The cryptocurrency market has been on the rise lately and IOTA (MIOTA) has been part of the surge. IOTA has gone up by around 30 per cent in the last 24 hours and is trading at USD 1.55. The token seems to be on the rise and the uptick has been of around 44 per cent since its last major fall. According to investors, the rally which started from USD 0.99 doesn’t seem to slow down and could surge even more in the coming days. The coin’s all-time high is USD 5.25.
Is MIOTA a Good Investment?
IOTA is a smart contract platform redesigning the distributed ledger technology. The platform provides a secure exchange of data and value without any fees. IOTA gained its popularity among crypto investors due to its unique use cases that incorporate blockchain and another is the internet of things. IOTA works with machines, rather than focusing on individuals undertaking transactions in the trading environment. Investors believe that IOTA is highly scalable and future-proof to handle the large volumes of data coming from close to billions of Internet of Things (IoT) devices and can handle close to a thousand transactions per second. The platform also ensures tamper-proof-data security with low resource requirements.
Why is IOTA going up?
MIOTA has been on surge lately and it doesn’t seem to stop. The coin’s trading volume has increased significantly over the past week while raising the overall circulating supply of the coin by 0.01% to over 2.78 billion. The current IOTA market cap is at 4.041B and has a volume/ market cap of 0.2305, according to CoinMarketCap. Currently, IOTA is on a bullish trajectory just like all other major cryptocurrencies. Following up on Bitcoin’s rally, the price of coins have been rising. Platforms providing smart contracts like Ethereum and many other altcoins like Solana and Cardano have been surging more than ever and this seems to reflect on MIOTA’s price too.
IOTA price prediction
IOTA’s surge can be considered a positive for all investors of the coin but it still hasn’t ‘exploded’. The coin could continue the rally and meet its previous all-time high of USD 5 in the next few years. However, this wouldn’t become possible if investors keep booking profit on the coin’s surge. Unlike IOTA, smart contract platforms like Solana and Cardano are continuously developing and thus proving more promise in the long run. However, IOTA network constant development could mean that the coin could reach USD 3 up to USD 5 by 2023. IOTA price in 2025 could amount up to USD 6.0 if the makers keep developing the platform.