IOTA (MIOTA): When the market is falling as much as it is at the moment, the cryptocurrency market trembles with fear, at least in some quarters. The fear of the market being extinct all together. The possibility of the market moving from the current $192 billion USD worth to a case of worthless tokens floating around “blockchains”. This fear is however a fantasy, as the overall use of blockchains around certain sectors of the economy such as the financial industry and the automation industry will require cryptocurrencies to perform at an optimum basis. This is the advantage that IOTA tokens, symbol MIOTA, offers its HODLers.
Inasmuch IOTA blockchain technology can be used independently of the MIOTA token, the latter is an important instrument to free transaction fees and instant transfer of funds amongst “things”. The latest drop in prices across the market poses a risk to the adoption process of the technology while stifling new entrants to the markets due to high volatility.
IOTA (MIOTA) started off at $0.477 USD on August 14th and saw a steady increase to $0.77 USD on August 29th and maintained the level till the recent September 6th selloff. The price of IOTA is currently at $0.539481 USD per token, representing a year to date loss of 87.5% and 8% in the past 24 hours. Why is the price as low as we come to the end of the third quarter of 2018?
The reason behind the current selloff of IOTA
Several reasons may be valid to explain the fall of IOTA’s price since the start of Q3 2018. However, as an enthusiast of the technology behind IOTA and the blockchain industry in totality, I believe in the market facing a re-bounce in price in Q4 being the cause of the current selloff.
How is it to happen…?
It is important to notice that IOTA’s price is not failing due to its problems with the board of directors anymore but the overall market drop currently being experienced across the board. Iota Foundation has worked tirelessly across the globe to increase the adoption of internet of things technology through its blockchain. Hence, all the token needs to push its price back up has to relate with the market increasing in price.
Winter is coming
Many analysts are taunting the recent drop as a preparation for an upcoming bullish run in the upcoming last quarter of the year. In 2017, the massive increase in prices started around October as most of the investors prepare for the holiday season.
IOTA, a token that had only been in existence for barely 6 months, saw its price start a strong bullish trend at the start of December 2017 after dropping heavily during the fall. The token saw its price drop from a high of $1.08 USD at the end of August to $0.37 USD in November, representing a drop of 65% during the period prior to the massive crypto boom.
Will we see the same happen in 2018, with the price so far having fallen by %5.9 since the end of August? Will lightning strike twice for IOTA and the cryptocurrency market in general?