IOTA has been scoring some amazing partnerships over the time since it was first issued as an ICO, penetrating deeply into the automotive industry through its IoT initiative.
By exploiting the possibilities of the Internet of Things, blockless technology called Tangle, and machine-to-machine communication, IOTA has established itself as one of the most prominent technologies in the blockchain space, working side to side with giant like Volkswagen, Fujitsu, Bosch, and BMW, but what about its value in the market through its native currency MIOTA?
Currently ranked as the 12th-largest cryptocurrency, IOTA is far from flawless performance in the market as it only managed to collect a bearish rise of 0.08% over the course of the last week, while it is seen dropping against the fiat with the latest negative market trend on September 25th.
Additionally, MIOTA lost -3.4% over the course of the current year, currently standing at the price of around 0.54$, but we can’t help but wonder whether MIOTA can do better during the last quarter of 2018, potentially breaking through the value of 1$?
Can IOTA Get to the Price of One Dollar by the End of the Year?
IOTA might be one of the most active cryptocurrencies in the market when it comes to finding various, useful use cases through utilization of a highly scalable blockchain-based network called Tangle.
However, it seems that the continued success is not quite reflecting on MIOTA in the market when it comes to its price.
At the moment, IOTA is taking the 12th place on the official list with counting over 1,4 billion dollars in market capitalization, however, the crypto doesn’t seem to have acquired a strong rebound point, so we see it swirling between the value of 0.4$ to 0.7$ during the last couple of months, also declining by almost -50% during the course of the last two months.
Although MIOTA went above 5$ per one unit eight months back in January, which was a part of a mass rebound as over 90% of the currencies in the market had acquired all-time high values and record prices, we can now see it trading at a 10 times lower price.
What you need to note regarding the massive decline in IOTA’s price that it is a fact in general that IOTA isn’t an isolated case in this matter, as more than few top cryptos have lost over or near -90% since making it to record prices.
Another notable fact is that favors change quickly in the yet unrefined cryptocurrency market, which might be best described in the most recent bull run of Ripple, which is as of the last week, the top gaining currency among the top ten list and wider with over 130% of gains in the course of seven days at one point.
However, even Ripple is seen declining on September 25th in what appears to be another mass decline in prices.
Moreover, despite the frequent negative market trends, breaking through the value of 1$ per one unit does seem to be a realistic venture for IOTA that is currently being traded at the price of 0.53$, where the only difference between the current price and the symbolic value of 1$ could be a single positive news about IOTA, like it was the case with Ripple a week ago.
Can Volkswagen Deal Push Ripple Beyond $1 by the End of the Year?
Over the course of the year, IOTA enthusiasts have probably noticed that MIOTA rarely loses big time value all at once, as even when declining, this currency is seen declining gradually. That is how even the first time IOTA had touched the value of 1$ back in mid-August of 2017, it took it around a month to get there from a low of 0.20$.
Since IOTA has strong partnerships and stronger use cases on its side, it is an evident case that this crypto can easily get back to the value of 1$ by the end of the year and possibly even go beyond the initial price towards its all-time high.
One of the potential organic “price pumps” that could push IOTA over 1$ is the upcoming and previously announced IOTA/Volkswagen project called Digital Card Pass that should demonstrate the power of Tangle already in the first quarter of 2019, potentially driving IOTA’s price up prior to the official launch of the product.