IOTA is a cryptocurrency project that does not run on a blockchain. Instead, IOTA uses a Directed Acyclic Graph (DAG) structure which they call Tangle. IOTA aims to develop a mode of communication within the Internet of Things (IoT) ecosystem. IOTA uses the Tangle mechanism to store and process transactions for free. Free in the sense that it can successfully process microtransactions. Remember, a setback of the Bitcoin network is that it cannot process micro-transactions due to transaction fees. Bitcoin has to pay miners who confirm transactions on the blockchain. However, all MIOTA tokens have been pre-mined. Pre-mining of MIOTA coins could have as well caused an increase in transaction fees. However, IOTA uses the Tangle mechanism to confirm transactions.
IOTA solves scalability problems by forcing a transaction issuer to approve two previous transactions. What does this mean? If user C wants to transfer some MIOTA tokens, he can confirm users A and B’s transactions. So, when next A and B wants to make a MIOTA payment, they have to validate two other transactions. Hence, no miners confirm transactions, and there is no need for high transaction fees. Due to the increase in use, some blockchains like Bitcoin might develop congestion and become slower. However, the kind of mechanism Tangle will require more and more users. Thus, this protocol can help solve the congestion issues that blockchains might soon develop.
IOTA dates back to 2014 but was known as the Jinn project then. It was a hardware project that intends to produce general-purpose processors that are less expensive. In September 2014, there was a crowd sale for the Jinn token where the ICO sold out 100,000 coins. However, Jinn rebranded to IOTA in 2015. Co-founders of IOTA are Serguei Popov, Dominik Schiener, Sergey Ivancheglo and David Sønstebø. IOTA Foundation is a non-profit organization in charge of the IOTA project. The IOTA foundation is based in Germany and works to extend utility for the MIOTA token.
IOTA Price Chart
Market Prediction for MIOTA Price 2021
Since July 2018, MIOTA’s price has fallen below $1, and it closed around $0.31 in 2020. However, in February 2021, the IOTA price increased to $1 once again. IOTA’s current price is $1.12 with a trading volume of over $149 million. Its current market capitalization is $3,113,286,900 and it ranks 25 on CoinMarketCap. IOTA has a circulating supply of 2,779,530,283. As said, all IOTA coins have been pre-mined. As a result, its maximum supply is the same as its circulating supply (2,779,530,283 MIOTA tokens). You can trade IOTA on top cryptocurrency exchanges like Binance, OKEx, HitBTC, and Upbit.
Three years ago, the IOTA coin price had an all-time high of $5.69. However, in March 2020, MIOTA’s price dropped drastically to $0.0796. What a massive dump in price! Meanwhile, it was quick to recover as IOTA price USD is now above $1. Currently, the IOTA price support level lay around $0.8. However, market volatility might break this support level.
IOTA Predictions for 2021
IOTA has a good potential and an excellent use-case in the Internet of Things ecosystem. However, expert IOTA predictions and algorithm forecasts about IOTA value might differ. Let us review some IOTA news for 2021.
Martin Palamarz IOTA Predictions 2021
While replying to Elon Musk’s tweet, Martin Palamarz expressed his belief in IOTA. Palamarz said blockchain had caused a trilemma due to lack of scalability and cost of transactions. However, what IOTA is designing will soon solve these issues. IOTA will deliver free payments and the most decentralized DLT.
“The thing we call money is just an information system for labor allocation,” Elon Musk, CEO Tesla.
Martin Palamarz thinks Elon Musk should look out for IOTA and invest in the project.
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Wallet Investor IOTA coin Price Prediction 2021
Walletinvestor.com have provided IOTA price prediction for 2021 and 2022. In their IOTA predictions, they forecast a slight move in IOTA value towards $2. However, according to their prediction chart, the IOTA coin price will not reach $2 in 2021. IOTA value might dump below $1 before gaining more strength in 2022.
Trading Beasts IOTA Price Prediction 2021
Crypto prediction site, Trading Beasts have an average IOTA prediction of $1.315 by December 2021. Their prediction was in respect to IOTA current price. Trading Beasts forecast that IOTA will not close below $1 for the rest of 2021. Likewise, following their prediction, IOTA price USD might be at a maximum of $1.6 by December. IOTA does not seem very bullish to Trading Beasts, but its price will be stable in 2021.
Long Forecast IOTA Price Prediction for 2021
Experts at Long Forecast have set their IOTA coin price for December 2021 at $2.83. This price will be more than a 100% increase in IOTA’s current price. Meanwhile, IOTA’s current price is in the range of their February IOTA price prediction. According to Long Forecast predictions, the highest price IOTA will attain in 2021 is $3.03.
Digital-Coin-Price IOTA Predictions 2021
IOTA predictions on the Digital Coin Price website are quite realistic. By December, Digital Coin forecast IOTA value to be around $1.8. Meanwhile, in May and August 2021, the IOTA price will be higher than its price in December. Due to market instabilities, this price prediction is feasible, and IOTA price USD might not reach $2 in 2021.
IOTA Price Prediction 2021
The above IOTA predictions of expert websites all sit below $2 in 2021. Various events could positively or negatively affect IOTA price prediction. IOTA is looking to develop a real-world use-case for the MIOTA token. Thus, it has added some impressive partnerships to boost MIOTA’s adoption. Currently, IOTA is in collaboration with companies like Volkswagen, Samsung, and Cisco. It also wants to develop ID cards based on Tangle for people living in Taipei. The Internet of Things to which IOTA is directing its work is growing too. Expenditures in the IoT ecosystem should increase to over $260 by 2021. This adoption can boost IOTA value and also increase MIOTA price.
Other cryptocurrencies that run on blockchains are developing scalability problems due to adoption. However, IOTA uses Tangle technology, and Tangle’s design supports rapid growth in use. So, for MIOTA, adoption is not a problem. Real-world partnership, the Internet of Things, and scalability are blessings to IOTA value; what are its pitfalls?
IOTA’s technology, Tangle, is still a work in progress, and there are shortcomings in its development. For example, Tangle might not be able to record transactions in the correct order. Likewise, Tangle might be prone to the activities of hackers. Apart from Tangle’s problems, IOTA competitors like the IoT Chain also pose a threat to MIOTA price. Competitors might gain a stand in the market and claim IOTA’s audience. If this happens, the IOTA coin price might continue to struggle within the $1 range.
IOTA Price Prediction 2025
Generally, there is a hype of the cryptocurrency market. This hype can also affect IOTA news positively. Billionaire investors, including Elon Musk, have developed an interest in crypto assets. Likewise, investment companies, hedge funds, and family offices are buying into crypto now. This development is good news not only for the crypto market at large but also for IOTA.
Major crypto prediction websites are bullish on IOTA price USD for the long-term. 2025 is still a long way for IOTA. Meanwhile, Digital Coin predicts that MIOTA price will be up to $3.75 in 2025.
Our Verdict on IOTA Price Prediction
On the IOTA price chart, its Relative Strength Index at the beginning of 2021 was 46.2. Meanwhile, its RSI kept increasing and became overbought towards the end of February. Currently, IOTA is technically indicating a buy position. However, its price is not growing by the day. Meanwhile, 2021 is still in its early days, and IOTA news might gain more attention in the market later.
As 2021 goes by, the IOTA price might improve due to its real-world use-case. Also, the IOTA Foundation has excellent partnerships and is working on more. If all these factors add up, MIOTA will be a coin of tremendous value. Thus, if you find the MIOTA token worth buying, you can manage it using the Atomic Wallet app.
How to Buy IOTA
Atomic provides a cryptocurrency wallet with unique features. The Atomic Wallet supports over 500 cryptocurrencies and keeps your funds safe. You can always use Atomic to hold IOTA in 2021 or for the long-term. Meanwhile, you cannot buy MIOTA tokens on the Atomic wallet for now.
How to Exchange IOTA
Users of Atomic Wallet app can also exchange cryptocurrencies directly. You can swap many pairs at their current market rates now on your wallet. Log in to your wallet, tap on ‘Exchange,’ and you are good to go. Ensure you download the Atomic Wallet mobile app and create a free cryptocurrency wallet.
Price predictions are based on the current IOTA value and IOTA news. Traders should do further research and analysis before buying a crypto asset. This article is not financial advice.