IOTA (MIOTA), one of the most popular cryptocurrencies in the market, could experience a massive price increase in the future. The digital currency is going to be powering the Internet of Things (IoT) and be used among other companies. There are some reports that are currently analysing whether it is possible for the asset to reach $55 in the future.
IOTA Could Control 10% of the IoT Market
The cryptocurrency market has had several digital currencies that skyrocketed after they reached an important part of the market in which they operated. IOTA could also grow in the future if it finally controls 10 percent of the IoT market that is currently expanding all around the world.
According to Taipei Style, a recognized cryptocurrency analyst, IOTA has the potential to grow 18,333 percent and reach $55 after 5G is completely rolled out. That means that IOTA would have a valuation of $150 billion, this is 50% more than the current market capitalization of Bitcoin.
About it, Taipei Style wrote on Twitter:
“If IOTA would be responsible for 1 percent of the Internet of Hings spend, that would mean a market capitalization of $15 billion. With a participation of 10%, this value would already be $150 billion.”
If #IOTA would be responsible for 1 percent of the Internet of Things spend, that would mean a market capitalization of $ 15 billion. With a participation of 10%, this value would already be $ 150 billion.
150 billion USD = rate of 55 USD/MIOTA
分享者 Bitcoin_Julko pic.twitter.com/hJQkKiwXSo
— Taipei Style (@change5168) May 4, 2019
Back in 2017, during the bull market experienced by the whole crypto space, IOTA reached $5.25 per coin and it had a market capitalization of $15 billion. That means that in the future, IOTA could reach 1 percent of IoT transactions.
Moreover, there is another analyst that said that companies that operate in the IoT market should accumulate IOTA coins if they want to remain relevant.
According to a recent report released by Forbes, the IoT market is expected to reach $521 billion as soon as in 2021 and a compound annual growth rate (CAGR) of 50 percent. There will be an increased interest from companies and enterprises from all over the world that want to use IoT technologies, and IOTA is getting prepared to be at the forefront of this market trend.
At the time of writing this article, IOTA is the 16th largest cryptocurrency in the market. It is possible to purchase MIOTA for $0.292, as reported by CoinMarketCap. At the same time, the digital currency has a market capitalization of $811 million and in the last 24 hours it lost 2.87% of its value.
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