The IOTA price is in the latest cryptocurrency news because of its recent surge and the new scalability enhancing algorithm that is built within the network.
In times when the Internet of Things (IoT) industry is expected to rise to more than $325 billion by 2023, the IOTA Foundation is ready to captialize on the projection. As a result of that, the IOTA price has been correcting upwards and is now trading at $0.4 with a $1.11 billion market cap.
Despite the Monday crypto correction which took the market by storm and wiped less than $20 billion off it, the IOTA price is relatively stable. Given the rise of smart contracting, many best cryptocurrency news sites predict that it may rise to new highs and mimic the growth from two years ago.
Overly, the main objective of the algorithm is to address scalability, arrest spam attacks, and above everything tackle congestion. A paper co-authored by Dr. Luigi Vigneri (senior research scientist at IOTA) named Achieving Fairness in the Tangle through an Adaptive Rate Control Algorithm, the foundation has revealed the plans to turbocharge the platform in three phases.
The first phase will be the ability to stake IOTA. Secondly, there is an idea requiring each transaction to expend resources when solving a proof-of-work puzzle. Thirdly, as soon as it is implemented, the difficulty of the network shall be proportional to the number of transactions sent over time. As the altcoin news show, all of these factors could drive the IOTA price upwards.
At the time of writing, IOTa is down and has slid 11.4% from last week’s close. This puts the altcoin at risk of registering more losses. On the bright side, however, the short to medium term performance of the IOTa price is mainly dependent on the reaction at 40 cents (the current one).
So, IOTA must retest. If there is an upward correction in the coming altcoin news, odds are that IOTA bulls will take charge in a trend continuation phase towards 55 cents and later, 90 cents. In this case, conservative traders should buy the dips once the IOTA price goes past 50 cents, propelled by high trading volumes. However, the possibility of the coin dropping below 40 cents and to 25 cents is still on the table.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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