IOTA has become popular in the digital money world. It’s known for its special technology and focus on the Internet of Things (IoT). People who invest in technology and those who are interested in it are paying a lot of attention to IOTA. Even though it hasn’t changed much in the past few years, right now it is not displaying good potential. There was a big increase of 37.20% in December 2023 and a really impressive 108.39% increase in those two months. Should you buy IOTA in 2024? Let’s look at this in this IOTA price prediction 2024 article in more detail.
How has the IOTA Price moved in the recent days?
The current price of IOTA is $0.220591, and in the last 24 hours, it had a trading volume of $18.05 million. The total market value of IOTA is $682.85 million, and it holds 0.04% of the overall market. Over the past day, the price of MIOTA decreased by -3.44%.
IOTA had its highest price on December 6, 2017, reaching $5.54. The lowest price occurred on March 13, 2020, at $0.077481. Since then, the lowest price after the all-time high (ATH) was $0.077481 (cycle low), and the highest MIOTA price since then was $2.68 (cycle high). The current sentiment for IOTA’s price prediction is bearish, and the Fear & Greed Index shows a value of 55, indicating a state of greed.
The circulating supply of IOTA is currently 3.10 billion MIOTA out of a maximum supply of 4.60 billion MIOTA. The annual supply inflation rate is 11.37%, resulting in the creation of 316.01 million MIOTA in the last year. In the Layer 1 sector, IOTA is currently ranked as the 43rd cryptocurrency based on market capitalization.
Is IOTA Dead?
The answer is BIG NO. This is because IOTA is leading the way in 6G technology, aiming to play a crucial role in shaping the future of telecommunications. It stands out by concentrating on extensive federated learning, which improves how networks operate and ensures the safe and dependable sharing of data. It’s not just about ideas – IOTA is actively contributing to real progress in the practical application of 6G technology.
IOTA is not only advancing in 6G technology but is also making a mark in patents. One notable patent, CN117176593A, focuses on creating smart structures for 6G networks, specifically dealing with the challenges of using federated learning in large 6G networks. The patent introduces a special network design using both main and shard chains, along with improved algorithms to enhance efficiency, reduce communication issues, and ensure secure data sharing in complex network environments. In simpler terms, IOTA is actively working on smart solutions to make 6G networks work better and more securely.
A key part of this new design is the use of an upgraded IOTA consensus algorithm for shard chains. This algorithm works alongside an improved Practical Byzantine Fault Tolerance (PBFT) consensus algorithm for the main chain. Together, these algorithms are crucial for improving the efficiency of 6G networks. They play a central role in making federated learning models more efficient, reducing communication issues, and ensuring secure and reliable sharing and processing of data, even in complex and diverse network setups.
Should you buy IOTA in 2024?
Analyzing the current state of IOTA, we observe that despite a 1% increase in its price over the last year, the cryptocurrency has faced challenges in terms of performance and market standing.
Trading above the 200-day simple moving average suggests a level of stability, but it’s noteworthy that IOTA has been surpassed by 63% of the top 100 crypto assets within the same period.
Furthermore, lagging behind Bitcoin and Ethereum adds to the comparative underperformance. The limited number of positive price movements, with only 13 green days in the last 30 days (43%), reflects a somewhat volatile recent trend.
Notably, IOTA is significantly down by -96% from its all-time high, indicating a substantial loss in value. Despite having medium liquidity based on its market cap, the yearly inflation rate of 11.37% poses challenges, as it leads to the creation of new tokens, potentially impacting overall value.
As IOTA continues to innovate in 6G technology and secure patents, there is anticipation that these advancements may positively influence its market performance. So, based on these innovations and the upcoming Bitcoin halving event, IOTA is expected to fluctuate between $0.228231 and $0.522425 in 2024. If it attains the higher end of this projected range, MIOTA may experience a notable surge of more than 133%, reaching $0.522425.
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Source: https://cryptoticker.io/en/iota-price-prediction-2024/