IOTA Price Jumps by 8% and Seeks Support at $0.23

While the year 2018 hasn’t been overly pleasant for any cryptocurrency investor or speculator, the weekends usually offer a breath of fresh air. In today’s edition, there is a clear uptrend where the IOTA price is concerned. This is a welcome change, as it seems most discussions pertaining to this altcoin has somewhat disappeared into the background.

IOTA Price Finally Moves Again

Even though most people may remember IOTA taking the cryptocurrency market cap rankings by storm, it somehow struggled to keep the momentum going. The extended bear trend of 2018 hasn’t helped matters much in this regard, but that is only to be expected. As such, IOTA is now well outside of the market cap top 10, as its total valuation has dropped to just $638m.

Over the past 24 hours, however, there has been a very peculiar IOTA price increase. Courtesy of a 7.8% gain in USD value and a 4.8% gain on Bitcoin, one MIOTA is now valued at $0.23 once again. That is a very promising sign, especially when considering how this altcoin’s maximum supply and circulating supply are identical. There will be no new MIOTA created in the future, this its value increase would, in theory, be easily sustainable.

As is always the case when it comes to specific cryptocurrency projects, there will be fans on one side and people who refute the concept on the other. IOTA is, unfortunately, no exception in this regard. A recent Medium post shared by DK seems to shed an interesting spotlight on how IOTA works exactly, although it is not necessarily a positive spotlight. Always do own research prior to making any investments in cryptocurrency and don’t just listen to facts presented by others.

It would appear there is some buzz on social media regarding the future of blockchain technology in the Internet of Things industry. Although IOTA seems well-positioned to disrupt this industry in many different ways, one has to wonder if it will happen anytime soon. The tweet below by WSL der RWTH Aachen University seems to confirm a bright future awaits IOTA in this regard.

Last but not least, other efforts are underway to raise more awareness for IOTA and how its ecosystem works exactly. Edward Greve is in the process of going through an entire series of explaining all matters pertaining to IOTA and the Internet of Things. Educational efforts have always been somewhat overlooked in cryptocurrency, thus efforts like these need to be applauded first and foremost.

Based on all of these developments, it is not entirely surprising to see the IOTA price rise all of a sudden. Whether or not this brief spell of hype and positivity will lead to a major rebound, is a different matter altogether. If Bitcoin were to turn bearish again, things could look very dire for this altcoin once again. After all, IOTA follows Bitcoin’s price cycles first and foremost.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

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