At the recent Project ALFRIED event, IOTA, a form of Distributed Ledger Technology (DLT), demonstrated impressive results. Recognized for its potential in driving Internet of Things (IoT) solutions for businesses, several ALFRIED partners exhibited their integration of IOTA into their developments, particularly focusing on the advancement of autonomous vehicles. This article is all about the IOTA News and how high will IOTA price go. Let’s take a look at this in more detail.
What is IOTA?
IOTA stands out in the distributed ledger landscape due to a key distinction: it doesn’t use a traditional blockchain structure. Its unique technology, named Tangle, comprises a network of nodes that validate transactions. The organization behind this platform asserts that this approach allows for much faster transaction speeds compared to standard blockchains, making it highly suitable for the rapidly growing Internet of Things ecosystem.
IOTA News: How has the MIOTA Price moved in recent months?
Today, the price of IOTA is $0.18, with a trading volume of $13.93 million in the last 24 hours. It has a market value of $545.74 million and makes up 0.04% of the cryptocurrency market. In the past day, its value went down slightly by 0.19%.
IOTA’s highest ever price was $5.54 on December 6, 2017. Its lowest price was $0.077481 on March 13, 2020. Since its lowest point, the highest price it reached was $2.68. Currently, people are neutral about where its price will go next, and the market is showing signs of greed.
There are 3.02 billion MIOTA in circulation right now, out of a total possible 4.60 billion. This year, the number of MIOTA increased by 8.62%, adding 239.46 million new MIOTA. In the ranking of cryptocurrencies based on their technology and usage (Layer 1 sector), IOTA is in the 42nd position.
MIOTA, the native cryptocurrency of IOTA, has not yet established itself among the top investment-worthy currencies. The IOTA digital currency is struggling to attract investor interest, as the market remains skeptical about its underlying potential. Currently, IOTA is trading at a significantly low price of $0.18 and is experiencing a downturn in its value. This raises the question: Is IOTA losing its relevance?
IOTA News: Will MIOTA Prices go UP?
Analyzing the performance of IOTA reveals a mix of positive and negative trends. Its ability to trade above the 200-day simple moving average signals a bullish trend, indicating a stable or increasing price over a longer period. This is further supported by the fact that it had 20 green days in the last 30 days, amounting to a significant 67% of the time.
However, the currency has experienced a decline over the past year, falling by 15%. Despite this downturn, it has still managed to outperform 83% of the top 100 crypto assets over the same period, although it lags behind major players like Bitcoin and Ethereum. A stark contrast is its value being down 97% from its all-time high, which paints a picture of a significant drop from its peak performance.
The cryptocurrency exhibits medium liquidity relative to its market cap, which is a positive aspect for potential investors as it indicates a moderate level of ease in buying and selling the asset.
However, the yearly inflation rate of 8.62% suggests a relatively high rate of new currency creation, which could potentially dilute its value over time. Overall, this indicates a cryptocurrency with a mix of strength and volatility, experiencing both growth and significant downturns within a complex market environment.
IOTA News and How High Will MIOTA Price Go?
The price trajectory of IOTA over the years, specifically on November 26th from 2017 to 2023, reveals a volatile journey with significant fluctuations. As of November 26, 2023, IOTA is valued at $0.180769, a notable decline from its previous years. Comparing year-on-year, the price on November 26, 2022, was $0.211912, indicating a 14.70% decrease over the year.
This downward trend is even more pronounced when looking back to November 26, 2021, where the price stood at $1.586865, reflecting a substantial decrease of 88.61%. This represents the highest value in the observed period and marks a stark contrast to its current valuation.
The year 2020 saw the price at $0.355079 on this date, which is almost double the current price, showing a 49.09% decline over three years. In 2019, the value was quite similar to that of 2022, at $0.209530, indicating a marginal change over three years.
The year 2018 presents a price of $0.287243, which is higher than in subsequent years, marking a 37.07% decrease to the current price. Finally, looking back to 2017, the price was significantly higher at $0.809692, showing a dramatic 77.67% reduction over six years.
This historical analysis of IOTA’s price on November 26th across different years suggests a trend of high volatility and an overall downward trajectory in its value, highlighting the challenges and uncertainties inherent in the cryptocurrency market.
Is IOTA a good buy?
In the past month, IOTA experienced 20 out of 30 days (67%) with positive growth. Based on our historical analysis, investing in IOTA appears to be profitable at the moment. However, it’s important to note that IOTA’s price has fallen by 14.99% over the past year. Looking at a longer time frame, the coin has declined by 41.77% over the last three years.
According to various technical and quantitative measures, the outlook for IOTA in 2023 is currently neutral. This suggests that IOTA might be a worthwhile purchase in 2023. However, it’s essential to take into account both technical aspects, such as its price history, and fundamental aspects, including on-chain activities and developmental progress, before deciding whether to invest in IOTA.
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