IOTA Takes Huge Leap Since Monday Looks Set for Major Gains in 2018
IOTA (MIOTA) has made huge leaps over the past week making gains as high as 34.86% over the past seven days according to coinmarketcap.com. IOTA has been in the top ten listed coins on there for a while but it has mainly hovered around a price of $0.90 per coin. So what has caused the recent upturn in market trends with IOTA? According to the official IOTA Twitter account, the coin went live with a listing on the popular South Korean exchange Coinone on Monday evening which caused has caused the huge gains in IOTA over the past week.
Even with the spike in the market over the past week IOTA looks poised for even greater growth over 2018 as it doesn’t use the traditional blockchain technology that most cryptocurrencies rely on but instead uses a system called Tangle which aims to be a ‘ledger for the internet of things’ as well as being capable of moving past some of the scaling issues we’ve seen with other blockchain based cryptocurrencies. Tangle differs from blockchain by using all wallets on the network as nodes. Instead of using miners to validate transactions like a traditional cryptocurrency, Tangle requires your wallet to validate two transactions in order to have your transaction processed which means that the larger the network the more transactions can be processed.
This excites a lot of investors especially with the recent craze for forking cryptocurrencies in order to try and implement different solutions to the scaling issue. If IOTA (MIOTA) does scale as the developers claim it will then it will be a huge year for the still relatively unknown altcoin as people will be able to use it as a currency as well as a distributed ledger for the internet of things.
At the time of writing IOTA sits at a price of $1.43 which means that it is very appealing to new smaller investors who are flooding into the cryptocurrency markets. As more and more exchanges begin to support IOTA this will strengthen the network and could raise the market cap allowing it to overtake some of the more unstable currencies like Bitcoin Gold, which has been rife with wallet issues and making investors afraid to move their money. With more people moving into the market space and more people purchasing and trading IOTA the network seems to be growing stronger and stronger by the day and we will soon be able to see if the network is able to handle the load.
Over the start of 2018 a lot of publications and seasoned investors are predicting spikes over many of the cryptocurrency markets as well as people moving their profits from some of the more established coins such as Bitcoin and Ethereum into smaller more adventurous alt coins like IOTA. 2018 definitely looks bright for IOTA as the network has handled scaling very well so far and if transaction times speed up we will definitely see more and more investors moving into the coin in order to trade and even use the coin as a currency as opposed to Bitcoin which most people are hesitant to move at the current time due to the expensive network fees. As most cryptocurrencies struggle with issues like scalability, high network fees and slow transaction times, IOTA seems to promise solutions to all of these major issues with zero network fees, fast transaction times and as their website claims ‘infinite’ scalability. This definitely seems to be a coin to watch over the course of 2018 and with current prices so low will definitely be attracting more and more investors as they find out about the coin.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.