Why IOTA Prices Are About to Hit $3
A little-known cryptocurrency is making waves on major cryptocurrency exchanges. In just two days, this cryptocurrency jumped to the fifth spot on the leaderboard of the world’s most valuable cryptocurrencies.
The IOTA (MIOTA) cryptocurrency market capitalization has topped $7.8 billion, and is now closely trailing that of Ripple.
IOTA has also surpassed the market valuation of the more popular cryptocurrencies Litecoin, Dash, and Monero. Only Bitcoin, Bitcoin Cash, and Ethereum are the only other cryptocurrencies that remain more valuable than IOTA.
This is leaving some wondering why exactly IOTA are prices rallying. Before I answer that, it’s fair that my readers first get an idea of what IOTA truly is.
What Is IOTA (MIOTA) Cryptocurrency?
IOTA is a one-of-its kind blockless technology, tweaked from Bitcoin’s blockchain concept, which allows for transactions to occur between two parties privately and anonymously, without the interference of a third party. MIOTA is its crypto-coin.
Okay, but what makes it different from the bajillion other cryptocurrencies out there?
To begin with, its next-generation technology called “Tangle” is completely blockless and doesn’t require mining. Since there are no incentives to mine, there are no fees.
Secondly, the parties interacting as described above are machines, not humans, as is the case with most other cryptocurrencies. Take, for instance, Bitcoin, which bills itself as an alternative to fiat currency that facilitates financial transactions between individuals or organizations.
IOTA, which derives its name from the Internet of Things (IoT), allows for encrypted communication and data-sharing between machines in an IoT ecosystem.
In an IOT realm, machines wirelessly connected to one another can send and receive commands to each other. For instance, you use your smartphone to control your television, kitchen appliances, home security system, car, and more—all of which can simultaneously inter-communicate as well.
Big tech companies like Alphabet Inc (or Google, as the majority recognizes it), Microsoft Corporation, Apple Inc., and Samsung Electronics Co Ltd are investing heavily in IOT technology.
And IOTA is quietly cozying up to them.
New Partnerships Spell More Upside in IOTA (MIOTA) Cryptocurrency in 2018?
IOTA is reportedly partnering with some of the industry’s big guns, most notably Microsoft, to integrate its next generation technology with IoT software. IOTA’s unique “blockless” solution will allow these companies to decentralize data-sharing between machines and double down on privacy without the burden of fees.
This is exactly why IOTA prices are shooting through the roof.
Data is a valuable input in the digital economy of today. According to IOTA co-founder and CEO David Sonstebo, it is the “new oil” of our age. (Source: “A little-known digital currency surges 70% after teaming up with firms like Microsoft,” CNBC, December 4, 2017.)
Although IOTA is still in its early phase of development and the details of these partnerships have not been fully disclosed, the news has sparked investor optimism.
The IOTA to USD price jumped more than 50% on Monday morning and the rally continued.
Chart courtesy of TradingView.com
Another major factor pushing IOTA prices up is the recent addition of MIOTA coin to “Coinone,” which is Korea’s biggest cryptocurrency exchange.
South Korea generates one of the world’s highest volumes in crypto-trades as Koreans find crypto-coins to be some of the best investment vehicles of our time. They are doling out money on these crypto tokens with both hands, and IOTA is seemingly on top of their bucket list now.
The IOTA (MIOTA) cryptocurrency, which has long traded for under a dollar, has multiplied more than two-fold in just a week. Its unique blockchain solution for the IOT industry and new partnerships with big technology companies spell an optimistic IOTA price forecast for 2018.
At the pace it is going, it won’t surprise me if it surpasses $5.00 by summer of next year.