IOTA Price - MIOTA Price Index & Live Chart
IOTA is an open-source distributed ledger system that aims to provide borderless data transfers. The primary use case of the platform is to facilitate interactions between IoT devices. IoT stands for Internet of Things and refers to the interconnectivity between devices; devices could range from simple sensors to smartphones to machines within a factory. The native cryptocurrency of the network is known as MIOTA.
It is estimated that by 2024, there could be 20.4 billion such devices and this is where IOTA gains prominence. IOTA is unique because it is not a blockchain but is rather based on a system called Tangle which is based on a type of cryptographic verification known as Directed Acyclic Graph.
Key IOTA Price Metrics
IOTA Price Graph & Exchange Rate
IOTA (MIOTA) Price History
IOTA was founded by David Sønstebø, Dominik Schiener, Serguei Popov, and Sergey Ivancheglo. IOTA was initially established under the name of Jinn and was announced in September 2014 on the NXT form. In December 2015, IOTA tokens were released as part of a crowd sale that was hugely successful with the platform raising around $500,000. The protocol launched its mainnet in July 2016 while the coin started trading on exchanges from July 2017 with an opening price of $0.63. 2017 was a great year for all cryptocurrencies and in December 2017, IOTA reached its all-time high of $5.37.
In August 2018, Fujitsu announced its support for the IOTA platform which led to a price hike for the coin by about 21%. Another strategic partnership that joined IOTA in November 2018 was Bosch.
Despite the significant associations being formed, the crypto market suffered great loss in 2018 and following that trend, IOTA’s value dropped to around $0.30 by the end of December 2018.
On 3 April 2019, IOTA was announced as the founding member of the New International Association of Trusted Blockchain Applications (INATBA). The value of the coin shot up to around $0.45 in May 2019. However, 2019 was again not the best year for the crypto market and this was mirrored with the value of MIOTA dropping to $0.16 by the end of December 2019.
In February 2020, the entire IOTA network had to be shut down because it was hacked. Hackers found a vulnerability in the official IOTA wallet and stole funds worth $1.6 million. This price, not surprisingly, declined to around $0.19 from $0.33 by 11 March 2020. Interestingly, on 12 March 2020 when the market crashed, IOTA announced yet another significant partnership with TradeMark East Africa to bring supply chain transparency to trade infrastructure. The coin, however, still dropped to $0.07 the day after Black Thursday.
In the subsequent months, IOTA showed a steady rise in the price till around September 2020 when the value rose to around $0.48. This could be predominantly due to the excitement around the network upgrade Chrysalis which improved the speed of transactions 50 times more than its earlier performance. IOTA then surged to a high above $2.50 in April 2021.
3 Key Instances for the Evolution of IOTA Price
IOTA network had to be shut down completely after hackers stole funds from the official IOTA wallet. The hack happened on February 12th, 2020. Hackers found a vulnerability in a third-party integration of Trinity which was the wallet developed by the IOTA foundation. The foundation shut down the node that provides the final nod on any IOTA transaction. This was a shocking move that effectively stopped further theft but also shut down the whole network.
In August 2020, IOTA deployed its first phase of the 1.5 network upgrade termed Chrysalis. The intention of the update is to boost the performance of the network fifty fold. Phase 2 of the upgrade is planned for the end of this year. The features of Chrysalis include a new TIP selection algorithm to make the process faster, improvements in milestone selection and introducing auto-peering which ensures each node finds its own peers.
Partnership with the Japanese Government
IOTA has announced a collaboration with Japan’s government on a project around industrial infrastructure. Two Japanese maintenance companies Best Materia and IMC are involved in the project with a vision to implement artificial intelligence and distributed ledger technology to maintenance systems in industrial, petrochemicals and oil refining plants. The IOTA platform will be used for data transfer and providing a transparent infrastructure. This is a significant use case for IOTA and strengthens its position as a next-generation platform.
Key News for IOTA’s Price
Mainstream and social media news often impact the performance of the crypto market. IOTA has sometimes shown an upward trend due to its developments around the network upgrade and partnership with the Japanese government.
IOTA Price Technical Analysis: How to Identify Good Entry/Exit Points when Trading
Entry and exit points have the potential to make or break your investment. It is very important that you put in the effort for adequate analysis and research before investing in a coin. There are various techniques like the technical, sentimental and fundamental analysis techniques that will help you determine the right time to invest in IOTA. For example, if you are looking to make a long term investment it would be prudent to buy IOTA when the value of the coin is at the bottom end of an upward trend.
Have a Clear Goal
Before investing in the crypto market, the first step is to identify your end goals. You can also split your investment objectives into short term and long term targets. This would help you formulate your investment plan. Further analysis and research would help you understand how to achieve the plan you created. For example, if you have a short term aim of buying a new car you can invest in a coin that would possibly yield quick gains. To achieve a long term goal, IOTA might be a good investment option considering its current low price and its potential to grow as a platform.
Make Use of Analysis Tools
Technical analysis uses information around price and volumes to map out recurring patterns and trends to predict future performance. There are various technical analysis tools and techniques available on the internet that can be used for research. There are several trade analyst platforms that do technical analysis for various coins. The trends and patterns can be depicted using various charts. One such way of depicting the price movement is called the candlestick chart, which is a series of bars called candles. Candles can have different heights and colours. When the opening price is higher than the closing price, it is often depicted by a red candlestick while a green colour indicates a price rise towards the closing period. There are various trading patterns that can be depicted using candlesticks.
There are various other tools and indicators such as Relative Strength Index (RSI), volume change and laddering that can be used for technical analysis of the crypto market.
Fundamental and Sentimental Analysis
Sentimental analysis is a great complementary technique to your technical analysis research. Currently, there are several data analytics tools that capture the community sentiment or emotion around a coin and map it into trading signals. For example, there are indicators like Crypto Fear and Greed Index, and Bull and Bears indicators that could help boost your IOTA trading decisions.
The fundamental analysis focuses on using information like the use cases provided by the platform, security and privacy of the platform. Apart from that metrics like transaction speed and on-chain metrics can also be used for better trading insights.
Frequently Asked Questions
As with several other altcoins, IOTA’s price skyrocketed in December 2017, where it achieved its all-time high of $5.37.
The future of IOTA depends on the future of the Internet of Things. It has been predicted that by the year 2024 there could be 20.4 billion IoT devices which gives this particular coin amazing potential for the future. However, the cryptocurrency market is a volatile market so it is difficult to predict what the future holds.
Like any other cryptocurrency, the price of IOTA token is also determined by various factors such as innovations, partnerships, and political and social developments.