IOTA (MIOTA): The world of blockchain technology and cryptocurrencies has grown substantially in the last decade with over 800 blockchains coming into the fray and even a larger number of cryptocurrencies appearing. The rally seen in cryptocurrencies price late last year and earlier this year was a turning point in the field as most cryptocurrencies hit their all-time highs at the time. Iota (MIOTA) was one of these coins as it hit an all-time high of $5.23. Will we see the coin push back above its ATH? Our guess is a $3 mark by the end of 2018 and here’s why.
1. The Qubic Project will increase adoption of MIOTA tokens
As IOTA Foundation focuses on impacting the internet of things (IoT) communication in ways never seen before, the Qubic project will have a huge role to play. The IOTA Tangle integrated with the sensation, Qubic Project, to offer the users with a platform that offers instant IoT messaging at a feeless cost. The team released a status update highlighting the need to make the Abra compiler easier for day-to-day programmers.
“Abra is an intermediate language which makes it very similar to an assembly language. It will be sufficient to prove our initial concepts, but there will be a need for a higher level programming language that translates to Abra because Abra is not very friendly for day to day programming.”
2. IOTA/KRW pairing on Upbit will see the coin surpass the $3 mark
The current reports of Upbit cryptocurrency exchange adding the MIOTA/KRW pairing will without doubt allow mass adoption of MIOTA in the near future. During the massive bullish momentum in cryptocurrencies’ price in December and January, Koreans formed the most demand in obtaining different cryptocurrencies with exchanges such as Upbit and Bithumb posting the highest prices.
The addition of IOTA/KRW as a trading pair to one of Korea’s largest exchanges will entice more adoptees to the Singapore based token. Experts are predicting an upcoming bullish trend in the coming days and IOTA having the Korean Won as a trading pair will push the coin towards the $3 mark.
3. Decoupling from BTC dominance in the market
It goes without saying that one of the largest influences in the price of a cryptocurrency is the overall direction the market is taking. Bitcoin currently acts as a proxy to how the market is performing as it dominates the market at over 47%. However, IOTA and XRP are showing a level of defiance as they pull away from the pioneer cryptocurrency.
In the past 24 hours, BTC has seen its price grow slightly by 2% to trade above the $7,100 mark. The rise in BTC’s price affected most of the cryptocurrencies price positively but a few. However, looking at the top 10 cryptos’ chart by market capitalization, IOTA and XRP showed a 3% and 1% loss in price showing a decoupling of the two from BTC. This is set to help the digital assets grow independently without massive influence from BTC hence showing maturity in the project.
As IOTA struggles to climb back above the $1 mark in the past few days, the Qubic project, IOTA/KRW pairing and IOTA finding its own path may well see the coin surpass the $3 mark. This will however be heavily dependent on the overall market sentiments turning bullish. As the institutional investors such as NYSE, JP Morgan, Audi and others continue streaming in, the market is set for a re-bounce soon.