The crypto market is rising from the ashes. Its winter season is soon concluding. With the Spot Bitcoin ETF on the table, experts and enthusiasts alike are predicting the market will accelerate its bullish run in the first half of January 2024. These are speculations, and IOTA is one token being looked at for investment purposes. Its security aspects are yet to be fully tested, but the token and the network hosting the token are gaining an edge with their features.
IOTA, for example, has been identified as a network that allows customers to perform transactions for free. The community is particularly impressed since it is highly scalable and faster at processing transactions, thanks to the design that eliminates the critical aspect.
IOTA, the token, is currently trading at $0.2363, an increase of 0.36% in the last 24 hours. It further reflects the rise of 31.10% in the last 7 days.
Interestingly, the feat of IOTA has come months after it was constantly registering negative momentum. That was in August, to be more specific, but the token has not looked back ever since. IOTA coin price prediction now estimates that the token could end the current year at $0.39. Assuming it keeps up with the ongoing trend, the token will potentially hit the milestone of $0.54 in 2025.
Simply, investments in IOTA are likely to yield returns in the long term. Meanwhile, the community is working to solve the accessibility issue. Many users claim it is not available on all exchange platforms. As a result, they are limiting the number of ways or platforms via which they can purchase, trade, and sell IOTA.
The current rise of IOTA is largely due to the prevailing factors:-
- Support for microtransactions
- No transaction fees
- Higher speed of executing transactions
- Future prospects
IOTA has also reached a 10-month high with the launch of the new $100 million IOTA Foundation. Its Chairman and Co-Founder, Dominik Schiener, confirmed that the launch is related to the development in Abu Dhabi. The objective behind launching a $100 million entity in the region is to accelerate the growth of DLT, which is Distributed Ledger Technology.
IOTA tokens worth $100 million will fund the investment. The company will vest these funds over a period of four years.
The market cap of IOTA at the beginning of the week was ~$524 million. It has kicked up to ~$714 million despite a fall in the 24-hour volume. Funds fueled in the ecosystem will help the Foundation support its operations and growth. Its functions will enable the tokenization of real-world assets into digital assets.
Hamad Sayah Al Mazrouei, the Chief Executive at ADGM, has welcomed the venture, emphasizing that they are looking to position themselves as the leading jurisdiction for the blockchain industry across the world.
Considering the development in Abu Dhabi, it is safe to assume that IOTA indeed has a future. Short-term investments could land disappointments, while long-term investments could prove to be risky. It is recommended to consult a financial expert before diverting funds to IOTA or expanding one’s portfolio with accumulated IOTA tokens.
Moving forward, the goal is to wait and watch how it ends in December 2023. The SEC will then provide an update on all of the Spot Bitcoin ETF applications scheduled for approval. IOTA being brought up following SEC approvals will cause a ripple effect, ideally yielding the intended results for the community.