IOTA- Internet of Things Applications is a crypto technology that enables transactions between devices on the internet of things (IoT). Verification of previous transactions lets you perform the current transaction. This type of verification is known as a Directed Acyclic Graph (DAG). Its quantum-proof protocol reportedly brings benefits like ‘zero fees, infinite scalability, fast transactions, and secure data transfer.’ The IOTA Tangle is a Directed Acyclic Graph which grows in conjunction with activity in the network; i.e., the more activity, the faster the network. There is no fees on transactions and no fixed limit on a number of transactions either.
According to Coinmarketcap, IOTA is the 14th largest cryptocurrency in the market. The mcap value of IOTA as on 20 March at 13:24 UTC is $822,882,818 USD for the corresponding 24h volume of $10,477,496 which is relatively lower by 6.27% from its value on February 20 at 18:34 of $874,437,826 USD. The digital currency started this year with the MCap value in its peak around 1000 million USD. However, the market was slow and had sharp falls before it began to enhance. The values faced a setback between January 10 and February 07, with the lowest on February 06 with a percentage difference of 22.09% from the current value. The market started going uptrend after and reached its all-time high of USD 902,750,821 on 24 February at 07:34 UTC. The current value is 9.71% lesser than its peak value. The 14-day moving average also shows an uptrend in the market. The values rose from $782,007,638 to its current value by 5.23% driving the cryptocurrency into the bullish market.
And Stats from Coinmarketcap show that the current prices of USD and BTC are $0.296051 and 0.00007310 respectively on March 20 at 13:24 UTC. The price of USD has been on a major swing but similar to the market cap value of IOTA, the price of BTC has been majorly on a downtrend. Bitcoin’s price dipped fiercely on March 07 with the value of 0.00006932 which is 5.45% lower than the current value. The price of BTC started at its all-time high with the value of 0.00010002 at the beginning of January. The price of USD with its major swings reached its lowest on February 06 with a value of $0.242489. Before reaching its peak price of $0.324785, the USD’s price saw major fluctuations. However, the currency reached its milestone, when the price of USD reached its highest. The values bounced from $0.274899 on February 18 to $0.324785 on February 24, which is an 18.15% increase in 06 days.
The 20-day EMA also exhibits an uptrend of the digital currency, when the values rose from $789,907,102 on February 28 to the present-day value with a 4.17% increase. The negligible percentage differences for both the averages are not in support of the market’s uptrend, the bearish pressure acts upon, pointing the market balance in favor of the sellers. This means both the long term investment and the short term investments will have to be put on hold. The traders will have to explore the market and observe the trend until there is a stable and significant increase. Investing in this cryptocurrency once there is a stable growth will work advantageously to the investors and the cryptocurrency.