IOTA is the 13th largest digital asset in the world with over $814.7 million in market capitalization. On January 24th, the coin was selling was $0.29, losing 3.75% of its value. IOTA is one of the few currencies with a coin hard cap that has already been reached. The hard cap for the coin MIOTA was 2,779,530,283, and the exact same number of tokens are currently in circulation.
What is the IOTA project all about?
IOTA calls itself the “next generation of distributed ledger technology” which enables the true Internet-of-Things (IoT) architecture in a permissionless blockchain running on a trusted protocol. IOTA has an active community and is managed by the IOTA Foundation, a non-profit dedicated to the development of the blockchain protocol. It has an active developer community, but the crypto winter has crashed the crypto hard. IOTA works on Tangle.
IOTA price movement
At the height of its popularity during the crypto mania of late 2017 and early 2018, IOTA gained some ground and went from $1.49 to $5.23 in a matter of days, hitting its all-time high price. At the time, the daily transaction volume of IOTA was $1,024,530,000. As is evident, the coin crashed soon after. It showed some signs of energy and enthusiasm during mid-2018 but it soon died down, and IOTA went on a downward spiral.
As of this writing, IOTA’s daily transaction volume is $9,136,773, a far cry from what it achieved during its all-time highs. On January 1, the coin was selling for $0.35, and after facing a few ups and downs, it has come down to $0.29, showing a consistent trend for bearish prices.
IOTA price predictions
The price of IOTA can send shivers down the spine of holders. The price of the coin is expected to go down further, and if the trend continues, the currency could end up providing -81.3% percent returns in the next year. The currency is expected to take a plunge below $0.1 towards the end of March 2019, and by the end of June, it could be worth only $0.0362. It might hold on to that level for the next few months, after which it may start an upward journey towards $0.4 odd by the end of the year. However, it may not be enough to save investors.
If the same trends continue to shape the coin, it would continue struggling with decimal point variations in the $0.04 to $0.06 range throughout 2020 and 2021, with prices dropping to $0.03 by 2021 before coming back to the above-mentioned range.
As of now, the future of the MIOTA coin looks bleak. Unless there is a major use case, implementation success story, mass adoption, big announcement or event by the IOTA Foundation, it is highly unlikely that the price of the coin will appreciate. It is a bad short term and long-term investment. Those who with a five-year investment horizon should also be cautious of investing in the coin as an appreciation in coin price isn’t likely by current measure.