For the past 3 months, Iota (MIOTA) price has performed better than the average cryptocurrencies in the market. The coin traded above the $2.50 USD mark in May after the announcement of Qubic, a project that has been on the radar of MIOTA faithful since the advent of the blockchain. The price has since dropped in a positive correlated manner with the market as a sharp selloff ensued on the market. The drop to $1.13 USD per coin at the moment represents a 55% drop in price since early May. The bearish momentum seems to have reversed after the total market capitalization hit the support level at $250 billion USD. The recovery in price of Bitcoin (BTC) to above $7500 in the last 24 hours has bonded well with MIOTA with a 7.5% increase in daily price.
This has seen the coin secure the 9th position in the Coinmarketcap listings with a total market capitalization of $3,148,957,653 USD. The volumes are at a 3 week high as a total of $70 million USD worth of MIOTA was traded in the last 24 hours.
Events that will push Iota (MIOTA) above the $3 mark in 2018
Iota Foundation has in the past few weeks been announcing major developments on its blockchain and activities on the improvement of the platform. The Qubic project was the first to be announced back in May as the main project on the platform. This is the first piece of the puzzle to a successful run in price but it may yet be too soon to predict on when it will be released. The quorum-based Qubic project will develop feasible and realistic demonstration projects in climate-friendly and sustainable urban environments.
The Iota Foundation and European Smart City Consortium +CityExchange got approval from the European Union Commission to go on with their smart city lighthouse project. The positive smart city project is expected to develop feasible and realistic demonstration projects in climate-friendly and sustainable urban environments starting with cities in Europe. Iota joined the project as a partner to be the provider of internet of things (IoT) services needed to run these smart cities. For such a huge project accepting the IOTA technology to complete its goals will see massive adoption of MIOTA coins in payment systems, increasing the long term return on investment.
“For the next five years, the cities of Trondheim, Limerick, Alba Iulia, Pisek, Sestao, Smolyan and Voru will experiment on how to become smart positive energy cities, that use digital services to improve quality of life for and together with all of their citizens, generate more energy than they consume, and exchange experiences with cities across Europe to learn faster, together.”
Will we see the price of MIOTA soar by end of 2018?
Given the developments seen on the Iota blockchain, it seems a safe bet that IOTA (MIOTA) will see its price cross the $3 USD mark. The increase is set on the successes of the +CityExchange partnership and the Qubic project launching off successfully. Both will be crucial especially at this time that the market is rebounding to a bullish momentum.