Metrics

Is IOTA The Next Crypto Asset To Break Out?

Of the many cryptocurrencies on the market today, it would appear that IOTA is in a good place. Following some recent behind-the-scenes developments, the asset recently reclaimed the $2 price level. Even after the market dip, MIOTA holds its own relatively well. 

Decent IOTA Price Performance

It is interesting to see how the different markets handle the recent market onslaught. Whereas Bitcoin and Ethereum are still in the dirt, some of the alternative markets perk up slightly. IOTA is performing relatively well in this regard, perhaps even better than most had expected. As its price hovers near $2 under these circumstances, there may be some upward potential over the coming days and weeks.

Statistics-wise, IOTA is – like other markets – down by a fair bit over the past 30 days. Overcoming a 15.3% deficit is not as impossible as it may seem, however. The daily performance looks somewhat decent, and the weekly is down by just 1.9%. All of this seems to indicate there may be some upward potential for IOTA shortly. Additionally, it is essential to look at some recent developments.

Chrysalis Upgrade

The significant upgrade for IOTA’s ecosystem is the introduction of Chrysalis. It is the most significant update for the ecosystem since its inception in 2016.  Making IOTA production-ready is an essential process for this ecosystem. In essence, it helps remove the Coordinator from the equation. Furthermore, it gives enterprises, developers, exchanges, and other partners a way to integrate their solutions. The future of IOTA is likely to include smart contracts, tokenization, decentralized finance, oracles, and much more. 

Setting Up An IOTA Node

Similar to other ecosystems, the IOTA network needs as many nodes as possible to transmit and relay crucial information. It now appears setting up such a node is becoming relatively straightforward and isn’t too expensive either. There is a good guide on installing an IOTA node on a Jelastic VPS in roughly ten minutes. Getting more users onboard with this process will allow for ongoing ecosystem growth, which is all one can ask for. 

A Trustless Asset Bridge

Perhaps one of the more intriguing announcements that hasn’t received much attention is building a trustless asset bridge. This bridge will connect IOTA to Ethereum. 

As IOTA’s network wants to become compatible with smart contracts, a bridge to Ethereum can prove rather beneficial. An exciting development worth keeping an eye on.

Conclusion

A lot is happening in the cryptocurrency world these days. Whereas most people keep a close eye on the prices, there is always more to discover. For IOTA, a lot is going on behind the scenes that people seemingly pay little attention to during times like these. It is apparently a matter of time until these developments start to influence the MIOTA price in one way or another. 


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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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