IOTA is one of the more unique cryptocurrencies currently available on the market. Founded in 2015, IOTA uses a different blockchain approach to that of Bitcoin.
Although IOTA is built on the principles of open-source Distributed Ledger Technology (DLT), its protocol features a “blockless” blockchain called Tangle. Using Directed Acyclic Graph (DAG) technology, IOTA does not employ mining or staking, as is usual with other protocols. With no miners needed, IOTA’s technology allows for fee-free transactions, with network throughput growing with every transaction.
At its launch, the IOTA team issued 2,779,530,283 MIOTA, which is the coin’s maximum supply. The price of IOTA today (Jan 29th, 2020) is $0.29557, giving the crypto market capitalization of around $825 million.
7 Days Change
The IOTA cryptocurrency is widely available for buying across major cryptocurrency exchanges and brokerage firms. There are just so many places where you can buy IOTA that the advice is to always ensure you are using a regulated exchange or broker. Because these providers comply with strict regulatory standards, they help keep your funds safe.
Global markets often react wildly to geopolitical events. And that is what happened on January 3, 2020, when U.S forces used a drone strike to kill Iranian general Qasem Soleimani.
While U.S. stock markets retreated at the prospects of a deadly confrontation between the U.S and Iran, global oil prices soared. Prices of gold and other precious metals also jumped.
A few hours after the news broke, Bitcoin bounced out of a downtrend to register close to a 5% price jump. The rest of crypto took cue and IOTA prices that had reached new lows in December 2019 began to rally. The market rebound proved a catalyst for crypto prices as IOTA gained by more than 90% in January to see its value jump rise from $0.16 to over $0.30.
IOTA’s unique technology and the potential of IoT make it an interesting coin to watch in the market. With prices already picking up, could this be the coin to buy in 2020? And how does it compare to fiat and other cryptocurrencies?
IOTA (IOTA) first traded in the market on 13 June 2017 priced at £0.64. If we look at IOTA price live charts, today’s price (Jan 29th, 2020) in GBP is £0.23. That means IOTA’s price against the British Pound has dipped significantly since the project began. However, the IOTA historical price chart shows that IOTA spiked +600% to hit £4.34 against GBP just six months after its debut on the market. Prices have not recovered to anywhere near those levels since the 2018 bear market.
What about the British Pound price? GBP/USD has traded in higher lows and lower highs since the start of 2020, with last week’s rally to 1.3175 the highest in 1 month. But GBP’s strength faces a test as the market retreats. The GBP/USD weekly price chart indicates that the Pound could rally to 1.3515. But prices around 1.2984 are possible as the pair looks to trade sideways amid short term bearishness.
The price of IOTA at the time of writing is €0.267917 against the Euro (EUR). You can buy one IOTA coin for €0.267917, which is higher than what IOTA traded against the EUR yesterday. In the past 24 hours, MIOTA’s price has increased by 2.61% against the EU currency.
If we look at the IOTA historical price charts, the cryptocurrency traded at a low of €0.134094 on July 15, 2017. But the price rallied to hit €5.16, the highest it has ever been against the EUR. IOTA reached that landmark price on December 19, 2017. IOTA/EUR has touched a new high 11 times YTD and a new low 2 times over the same period. The price of IOTA against the EUR is -4% since it hit its latest high and +88% on its last low. IOTA’s price is up 25% over the past 7 days (from Jan 22nd, 2020).
Live EUR/USD exchange rate for today (Jan 29th, 2020) is 1.1036, with the EU currency 0.2% up on the U.S Dollar. The pair has touched a low of 1.1006 and a high of 1.1039 in the past 24 hours. The EUR hit its highest price against the U.S Dollar in the past 1 year on February 2, 2019. The EUR/USD pair traded at 1.1488, before hitting its 1 year low at 1.0879 on February 10, 2019.
Bitcoin and IOTA are two very different types of cryptocurrencies, created in 2009 and 2015 respectively.
Bitcoin is the largest cryptocurrency, with a large community of users and is trusted by a growing number of mainstream entities. IOTA is relatively new and uses a unique type of consensus mechanism, called the Tangle.
While Bitcoin is a mineable PoW coin, IOTA’s Tangle requires no mining to secure the network. Bitcoin is currently best used as a digital currency and store of value, while IOTA is focused on the Internet of Things and M2M economies.
In the market, Bitcoin (BTC) price is currently about $9,400 while IOTA price today (Jan 29th, 2020) is $0.29. Bitcoin price prediction for 2020 suggests BTC could hit prices above its all-time high of $20k. As for IOTA price forecast, $1 is the target. Bitcoin is strong among the cryptocurrencies, but what might work for IOTA future prices is the IoT space. 2017 saw rapid growth for IOTA and potential for similar upside remains in 2020 and beyond.
IOTA is currently among the top 20 cryptocurrencies in the market, with a growing community of users and major investment partnerships.
What is the IOTA future price forecast? IOTA historical price charts show that the token touched a high of $5.60 on December 19, 2017. Our IOTA future price forecast takes into account price predictions for 2020 and beyond. Let’s consider that IOTA has a unique technology that is likely to revolutionize the Internet of Things and machine-to-machine economy. Interest and adoption of IOTA may peak alongside other market drivers to see MIOTA prices rise significantly.
The future price of IOTA may well reach $4 in 2020 and surpass the all-time high by the end of 2021. Are you are looking to buy IOTA? There is potential, but take time to find out more about this cryptocurrency, or any other, before investing.
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