IOTA Price Explodes: Can IOTA reach $1?
IOTA has been grabbing headlines lately. With its special tech and emphasis on the Internet of Things (IoT), its caught the eye of both investors and tech fans. Even though its been leveling out in recent years, IOTA price is now increasing, marking a notable jump in the last 24 hours. So, is it worth considering IOTA as an investment? Lets take a look into this IOTA price prediction piece to find out.
IOTA Price Prediction: How has the IOTA Price moved in recent days?
As of now, IOTA is priced at $0.396724, with a trading volume of $222.57 million in the last 24 hours. Its market cap sits at $1.26 billion, making up 0.05% of the total market. Over the past day, the price of MIOTA has seen a significant 16.85% increase.
Back in December 2017, IOTA reached its peak price of $5.54, but it hit its lowest point on March 13, 2020, when it fell to just $0.077481. Since then, it hasnt dropped lower than that cycle low, but it has climbed as high as $2.68 (the cycle high). Currently, the sentiment around IOTAs future price is optimistic, with the Fear & Greed Index showing 81 (which means theres a lot of confidence in the market).
In terms of supply, there are currently 3.17 billion MIOTA in circulation out of a total of 4.60 billion MIOTA. Over the past year, around 392.56 million MIOTA have been created, contributing to an annual supply inflation rate of 14.12%.
IOTA Price Prediction: Why is IOTA Price Up?
The IOTA Foundation has been leading the charge in initiatives aimed at improving traffic management and developing smart city solutions. Their latest endeavor involves teaming up with ETO GRUPPE to integrate smart traffic sensors into their projects.
Benjamin Bonisch, Senior Vice President of Digital Products & Services at ETO GRUPPE, shared the companys ambitious plans. ETO GRUPPE has been hard at work on a project called Alfried, which involves integrating smart traffic sensors and gateway boxes.
These devices use various communication protocols like DSRC, V2X, LoRa, and include an IOTA trust layer. The project, started in late 2020, has now been completed and is scheduled for industrialization by 2026.
In addition to Alfried, ETO GRUPPE has also collaborated with Farmunited GmbH to develop Farmsense. This project consists of sensors, irrigation valves, and a LoRa Gateway, supporting connectivity protocols such as NB-IoT, LoRa, BLE, all powered by the IOTA platform.
IOTA Price Prediction: Can IOTA Price reach $1?
Also, ETO GRUPPE recently kicked off a cool project called Cawaena.com, all about helping farmers make some cash from their data. Its a neat software setup that links up with ShimmerNet and has its own wallet on Android. And get thisits been up and running for about a month now!
Seeing the need for an easy way in and out of their system, ETO GRUPPE teamed up with the web3 wizards over at Viviswapcom. With some backing from ETO GRUPPEs seed investment, this collaboration has been going strong since 2023.
To beef up their hardware security, ETO GRUPPE teamed up with Filancore GmbH. Thanks to some initial investment from ETO GRUPPE, they were able to strengthen their devices, speeding up their expansion plans.
Not stopping there, ETO GRUPPE also made some big moves by acquiring Farmunited GmbH and Ecotech in Bonn. These new additions bring a ton of expertise in Agtech and sensor technology, which will really amp up what ETO GRUPPE can offer.
Now, as their projects get closer to being ready, ETO GRUPPE is gearing up to shift over to the IOTA mainnet. Their roadmap for 2024 looks super promising, but it also highlights the challenges of working with the IOTA network, especially when it comes to things like DePIN.
While specific price predictions are challenging, these developments could contribute to increased investor confidence and potentially drive upward momentum in IOTAs price.
Therefore, reaching the $1 mark may be within the realm of possibility, particularly if these initiatives yield favorable outcomes and the broader cryptocurrency market remains bullish.
Over the past year, IOTAs price has really taken off, soaring by a whopping 94%! Whats more, its been consistently trading above the 200-day moving average, which is a great sign for long-term growth. And get thisout of the last 30 days, 20 of them have been green, meaning the price went up.
Thats around 67% of the time! Plus, IOTAs got a lot of folks interested because its got high liquidity, which basically means its easy to buy and sell. With all these positive indicators, its definitely possible that IOTA could hit the $1 mark.
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Read more: https://cryptoticker.io/en/iota-price-can-iota-reach-1/
Text source: CryptoTicker
