. The future predictions from the technical analysts also state that IOTA might reach a high of $2.37 by 2020 and $4.88 by 2023. Long Forecast contemplates that IOTA’s might increase by an average of 45.38% and the value would vary between 0.52-0.60 USD by the end of 2019 and by 2020, long forecast believes that IOTA would be devalued. The forecast is way too conservative and bearish for the growing cryptocurrency. Majority of the technical analysis on an average state that the value of IOTA would surge up by 2023 touching the value of 5.627 USD. The recent analysis states that the IOTA foundation has been coordinating with the city of Taipei. This can bring about a drastic increase in the price value of the cryptocurrency.
The volatility of the currency has immense effects on the current market trend and does not back the predictions. The coin is ruled by the bears and is in favor of sellers as it does not provide any proof of consistent profit on investment in this digital currency. However, the fluctuating market can be well utilized by traders. Their short term investments will earn them profits during the uptrend period and will stabilize the currency in the future.