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Summary
- Cryptocurrency IoTex prices jump over 60 per cent following its listing on crypto exchange Coinbase Pro.
- IoTex is a machine economics blockchain protocol focused on the internet of things (IoT).
- The IOTX token’s 1-year prices are forecasted to reach US$ 0.0446, according to Wallet Investor, and US$ 0.1935 according to Digital Coin Price.
Cryptocurrency IoTex (IOTX) surged over 60 per cent in the past 24 hours after its listing on cryptocurrency exchange Coinbase Pro on Wednesday.
IoTex has been among one of the highest performing cryptos on cryptocurrency database CoinMarketCap for the past week since news of a possible Coinbase listing was announced.
Coinbase is the largest cryptocurrency exchange and has major institutional investors who transact on the platform. Thus, newly listed cryptocurrencies on the exchange tend to rally following their listing on it, which has been termed as the “Coinbase effect”.
What is IoTex (IOTX)?
IoTex is a blockchain platform for the Internet of Things (IoT) and is focused on machine economics. It is an auto scalable and privacy centric blockchain protocol.
The protocol can connect IoT devices to decentralized applications and has applications in smart devices, self-driving cars and other IoT devices. There are currently 6,900 devices using the blockchain.
IoTex’s native and governance token is IOTX, whose prices jumped by 60.02 per cent in the past 24 hours, to US$ 0.1181 as of 12 August at 06:56 AM GMT+1. The token had touched an all-time high price of US$ 0.148 earlier today.
Moreover, IOTX’s live price has risen by 414.21 per cent in the past week, buoyed by exchange listing news and Bitcoin’s recent rally. Thus, making the IOTX token the highest riser on CoinmarketCap in the past 24 hours and past 7 days, across all cryptocurrency categories.
IOTX’s market cap stands at US$ 1.18 billion, and its total traded volume is at US$ 4. 386 billion, which is up by 323.68 per cent.
The token’s return on investment for investors who bought the token during its launch stands at a whopping 291.59 per cent as of 12 August.
Also Read: 5 altcoins all set to rally again as Bitcoin soars
How high can IoTex (IOTX) prices go?
Currently, IOTX has a 78 rank on CoinMarketCap. However, with its latest listing and the recent announcement of a partnership with cryptocurrency Unifi (UNFI), the coin has significant upside potential.
According to cryptocurrency statistics website Wallet Investor’s 1-year forecast, IOTX prices can touch up to US$ 0.0446, and its five-year forecast estimates IOTX prices to trade at about US$ 0.134.
Another cryptocurrency statistics website Digital Coin Price, forecasts IOTX’s prices to touch US$ 0.1669 in 2021, US$0.1935 in 2022, US$ 0.402 by 2026 and up to US$ 0.511 by 2028.
Meanwhile, crypto investor site, GovCapital predicts IOTX’s 1 year forecast price at US$ 0.174087 and its five-year forecast prices to be at US$ 0.241
About 9.5 billion of the IOTX tokens are currently in supply. Its supply is capped at 10 billion, indicating it is close to reaching its maximum supply cap.
Also Read: ADA jumps 22% in 24 hours as investors eye Cardano’s Alonzo hard fork
