The IOTA cryptocurrency has been making a recovery after falling to a low in the middle of August. The coin, which powers a system that works with the so-called Internet of Things (IoT) has had a pretty poor year so far. It has fallen when the market has risen, but investors will be hoping that it can make a comeback.
The news that the Walt.id platform had set up a wallet infrastructure for the IOTA decentralized ledger will have, potentially, given IOTA an opportunity to grow.
There was some bad news on August 30, when the Binance (BNB) crypto exchange announced that it would be delisting the coin. Despite this news, IOTA actually rose slightly during the day.
IOTA did not immediately respond to a request for comment.
But what is IOTA (MIOTA)? How does IOTA work? Let’s see what we can find out, and also take a look at some of the IOTA price predictions that were being made as of August 31 2023.
Let’s examine some of the IOTA price predictions being made on August 31 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a fairly optimistic short-term IOTA price prediction. The site said the coin would reach $0.1693 by September 5 and hit $0.2298 on September 30. CoinCodex’s technical analysis was neutral, with 15 indicators a piece sending bullish and bearish signals.
Moving on, DigitalCoinPrice said IOTA would trade at $0.53 in 2025. PricePrediction.net said it would be worth $0.40 that year. CaptainAltCoin’s IOTA price forecast said it would stand at $0.5409 in two years time.
Looking at a more long-term IOTA price prediction, PricePrediction.net said it would trade at $2.62 in 2030. CaptainAltCoin said it would be worth $1.35 and DigitalCoinPrice’s MIOTA price prediction said it would hit $1.62 at the start of the next decade.
Now, let’s examine some of the highlights and lowlights of the IOTA price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a IOTA price prediction.
IOTA hit the open market in the middle of 2017 and, on June 15 that year, it was worth $0.3637. At the end of the year, the crypto market entered a bubble and MIOTA reached an all-time high of $5.69.
The bubble burst pretty early on in 2018 and the market entered a so-caled crypto winter. As a result, IOTA spent much of the next three years hovering around the $0.20 mark.
The winter turned into a spring in early 2021 when the crypto market flourished and IOTA broke past $1 in February before climbing past $2 in April. There was a downturn in May and the coin ended up closing the year at $1.32.
2022 was, on the other hand, a very bad year for crypto. IOTA struggled as the market fell following the collapse of the Terra (LUNA) crypto and the bankruptcy of the FTX (FTT) exchange. The coin closed the year at $0.1688, representing a 12-month loss of more than 85%.
So far, 2023 has been a better year for crypto overall, but IOTA has underperformed. While the coin started well, reaching over $0.25 in late February, the coin soon went downhill. The United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges in June, which dashed hopes of a return to form. On June 10, Crypto.com (CRO) announced it was suspending its American institutional operations, and IOTA fell to $0.1388.
IOTA managed to fight back. When the market surged following a court’s ruling that Ripple’s XRP cryptocurrency was not a security if it was being sold on exchanges, IOTA reached $0.1966 on July 17. There was another downturn, though. On August 17, the market crashed again after Elon Musk’s SpaceX offloaded millions of dollars worth of Bitcoin (BTC) and US government bond yields rose. On this day, IOTA dropped to $0.1364. After that, there was something of a recovery and, on August 31 2023 it was worth $0.157.
At that time, there were 2,779,530,283 in circulation, representing the total supply. This gave the coin a market cap of $436.5 million, making it the 75th-largest crypto by that metric.
IOTA has been on an upturn after reaching a low in the middle of August. Since it fell on August 17, it has risen by around 15%. The coin is up by about the same amount since its June low. However, the token has fallen more than 35% from its yearly high in February and is down by about 7% since January 1.
It is difficult to tell. While there is the theory that you should buy during a dip, we don’t know exactly when IOTA’s dip will end, nor what level it will reach in the future.
One might also reasonably expect that Binance delisting IOTA might have a negative impact on the coin’s price going forward.
Keep in mind, too, that the coin has underperformed against the overall crypto market in 2023 so far.
You should also note that IOTA is one of many cryptos whose all-time high came nearly six years ago, during the bubble of late 2017 and early 2018.
On the other hand, IOTA does seem to perform a pretty useful function and, perhaps more importantly, does something other crypto platforms don’t really do. It is one of the largest, if not the largest, crypto operating in the Internet of Things space, which gives it a prominence investors may welcome.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in MIOTA.
No one can really tell right now. While the IOTA crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in IOTA, you will have to do your own research, not only on MIOTA, but on other coins and tokens such as Ethereum (ETH) or Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Computer developers David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Serguei Popov founded the IOTA platform in 2014. The system went live the following year and its eponymous coin hit the open market in 2017.
IOTA was designed to work with the Internet of Things. This term covers devices such as smart fridges, heating systems or voice controlled digital assistants, like Amazon’s Alexa or Google Home, that are on the internet but are not computers of any kind. IOTA aims to be the platform that carries out transactions between Internet of Things devices.
At the time of IOTA’s launch, Sønstebø said : “IOTA should not be considered an alternative coin (altcoin) to existing cryptocurrencies such as Bitcoin, rather it is an extension of the growing Blockchain ecosystem. It’s meant to work in synergy with these other platforms to form cohesion and symbiotic relationships. IOTA is designed to provide one solution that no other crypto does: efficient, secure, lightweight, real time micro-transactions without fees.”
What makes IOTA different is that it is not really based on a blockchain. Instead, it is a distributed ledger, similar to, but not the same thing as a blockchain.
Blockchains are made up of blocks of data, but distributed ledgers do not have to use blocks. They just have to have data spread across a group of computer users, or nodes. Another difference is that all the data in a blockchain has to be in a particular order, while a non-blockchain distributed ledger does not need to have data in sequence.
IOTA’s ledger is called The Tangle. If you were to draw a diagram of it, it would, appropriately, look like a tangle of lines. While blockchains are a kind of distributed ledger, not all distributed ledgers are blockchains.
The IOTA coin powers the ledger and allows IoT devices to, in effect, make transactions. Two previous transactions from another computer, or node, on the network, are used to process a transaction, while a comparatively simple mathematical puzzle is used to help validate it. This means, at least in theory, that there are no fees for transactions on the system and very small microtransactions can take place.
IOTA is usually traded in mega-IOTAs, or MIOTA, which comprise 1,000 IOTA coins. The price of IOTA is measured in terms of MIOTA, which is why MIOTA is IOTA’s ticker handle.
On August 31 2023, there were 2,779,530,283 in circulation, representing the total supply.
It might do, but not for a little while. PricePrediction.net said it would break past the dollar in 2028, while DigitalCoinPrice said it would happen in 2029. CaptainAltCoin, meanwhile, said it would reach that target by 2030.
Keep in mind that IOTA has not traded at more than a dollar since January 2022.
IOTA pays for transactions on the IOTA blockchain. People can also buy, sell, and trade it on exchanges.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.