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Highlights
- On Thursday, IoTeX (IOTX) was one of the top gainers in the cryptocurrency market registering gains by 75%, along with a massive volume rise as well by 13.22%.
- The rally comes following co-founder Raullen's announcement that IOTX is closer to making IoTeX a globally accessible crypto asset.
- He elaborated that the crypto world could soon witness IOTX building a decentralised network that will power billions of devices and machines at scale.
A week ago, IoTeX (IOTX) was one of the top gainers in the cryptocurrency market, following its partnership with Travala.com. On Thursday, it seemed to have maintained its bullish run and was one of the top gainers following its DeFi live event. During the event, the IOTX co-founder Raullen presented the ideas about MachineFi and Metaverse, which has taken the world by storm.
Raullen, during the event, emphasised how the company is inching closer to making IoTeX a globally accessible crypto asset. He elaborated that the crypto world could soon witness IOTX building a decentralised network that will power billions of devices and machines at scale. Market participants have welcomed the IOTX's plans to integrate Metaverse, cryptocurrencies and smart devices.
Also read: Will Unido EP (UDO) crypto’s rally last for a while?
In what is seen as the beginning of the new Metaverse era with the Travala.com partnership, IOTX could see them competing with bigger players of the cryptoverse with the new announcement. On Thursday, IOTX had registered gains of 75%, along with a volume rally of massive 313.22%.
Another reason for the rally could be the integration of Chainlinks oracles into the IoTeX blockchain. With this, the IOTX community can develop innovative DApps, which would enhance the network's utility.
Also read: How long can the Decentraland (MANA) rally last?
What is IoTeX?
An auto-scalable data and privacy protection-centric blockchain infrastructure for the Internet of Things, the IOTX is perhaps one of the most secure and scalable blockchain platforms in the market. Operating on the Ethereum blockchain, the IoTeX ecosystem allows different blockchain networks, wallets, and projects to run through its scalable networks. Being an EVM-compatible blockchain, it also allows the flexibility to Decentralised Applications (DApps) to power the network transactions and smart contracts.
Investing in IOTeX
IOTeX has moved up considerably from the past one week and has grown in market cap as well. From previously ranked 85th, it has climbed up to 72 as per market cap on CoinMarketCap.
IOTX is trading at US $0.233949 with a 24-hour trading volume of US $3,573,766,589. At the time of writing (BST 11:50 am), IOTeX was up by 75% in the last 24 hours. IOTX is enjoying a live market cap of US $2,232,056,038 with a circulating supply of 9,540,779,324 IOTX coins.
IOTeX continues to grow and is showing signs of a promising token. It can very well break into the top 50, provided the Bitcoin or Ethereum can maintain a US $65,000 support. With November traditionally being the month where cryptocurrencies do well, investors can keep an eye on this token.
Market experts predict the bullish run will continue over the next few days, with the prices having the potential to grow over +97.42%, with the price potential reaching US$197 by 2026.
