At $3.33, IOTA (MIOTA) has fallen by about 7.5 percent in the past 24 hours. In the last seven days, its price has declined by 15.6 percent. Are these numbers scaring you away from this Internet of Things (IoT)-based cryptocurrency?
Don’t turn away just yet. This coin has still grown by nearly 160 percent in the past month. Ten Days ago, it was trading above the $5.00 mark. The current dip may be very temporary. That means that now could be an optimal time to buy – before the price inevitably jumps back up.
After all, IOTA (MIOTA) is one of the most popular altcoins on the market. And with $9.26 billion total market value, it is the seventh most valuable crypto-coin worldwide. It is even more popular than Monero (XMR) and Dash (DASH).
Why is IOTA a Good Cryptocurrency Pick?
This week, a major investment group announced that it bought a sizeable amount of MIOTA. Robert Bosch Venture Capital recently said that it now owns a “significant number” of the IoT-based cryptocurrency. That’s a pretty big deal. More importantly, it further legitimizes the potential of this popular altcoin.
There’s also been another big step toward IOTA becoming a legitimate currency. One of Bosch Venture Capital’s partners, Hongquan Jiang, is not on the IOTA Foundation’s advisory board.
But why is Bosch suddenly so confident in this particular digital currency? Well, a lot of people already trust MIOTA. In fact, more than $10 billion dollars of it have already been exchanged among its investors.
What Kind of Technology Does IOTA Offer?
This currency has a ton of potential concerning the Internet of Things (IoT). It can be especially useful for companies that work with the IoT. IOTA, which is still in its early stages, can automate a lot of back-end solutions. With this blockchain technology, IoT projects can be scaled up without increasing transaction costs.
Connected devices, like refrigerators and cars, will soon all interact with each other. They will also carry out a lot of automated functions. In the future, a connected device that needs a new part will be able to order the replacement part by itself using MIOTA. It is this blockchain’s predictive maintenance applications for IoT innovations that is getting so many investors excited.
With the kind of technology that IOTA is offering, companies can save a lot of money – and time. Humans won’t have to constantly inspect devices, or spend time ordering replacement parts or repairs. The machines will do it themselves.
Apart from the supply chain and asset management efficiencies that IOTA can provide, it’s just a cool concept. People are into it because it feels futuristic. It feels like we are investing into something that will truly disrupt things.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.