Close
  • Loading ticker data...
Coin Prices →
Blockchain News

Should we give more of an IOTA about this altcoin?

This year has been a tumultuous time for the cryptocurrency market and many tokens have seen major decreases in both trading volume and price valuations. In this, we consider how IOTA has fared over the year.

Written by Rebecca Leighton Published on

At the start of the year, IOTA was sitting in the tasty top ten cryptocurrencies. It was the 10th most valuable cryptocurrency by market cap on January 7th. It was trading at $4.01 USD at the time and bore a market cap of $11,144,525,870 USD.

Moving ahead to the present. The market seems to have taken its toll on IOTA. The token is now sitting two places lower, as the 12th most valuable cryptocurrency. The token is trading for $0.582137 USD and bears a total market cap of $1,618,066,210 USD.

Looking at the statistics, it has seen a 10.17% increase in its day-on-day trading volume. However, as the year has unfolded, it has not been kind to the altcoin. IOTA has lost a whopping 85.4% of its trading value over the past nine months. It has also similarly diminished in its market cap by almost exactly the same percentage.

Price peaks

At its height on the 13th of January, the IOTA network saw one MIOTA token valued at $3.8964 USD. This is down from a record high of $5.22 USD on the 19th of December in 2017.

The network’s lowest value point this year saw one MIOTA value at $0.43 USD  on the 14th of August. The network’s next high point thereafter was when the MIOTA was valued at $0.772 USD on the 28th August 2018.

Valuable partnerships and future projections

Over the year, IOTA has managed to team up with some big names.

In June, the network partnered with major automotive company Volkswagen. The partnership revealed a method to deliver vehicular software updates at Cebit 2018. The system is based on IOTA’s Tangle technology. Together the companies showcased a proof-of-concept initiative of a project which will deliver over-the-air software updates to connected vehicles to one another.

Volkswagen and IOTA predict that by 2020, over 250 million connected vehicles will have taken to the road.

A little later on, in August, the network partnered with Fujitsu to develop a new proof of concept for audit trail processes and supply chain management. The tech giant will be using IOTA’s technology to create audit trails across “industrial production environments and supply chains”. The project will be designed to address the challenges of supply chain management and industry 4.0 manufacturing.

The partnership between Fujitsu and IOTA outlines that both entities might further work towards developing identity and access management tools. This would be through Fujitsu’s PalmSecure Palm Vein pattern recognition technology. It would further target ‘comprehensive interaction’ along supply chains and ecosystems.

New trading opportunities

Not a partnership, but a brand new listing for the network also happened in August. Investment platform eToro announced that IOTA would be added to its list of tradable assets.
In a press release, eToro explained that IOTA has “multiple uses as an Internet of Things (IoT) platform” and owing to this, “quite a bit of attention from the blockchain and cryptocurrency communities, IOTA presents an alluring trading and investing opportunity to some.”

Start trading cryptocurrency with Coindirect.

Written by

Internet writer looking to find the right piece. Also presents things on radio and happens to be a chip off the old blockchain. @BeckyRLeighton