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IOTA Price Skyrockets 70% To Hit New Yearly High – Could This Altcoin Pump Next? appeared first on Coinpedia Fintech News
Bitcoin’s bullish strength is now being reflected across the rest of the crypto market, with altcoins such as Celestia, Beam and Terra Classic all skyrocketing by over 20%.
IOTA is another small-cap that has broken out of its consolidatory price action, soaring by 74% over the past week.Just as the Bitcoin price hit a new yearly high of $39,000 earlier this week, the IOTA price breached the $0.33 mark on Saturday for the first time in 2023 and has continued to trade near the $0.315 level since.
With a 20% bull rally today, the token is on the cusp of breaching the $1 billion market capitalization, thanks to a 190% surge in its trading volume.According to CoinMarketCap, IOTA is the 58th largest asset in the crypto market, with a market cap of $967 million.
The token’s bullish trajectory could be attributed to the launch of the new
IOTA Ecosystem DLT Foundation in Abu Dhabi, seeded with over $100 million.It is now the first DLT foundation regulated with the Abu Dhabi Global Market in the United Arab Emirates, ideally placing it for rapid expansion in the MENA (Middle East and North Africa) region.
Why Is IOTA Price Pumping?
ADGM CEO Hamad Sarah Ali Mazrouei and IOTA co-founder Dominik Scheiner signed the launch of the IOTA Foundation on the 29th of November.
The announcement was given widespread coverage even by mainstream news publications such as Reuters and Daily Mail UK, which was immediately followed by crypto exchanges listing the token on their platforms.LBank launched the IOTA perpetual contract with up to 20x leverage, as did
MEXC.
IOTA is expected to transform from an enterprise DLT network to a next-gen L1 blockchain.By the first quarter 2024, it will become fully EVM-compatible, ideal for DeFi and Gaming applications.
This transformation will only be a small part of the broader movement towards
IOTA 2.0.
IOTA 2.0 claims to build a “decentralized, egalitarian and sustainable DLT”, which will entail fee-less transactions, utility-based tokenomics and reality-based conflict resolution.It will also incorporate a collaborative, asynchronous Nakamoto-based mechanism, which will allow for real-time consensus.
Back in October, the Stardust hard fork laid the technical bedrock for IOTA 2.0, which will be rolled-out in a step-by-step process over the next few months.
The new EVM-compatibility and RWA assets are expected to launch in the first quarter of 2024.
In additional technological advancements, Dominik Schiener revealed that his foundation will
tokenize carbon credits and build carbon markets on IOTA, which will help in bringing about climate justice.
How High Can IOTA Go?
IOTA was one of the most bullish cryptocurrencies in the bull run of 2017, hitting a new all-time high of $5.25.However, it has since been outshined by other newer cryptocurrencies – the token only reached a high of $2.36 in the 2021 bull market.
With the upcoming launch of IOTA 2.0 and the establishment of a new IOTA Foundation in Abu Dhabi, bulls would hope that the crypto could breach a new all-time high in the upcoming crypto bull run.
As previously mentioned, IOTA has already skyrocketed over 72% in the past week to trade near $0.315 today.
IOTA technical analysis from TradingView gives a “Strong Buy” signal to the token in the daily time-frame.
However, it still faces strong resistance in the weekly and the monthly time frames.
The $0.32 to $0.33 price range could be a tough area for IOTA to breach, due to confluence of 100-week simple and exponential moving averages.Subsequently, the token will face resistance in the $0.49 – $0.51 range, due to the 50-month and 200-week exponential moving averages.
However, as Bitcoin continues to climb over the next few months, IOTA could surge past these resistances as well.
Trader
Crypto Tony believes that the token will continue its bullish trajectory over the upcoming days, predicting a price target of $0.40 and $0.66.
Could The Bitcoin ETF Token Skyrocket Next?
IOTA isn’t the only cryptocurrency expected to soar during the next bull market, experts such as
Jacob Bury and Matthew Perry are also bullish on the new Bitcoin ETF Token.
After all, the current Bitcoin bull rally is a result of the market front-running a potential spot BTC ETF approval.The new $BTCETF has come up with innovative reward-based tokenomics to harness the ongoing ETF frenzy, which has led to the token raising over $2.2 million in its ICO in less than a month.
The project has designated 5 key milestones at which point it will reward all the $BTCETF holders through token burns.The first milestone will be achieved when $BTCETF has a daily trading volume of $100 million – a significant step towards the token’s widespread user adoption.
The second and the third milestones will be hit when the first spot Bitcoin ETF is approved and when it is launched in the market, respectively.
Lastly, the fourth and the fifth milestones will comprise the ETFs achieving a cumulative asset-under-management of $1 billion and the Bitcoin price hitting $100k, respectively.
At each milestone, 5% of the token supply will be burned to create a deflationary impact – the induced scarcity could boost the Bitcoin ETF Token’s price.Additionally, the transaction will be decreased by 1%.
These rewards will allow traders to reap the maximum benefits from the ongoing ETF buzz.Investors will also be able to earn
passive income, right from the presale itself, currently at an APY of over 100%..
