Last week, German non-profit firm IOTA launched an IoT or Internet of Things-based data sharing marketplace, partnering with big companies including Microsoft and Samsung. Since then, its price had jumped considerably and cryptoinvestors and traders have been trying to gain access to the undervalued asset which started at a value of around $0.8-$1.2 and is now valued at over $4.7.
This surge has placed IOTA among the big league cryptocurrencies wherein it is positioned as the fourth with a market cap of $12.4 billion – surpassing Ripple which has a $9.5 billion market cap, way ahead of Litecoin with a market cap of $5.6 billion.
Those who invested in IOTA are still piling into the coin, causing its price to soar. The price of the MIOTA token has jumped 350% within a week and it continues to rise. One of the factors which may be influencing this is investors’ fear of missing out, causing them to trade their Bitcoin for Miota.
IOTA, marketed as the next generation of the blockchain, works differently from distributed ledger assets like Ethereum or Bitcoin. It is called a Directed Acrylic Graph or a Tangle which works without blocks or a chain – it would be more accurate to describe it as a web of nodes which can get verified at high speeds so it wouldn’t need miners. This also allows it to escape slow transaction delays or associated expenses.
For a cryptocurrency such as IOTA, the only problem is that it is off the list of many major exchanges such as Kraken, Bittrex, and Cex.io. However, it is available on Bitfinex which is based in Taiwan, except not to US citizens. As of now, the only option for most is Binance, which is based in Hong Kong. As it is limited to only one exchange, the uptake is also limited – this is a problem experienced by any altcoin not listed on most exchanges. So, to gain access, altcoins traders must open accounts on said exchanges – which will cost fees, commissions, and time. With the latest surge, many traders have begun fearing that they may be missing out on the action and continue to pour investments into the coin.
Still, even with the problem of accessibility on exchanges, there is still hope – if a blockchain solution such as BitShares or one currently in development by OmiseGO will be widely adopted to facilitate low-cost, high-speed exchanges across all cryptocurrencies without using centralized and sluggish exchange companies. But until then, those who want to invest in IOTA must find their own ways of gaining access to the currency.