- After the upgrade of the distributed ledger network IOTA surges to $0.2153.
- The token neared a technical bear market after a major fall back to $0.1760 on Tuesday.
- IOTA Foundation announced IOTA Rebased, the latest proposal to transform its blockchain network.
- IOTA Rebased will transform the centralised system from limited programmability to enhanced functionality.
IOTA was having a major setback on Tuesday after falling to $0.1760 which could result in a technical bear market. This recent fall has brought the market capitalization of IOTA to $627. This is a significant drop for the token.
To enhance the network among its users, the developer team has announced their recent plan to launch Rebased. After the approval of the proposal by the network the new upgrade will include attractive features like full decentralization similar to Ethereum Virtual Machine support. This can result in 50,000 transactions every second. The update will introduce staking which will help users earn through their tokens.
Ethereum could proceed with less than 50 transactions per second while Solana could handle around 25,000 TPS. Rebased is a major milestone for IOTA as this can transform the platform from the limited programmability of a centralised system to enhanced functionality. Through the major update, the IOTA focuses on maintaining upgraded functionality perks for its users.
The platform has faced several challenges due to the competition level in the layer-1 industry. Ethereum, BNB Smat Chain, and Solana dominate the scene. With the layer-2 network, IOA contents with Arbitruim, Polygon, Optimism, and Base. IOTA should overcome several obstacles to attract potential investors to the platform.
The IOTA Ethereum Virtual Machine has made only less number of developers with a total locked value of $32.3 million along with only seven decentralized finance applications. As per the performance pattern, the IOTA has been falling before the recent rebound.
The key resistance level of the token is $0.2150 and if the token rises above this level it can have a significantly positive influence on the token. The move might push upward to the 61.8% Fibonacci retracement level. This is a rise of 70% from the current price. It would require a rise of 466% for IOTA to reach $1.
IOTA: Current Market Analysis
The live price of IOTA is USD 0.171652 with a 24-hour trading volume of USD 29,870,144. The current market capitalization is $603,740,149. The total supply and maximum supply of the token is 4,6000,000,000. The fully diluted valuation of IOTA is $789,747,912. There has been a price increase of 24.40% in the past seven days. IOTA is outperforming the global cryptocurrency market which is upward by 4.60%, when compared with other similar cryptocurrencies.
IOTA tokens are available on centralized crypto exchanges. Binance is the most popular option. It has a trading volume of $10,155,749 in the past 24 hours. It has an active trading pair IOTA/USDT. You can alos choose Upbit and XT.COM. The exchange functions as a portal for trading cryptocurrencies. While choosing an exchange you should confirm that you have adequate knowledge about the exchange and its policies. Check for the customer rating and transaction fees of the exchange options.
IOTA: Historical Price Analysis
The lowest recorder price of IOTA is $0.08164. This was recorded on March 13, 2020. Compared to the current price of the token, the value has increased by 110.60%. The 24-hour price range of IOTA ranges between $0.169 and $0.1832. The seven-day price range of IOTA is between $0.1353 and $0.1968.
Final Thoughts
The foundation confirms that the latest update will transform the network. The move-based tenant is live in the network and it supports a smooth transition. Developers and community members can easily experiment with the latest features. The voting regarding the network update will start on December 2.
As per the reports of the primary survey, there is a community approval of 95 to 5%. The open-source product of IOTA is suitable for businesses, institutions, and individuals. The current initiative of the platform includes infrastructure development. However, investments should be made after careful research and consideration.
Shiba Inu Head Slams Litecoin For Changing Identity To Meme Coin
