IOTX Price Prediction: Why is IOTX going up? Here's all you need to know

Cryptocurrency IOTX is the latest coin to jump on the bullish bandwagon of crypto tokens. IoTex or IOTX price rose over 111 per cent in the last 24 hours, according to CoinMarketCap. The coin is currently on the surge and has surpassed 1b in market cap, placing it among the top 100 cryptocurrencies. The coin was trading at USD 0.165 on major crypto exchanges as of 1:30 pm, Thursday.  

What Is IOTX?

Launched in 2017, IoTeX is an auto-scalable and privacy-centric blockchain infrastructure for the Internet of things (IoT). According to its developers, the project is the fastest, most secure, and most scalable blockchain platform on the market. “IoTex is on a mission to build a connected world where people will own their own data, devices and Identity,” a statement on the company’s website read.

Why is IOTX price rising?

IOTX, which has been constantly on the rise for the past few weeks suddenly surged in the last few hours and it hasn’t stopped. The surge in IOTX price comes mainly from the partnerships announced by the company on Wednesday. The company made back-to-back announcements regarding their partnership with Travala.com and NOWPayments. The tie-ups with the companies saw investors splurge more into the coin as it began to build a stronghold in various sectors. Yet another possible reason for the bullish run of the coin could be the IoTeX’s conference that took place on Tuesday which seemed to have had a positive effect on the coin’s investors.

IOTX price prediction

IOTX’s surge can be considered a positive for all investors of the coin but it still hasn’t ‘exploded’. The coin could continue the rally and set yet another all-time high in the next few hours. However, this wouldn’t become possible if investors keep booking profit on the coin’s surge. Several cryptocurrency coins including Ethereum, Solana, Shiba Inu and the market leader Bitcoin are all on the bull run. For IOTX to keep a positive valuation rise, the surge needs to continue. According to investors, IOTX, owing to its constant development could set new highs in the coming days but reaching the USD 1 mark doesn’t seem possible in the next two to three years.

Image: Unsplash