The cryptocurrency markets will either see massive gains this week or continue down the beaten path of declines. It seems some altcoins are already preparing for a bull run, as the IOTA price begins noting some impressive gains. This momentum shows this week may turn out alright, albeit it is still too early to tell what will happen.
IOTA Price Reversal is Promising
The cryptocurrency markets are almost starting to look like a rather active yo-yo these days. Gains are followed by steep losses and further gains accordingly. It is good to see some attempts to break the overall negative momentum, albeit one has to wonder if and when there will be extended upward momentum in the cryptocurrency industry.
For the time being, the IOTA price changes instill a bit of confidence, at least for now. With a 6.56% increase in USD value and a 5.05% gain over Bitcoin, things are looking rather good. Even so, some of the IOTA price gains are already being negated, with no apparent reason for such a short-term outlook becoming apparent. It is evident there are a lot of people looking to take profits, but it should not impede the IOTA uptrend, for the time being.
The IOTA community is abuzz with excitement, for a wide variety of reasons. The newly released Trinity wallet is being well received so far, as it highlighted the need for an additional IOTA wallet solution. Convenience is critical in the world of cryptocurrency, and Trinity Wallet seems to provide exactly that without sacrificing security or usability.
It also seems a new digital ID project is being built with the help of IOTA. There is a growing need for digital ID solutions, and blockchain-oriented projects can play a big role in this regard. Despite IOTA not using a traditional blockchain, digital ID ventures will be worth exploring where this project is concerned. There is no official timeline for the project just yet, but it will make use of the Verifiable Claims protocol.
We formed a team this week for our #digital_id project with #IOTA. As a team of 5 we have now started development for an implementation of the #VerifiableClaims protocol and create a matching app. #iotastrong
— Jelle Millenaar (@JelleFm) September 7, 2018
Last but not least, one has to keep the core principles of IOTA in mind at all times. The use of zero-fee transactions can easily lead to mass adoption in many different ways. Bitcoin often struggles because of its fees, and most other altcoins do not fare much better in this regard as of right now. IOTA is poised to undergo some other core changes, which may further enhance the mainstream appeal of this cryptocurrency.
#IOTA has set the standard! Any crypto which requires a fee for each transaction will never be mass adopted Any crypto with a fixed block size and fixed time interval will also fail. Once the coordinator is removed and #Qubic is realised then IOTA will become a huge #Crypto asset
— Ian Roberts (@ianroberts79) September 5, 2018
All of these developments are bound to make their mark on the IOTA price at some point. So far, the momentum favors this cryptocurrency, and the associated trading volume has also begun to pick up a bit of steam. Reaching a value of $0.6 is not out of the question later today, although nothing is ever certain in the cryptocurrency world either.