Author: Özge Nur Karakoyun
Publication date: 15.01.2024
IOTA is distributed ledger built specifically for the ‘Internet of everything’’, a unique type of network used to exchange value and data between people and computers. It can be described as a cryptocurrency that is scalable, decentralised, modular and has no transaction fees. When we mention the term ''IOTA'' It often links it with technology. In this article, we will see how IOTA works and its importance, price prediction in 2023 and whether it is worth investing in 2023.
How does IOTA work?
IOTA introduced a different data structure called Tangle. This type of structure stores and manages numerical representations in an unprecedented way. This structure eliminates the topographical barriers and inherent limitations associated with traditional blockchain usage. The IoT network allows Bitcoin to overcome the scalability problem.
IOTA's Tangle network transactions can be processed simultaneously, unlike other blockchains; they do not have to follow the order in which unconfirmed transactions are kept in a queue. Additionally, IOTA is designed in such a way that as the Tangle acquires more nodes, the network will become more efficient and secure.
Tangle (IOTA) with its features
IOTA's system is cheaper, more efficient and less power-consuming than traditional blockchain-based systems. This is because Tangle does not require full node miners.
IOTA's value in investment
IOTA derives value from the services it provides to its users; free transactions, near-instant transaction verification, and unlimited scaling potential. What’s more, IOTA's design has many other benefits, such as consuming less power compared to most other cryptocurrencies. All of these features contribute to the versatility and functionality found in the IOTA network. It can also be very attractive to investors.
IOTA price prediction in 2023
When discussing IOTA's market sentiment, crypto experts and community participants are optimistic about IOTA's trajectory. According to most of the IOTA price predictions from crypto experts and analysts, the short-term predictions seem to be mostly bullish.
According to the technical analysis of IOTA prices expected in 2023, the minimum cost of IOTA will be $0.285. The maximum level that IOTA price can reach is $0.304. The average transaction price is expected to be around $0.324. Our total profit in 1 year between 01.01.2023 and 31.12.2023 is seen in the IOTA profit calculator as 2.31 dollars. This corresponds to 131.34% profit.
An example from 2023 on tradingview
To give an example, as we see in the chart, the Token has seen its price exceed $2 again, despite losing more than 10% so far this year. Today it fluctuates between $0.15 and $0.18, with resistance at $0.23 and then $0.25. It should be noted, though, that the IOTA network offers extremely low rates. That’s why some analysts are pushing IOTA above $0.5 by the end of 2023.
Looking at the price history, even if this is a slight increase, the potential and projection it has shown so far can easily be surpassed. We will be talking about the maximum in 2023.
Effective investment in IOTA
IOTA is one of the most promising projects ever created in the crypto space. Experts and analysts say that IOTA will have growth potential in 2023 thanks to its efficiency, scalability and security. The idea behind this is excellent and the price prediction is also optimistic. Thus, it shows that it is worth investing in it.