Bitcoin
Here’s What Sets IOTA (MIOTA) Apart From The Crowd Right Now
IOTA (MIOTA) is really running at the moment. The token is up just shy of 20% against the US dollar over the past 24 hours and this rises to close to 800% when you expound the timeframe out to a little over a month.
While IOTA as a term and a coin is generally pretty well known in this space, the actual driver behind the concept isn’t widely understood. However, in order to understand the potential of this one, it’s also important to understand exactly how it works and what the team over at IOTA is trying to do with the technology it’s created.
With this in mind, here is a look at IOTA with a description of what we expect will come next for the company and the token heading into the start of a fresh year.
So, here goes.
One of the biggest misconceptions about IOTA is that it’s a blockchain based technology. While it can technically be described as such, it’s actually based on a variant of blockchain technology called a DAG (directed acyclic graph). IOTA didn’t invent DAGs but it did invent its own iteration of a DAG called a ‘Tangle’ and it’s this Tangle that sets the company apart from practically every other in this space.
IOTA Chart
The Tangle doesn’t use blocks like a standard blockchain does (so, like that of bitcoin) and as such is a sort of block-less distributed ledger, which is scalable and extremely lightweight. Further (and perhaps most importantly) this sort of setup makes it possible to transfer value without any fees.
No fees means that micro-transactions are highly feasible (something that many suggested bitcoin might be great for but, as it turns out, it’s not) and with the potential for practically unlimited and instant micro transactions as delivered by and through the Tangle, the application of this technology to the Internet of Things (IOT) ecosystem is very easy to imagine.
So the reason that this token is rising right now is because the company just released a data marketplace application that demonstrates exactly how this sort of integration between Tangle and the IOT works in the real world.
Basically, the marketplace allows a practically unlimited amount of internet connected devices to communicate with one another and trade (in return for MIOTA) various pieces of data collected by one but useful to many.
Connected cars, for example, could collect information about the parts that keep the car running and can sell this data to automotive parts suppliers in real time. That’s just one of a huge number of possibilities, of course, but it’s quite a nice illustration as to exactly how this system could work in the real world and – just as importantly – how valuable it could be to each of the parties involved.
And it’s not just the cryptocurrency space that is recognizing this potential value. In line with the latest marketplace launch, more than 20 big-name partners have come on board including names like Microsoft, Bosch, Samsung, Fujitsu, Cisco, Orange and Daimler, all of which have very different but equally large potential applications for this technology that they are investigating on the back of this data marketplace launch.
All of these programs are still in beta, of course, and the program is a pilot one, but even if just one filters through to a commercial contract it’s going to strongly validate IOTA as a company and, just as importantly, its Tangle technology as a concept with a real-world viable use case.
Bottom line is this: It’s this commercial and enterprise activity that really makes IOTA one to watch. Many of the companies in this sector right now are touting the potential of their technology in terms of real-world application but IOTA is actually demonstrating it.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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