IOTA (MIOTA) News – IOTA (MIOTA) loses 91% in 2018

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Many cryptocurrencies have lost a significant value in this very year. One of the cryptocurrencies which was considered to be more fundamentally strong as compared to other cryptocurrencies was IOTA (MIOTA). However, it also has lost a significant amount of value in 2018. While there are still few days to go for 2018 but the report card for this cryptocurrency does not look good.

IOTA (MIOTA) loses 91% in 2018:

At the start of the year, this cryptocurrency was trading around $ 3.56. The market cap was around $ 9.88 billion. When you look at the price today, it is around $ 0.3282. The market cap is around $ 912 million. This clearly indicates that it has lost over 90% of its value.

As compared to the other cryptocurrencies, one thing which is unique about this cryptocurrency is that it offers a blockchain, which can help you in connecting real-world devices as well as sensors. This data can later on be monetized as well. That is the reason why the application of this particular cryptocurrency is much stronger as compared to some of the others. This was the reason why its value had increased by such a significant amount.

This however did not prevent it from falling more than 90%. Currently, as of today it is at a fraction of the valley where it was trading approximately a year earlier. This clearly indicates that it has a long way to go when it comes to recovery. Another factor which you have to keep in mind is that only when the traction on the blockchain increases, the value of the cryptocurrency will increase as well. Irrespective of the potential in the application, unless and until there is real-world traction, it will be very difficult for IOTA (MIOTA) to recover.

There is no doubt that Internet of things is the future. However, how many of those devices actually use this blockchain in order to connect the data and in order to operate the devices remains to be seen. If the blockchain is not used by a wide number of devices, it might not be able to gain the traction which it had a year earlier. This is one of the main reasons why it is important for the investors to actually monitor the traction and the usage of the blockchain rather than just the qualities of the blockchain. Only when there is any kind of real-world traction, can it recover some of the lost value.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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