IOTA was launched as a modified cryptocurrency, upgraded from the relative cryptocurrencies that were synonymous to the blockchain technology. IOTA desired to be the future of the Internet of Things (IoT). Initially, the blockchain had too sluggish transaction times, and the fees for transactions were pricey. The developers introduced a new distributed ledger technology based on Directed Acyclic Graph (DAG) and called it Tangle. Tangle let users choose two previous transactions at random to validate them and later connect with the current transaction. The reward for this validation is one user’s transaction being verified by various other participants on the platform. There was an increase in speed and transactions did not incur any fee later.
Current Statistics
IOTA is being traded at 0.352828 USD on April 05 at 12:04 USD. Based on the Mcap value that is trading at USD 980,695,315, the cryptocurrency is ranked as the 15th largest currency in the crypto market. There is a circulating supply of 2,779,530,283 MIOTA coins. The 24-hour price movement indicates that $23,218,952 amount of IOTA was being traded. The approximate return on Investment (ROI), as per coin market cap, is estimated to be -44.88%, which is deterioration from the initial time of investment.
Observation and Analysis
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The market capitalization value traded over USD 1000 million at the beginning of 2019. Compared to which, the whole market has been on a downtrend with its values being range bound. The market values surged up between February 18 and 24 with the trading value and price rising 17.72%. However, the recent value was its all-time high with the MCAP value crossing USD 100 million and reaching USD 1,029,098,400 and the corresponding price a high of 0.370242 on April 03 at 19:34 UTC. The current value is a deficit of 4.70% from its peak price.
Future Price Prediction
IOTA is one of the largest cryptocurrency by market cap. The coin has a potential for long term investment, according to analysts from coin switch. The Cryptocurrency is going to be on a stable growth with the price value reaching 3.214 USD in 2020, moving higher to 6.459 USD in 2022 and furthermore to 9.847 USD in 2024. This estimation is backed by the crypto ground analysis of inflation in selling price. Based on their analysis, the value per IOTA coin would be sold at 0.9023 USD at the beginning of 2020 with a 160.17% increase, and by the end of 2024, the price will skyrocket to 5.1907 USD.
Conclusion
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The current market looks suitable for traders with short term investment due to the fluctuation in prices. However, the IOTA prediction gives hope for long-term investors with high beneficial returns.
