IoTeX (IOTX) cryptocurrency is surging with gains of 190 percent in the last 24 hours. It hit a new all-time high above $0.10 on Aug. 11 ahead of its Coinbase listing. Since then, it has pulled back a little from the peak. What’s IOTX crypto's price prediction and can it reach $1 soon?
Before getting into assessing IOTX's price prediction, it’s important to know what the crypto is about to see if it fits your investment taste. While there isn't a shortage of cryptocurrencies to buy, not all of them have a promising future.
What is IOTX crypto and how does it work?
IoTeX is a blockchain platform for the IoT (Internet-of-Things). Developers pay with IOTX token to access the services on the platform. IoTeX project’s competitor is Iota, whose MIOTA token price has also spiked recently.
Why IOTX crypto is going up
The crypto’s latest spike can be linked to its Coinbase listing. IOTX token is set to start trading on Coinbase alongside Tribe (TRIBE), TerraUSD (UST), Orion Protocol (ORN), and Quickswap (QUICK) on Aug. 11.
Coinbase is the largest crypto exchange in the U.S. It’s also the favorite platform for large institutional investors to make their crypto trades. For example, Tesla made its $1.5 billion Bitcoin purchase through Coinbase. Investors think that the Coinbase listing will increase IOTX token’s exposure to big investors and cause the price to appreciate quicker.
Is IOTX crypto's supply capped?
Some 9.5 billion IOTX tokens are already circulating and the maximum supply is capped at 10 billion tokens, which shows that the crypto is close to hitting its supply limit. Similarly, Iota crypto has a fixed maximum supply and has already reached its supply limit of about 2.8 billion tokens.
Is IOTX crypto a good investment?
IOTX crypto ranks among the best-performing altcoins in 2021 with gains of more than 1,200 percent. The best outcome has been for the brave investors who took advantage of the crypto’s sharp pullback in March 2020 to buy the dip. Those investors have seen their money grow more than 7,000 percent.
The reason you might want to know IOTX crypto’s price prediction is to try to gauge if it could reward investors in the future. The uptake of IoT technology is increasing rapidly across industries.
For example, the IoT market size in the agriculture sector is predicted to reach $1.5 trillion by 2027 from $250 billion in 2019. That suggests a huge growth opportunity for IoTex blockchain and its IOTX token.
IOTX crypto price prediction and how it could reach $1 in 2021
As IOTX crypto runs hot, the focus has turned to its price outlook. There's a high chance the altcoin could reach $1 in 2021. Its monthly gains have averaged 120 percent over the past year. If it continues to climb at that rate on a compounded basis, IOTX's price could surpass $1 before the end of 2021.
Where to buy IOTX crypto
If you like IOTX crypto’s price prediction, you might want to add it to your portfolio. The altcoin is about to start trading on Coinbase where investors will have a chance to buy it directly with the U.S. dollar. Coinbase lets you buy cryptos with your PayPal balance.
Before the IOTX token lands on Coinbase, you can buy the altcoin with other cryptocurrencies like Bitcoin or Ethereum on Binance, KuCoin, and Gate.