IOTA: MIOTA/USD Technical Analysis: Will the price double before year end?

An introduction to IOTA

IOTA (Internet of Things Application) coin was first launched in late 2015 by Sergey Ivancheglo, David Sontesbo, Serguei Popov and Dominik. The most intriguing thing about IOTA coin is that it does not use blockchain. The cryptocurrency with a market cap of over $1.3 billion uses a special technology called the “tangle.” Tange adopts the idea of “Directed Acyclic Graphs.”

Now, because IOTA doesn’t run on the blockchain, miners are removed from the equation. And it gets better because there are no miners there are no fees.

Literally, IOTA is entirely free to use. The prime reason for that is that everyone plays an equal role. For example, a user initiates a transaction, and the user has to authenticate previous and random transactions by other users. The technology uses for this process is very sophisticated, and so this can be done on any device from a regular old laptop to the new iPad.

The world’s top 12th cryptocurrency has a unique cryptographic algorithm which makes it all possible. The most significant upside of IOTA is that it offers to make micro-transactions possible within seconds. Unlike Bitcoin or other Altcoins, you can make microtransactions with IOTA. The reason Bitcoin can’t do this is that of the proof of work concept, so, for example, you can’t buy a donut using Bitcoin or Etherum.

As I mentioned, earlier the transaction speed is in seconds. The truth is that no one wants to wait hours for the transaction to be processed. In simple words, the more users the IOTA network has, the faster the transactions would occur or the transactions per second would be higher.

IOTA (MIOTA) Price Today – MIOTA / USD

Name Price24H (%)
Bitcoin (BTC)
$13,382.28
2.15%
IOTA (MIOTA)
$0.275836
-1.14%

IOTA Price analysis for late 2018

Cryptocurrencies are very volatile, and almost all of them have fluctuated since inception. If you are thinking of investing any of your hard-earned money into the IOTA coin, then you first have to understand the external and internal factors that have the potential to have an impact (negative and positive) on the platform.

The technology behind IOTA is relatively new, and IOTA might be a proof of concept for the tangle, however, because it isn’t very old and is in its early stages it isn’t as reliable as the blockchain technology. The good news is that IOTA has already partnered with some very big businesses including the Samsung group of companies, Volkswagen and even Bosch.

If the firm partners with more big businesses we can expect a steady rise in the price of IOTA coin. At the moment IOTA doesn’t have a lot of competitions. However, the platform will still have to compete with cryptocurrencies like Etherum. If another cryptocurrency adapts the technology behind IOTA in a more efficient and smart way, then IOTA’s price might drop sharply.

The things IOTA could be used for is just another factor which can have a positive or negative impact on the cryptocurrency’s price.  At the moment there are already dozens of practical, real-world uses for IOTA. The last but not the least is the availability, and the more exchanges list IOTA on their platform, the more chances of it being successful simply because it will be more convenient to buy the tokens.

Although currently due to the bearish crypto market IOTA is priced somewhere in between 0.49 cents and 0.51 cents. The all-time high of IOTA was a little over $5.20. A lot of investors and crypto-experts are positive about IOTA given that the tangle doesn’t face any significant issues in the coming future. Experts seem to think that IOTA can go up to $1 by year end if the price of Bitcoin rises.

 

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.