The whole cryptocurrency market is facing a slight bullish reversal after a few days of constant losses. Iota (MIOTA) in particular has had a good 24 hours as the price saw a 3% gain during the period placing it as the highest gainer amongst the top 20 coins. The internet of things (IoT) blockchain has a total of 2,779,530,283 MIOTA tokens in circulation worth $1,301,698,277 USD. IOTA is the 12th most valuable cryptocurrency currently, but as impressive as the numbers sound, most IOTA investors feel shortchanged.
The coin dropped off the top 10 charts late last quarter and plummeted even further to 15th at some point in late September after a massive selloff. However with the IOTA Foundation starting to show massive progress in the development of IOTA blockchain through partnerships and the Qubic Project, it doesn’t seem long before MIOTA breaks into the top ten largest coins charts once again.
IOTA to break into the top 10 in 2018
The potential Iota blockchain holds to break into the top 10 largest coins by market capitalization can heavily be linked to the three factors below:
1. IOTA Foundation to take over the automobile industry
The latest partnership to come from the IOTA Medium blog is one to keep an eye on in future. High Mobility and the IOTA Foundation signed a Memorandum of Understanding to collaborate on the integration of IOTA content, blueprints and tutorials into HIGH MOBILITY´s developer platform. This will see the bridge between car manufacturers and developers reduce greatly as they will be able to interact on a platform on the IOTA blockchain.
IOTA Foundation is making big moves in the car manufacturing industry – partnerships with Audi and Volkswagen to integrate IoT technology – being one of the biggest partnerships yet.
2. Qubic protocol offers a competitive advantage
One wonder that Iota holds above other IoT technologies including Ethereum Classic (ETC) is the Qubic Project. The project will be using the Iota blockchain to record its data and carry out transactions. The release of the Qubic project earlier in the year brought about a buzz in the crypto community as the benefits expected from it are deemed massive.
The test phase is expected to be released early next year and this may well lead to an increase in demand for Iota in the coming months.
3. Resolved the board-founders rift
One of the biggest challenges Iota has faced was the recent leaked emails of the founders, indicating a disagreement between them and the board of directors. The issue caused a huge fall in price of IOTA at a time the crypto market was in a bearish trend. As the prices of other coins fell, Iota plummeted harder.
However, the issue was quickly resolved as the two parties put away their differences to see the IoT project complete its milestones in a timely and efficient fashion. With such a big challenge now in the rear, the Iota development team is back to ensuring the coin takes its place amongst the ten best cryptocurrencies.