Top Performing Altcoin IOTA Stuns Market with 40% Surge
IOTA, the open source native cryptocurrency Distributed Ledger Technology (DLT) platform has emerged as the best performing altcoin in the past 24 hours. The asset has surged in value by 40% during this period and is currently trading at $0.48.
As an altcoin that has been out of the spotlight for a while, many may be wondering why the coin is suddenly skyrocketing. this On-chain analysis The reasons why and what’s next for cryptocurrencies are revealed.
IOTA sees old cryptocurrencies leading the way, with growing demand
According to BeInCrypto’s analysis, IOTA stands out As the top performing altcoin. This is largely due to the broader market’s increasing interest in older cryptocurrencies from previous cycles. Famous assets such as VeChain (VET), Hedera (HBAR), and Algorand (ALGO) have seen significant bids in the past 24 hours, with many of the tokens being launched between 2017 and 2020.
In addition to the growing demand for older cryptocurrencies, IOTA’s strategic focus is to become Real World Asset (RWA) Project Consolidated his position.
also, start Rebased governance voting aims to reduce transaction costs, increase throughput, and introduce Move-based smart contracts on a parallel DAG-based layer 1 ledger, further strengthening IOTA’s bullish outlook.
From an on-chain perspective, Santiment data shows that IOTA’s transaction volume has climbed to $675.51 million. The value is the highest it has reached since November 2017, validating the idea that the cryptocurrency is getting a lot of bids.
If trading volume continues to rise along with the price, IOTA could be worth more than $0.48 in a few days. In addition to trading volume, IOTA’s open interest (OI) also climbed to $72.37 million. OI measures the level of speculative activity surrounding cryptocurrencies.
High open interest usually indicates that large amounts of capital are flowing in and new long positions are being established. This shows that traders are becoming more confident that the market will rise, triggering bullish sentiment.
On the other hand, low open interest means traders are withdrawing funds and closing existing positions. Therefore, rising altcoin OI reflects increased participation, suggesting that altcoin prices may continue to fluctuate upward.
IOTA Price Prediction: Approaching the $1 Mark
On the IOTA/USD chart, Bull Bear Power (BBP) is showing significant gains. BBP compares the strength of buyers and sellers. When it rises with the green bar on the histogram, it indicates that the bulls are in control.
On the contrary, if BBP is negative, it means that the bears have the upper hand and the price can rise. For IOTA, it’s the latter. Furthermore, the Money Flow Index (MFI), which shows the level of cryptocurrency inflows, has climbed, indicating that the buying pressure surrounding the coin is very high.
If this continues, IOTA’s price may rise to the high of the last candle, which was $0.53. In a highly bullish scenario of growing demand, it could get closer to $1.
On the other hand, if profit taking becomes a factor, IOTA could lose its status The top-performing altcoin fell to $0.28.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
