IOTA (MIOTA) has been performing pretty well since the recent boost in the markets on Thursday, 12th April. Prior to the massive pump on Thursday, IOTA was flirting with the support levels of $0.99 to $1.02. However, as soon as Bitcoin jumped $1,000 in 30 minutes on Thursday, the rest of the market followed suit. IOTA has since risen to the highs of $1.65 witnessed today, April 16th. This is a gain of 66% from the earlier mentioned levels before Thursday. Yesterday was particularly good for IOTA for it did 22% in gains in a period of 24 hours.
So what could be causing the current market resurgence?
The first theory that has been postulated to explain the massive excitement on Thursday, is the announcement by an Islamic Scholar that Bitcoin was compliant with Sharia Law. This is hinged on the fact that such an announcement, opened the cryptocurrency markets to a new demographic that is 1.9 Billion strong and growing by the day. Islam has been slated as being the fastest growing religion in the world due to the fact that it has its reach in nations in the fastest growing regions (population-wise) of Africa, the Middle East and East and Central Asia. There is also a growing number of faithfuls in the West.
A second reason as to why the markets have rebounded, could be attributed to the fact that the American Tax season is coming to an end. The refunds might have already started hitting the bank accounts of faithful American Tax payers who are only willing to pump that money into the markets. This theory is in line with what Thomas Lee had said when he told traders to HODL their Bitcoin till the 17th of April. That date is tomorrow and the markets are steady with Bitcoin at the levels of $8,000. Ethereum is also stable at levels of $500 and at the moment of writing this. Perhaps as more crypto savvy Americans get their refunds, they will be willing to buy more cryptocurrencies.
What about IOTA? What could be causing its double digit increase in value?
With respect to IOTA, past market performance of the coin can be noted as a factor to the current gains in the markets. Back in mid December, IOTA was trading at $5.69: up 790% from its fairly low introductory price of $0.638 in June, 2017 – when it first hit the markets. The IOTA community backing the project is also considerably large with Reddit having the most subscribers at 109,060 on its subreddit page . Most of the project’s fans are long time HODLers of IOTA. They believe in the potential of the fee-less coin known as IOTA and the development team behind it.
Secondly, there has been a lot of speculation on the release date of the much anticipated Trinity wallet. The development team has been aided by members of the IOTA community to fast track the release of the wallet that is meant to take the project to new heights. The delays have been attributed to a lack of having standardized coding guidelines. Another factor highlighted as a case of the delay on the IOTA blog is lack of proper communication in terms of have set timelines and progress updates.
In conclusion, the general cryptocurrency markets have been bullish for the past few days. This has led to most, if not all cryptocurrencies, experiencing gains that have caused excitement all over the Crypto-verse. IOTA continues to be a relevant coin and project due to its vision of fee-less transactions and revolutionizing The Internet of Things. The project’s vision is to enable all connected devices through verification of truth and transactional settlements which incentivize devices to make available its properties and data in real time.
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