IOTA is an open-source distributed ledger protocol launched in 2015 that goes beyond blockchain through its core invention of the blockless ‘Tangle’. This is a quantum-resistant Directed Acyclic Graph whose digital currency has a fixed money supply with zero inflationary cost.
IOTA vs. Bitcoin
Consolidation is the name of the game for IOTA against bitcoin so far, although it’s worth noting that the former is up by 13.14% against its counterpart for the day. A symmetrical triangle can be seen with a breakout due anytime soon since price is approaching the peak of the formation.
However volume remains subdued at the start of the week as traders are still waiting on market catalysts to dictate which direction it might go. For bitcoin, news on Chinese regulation could be key in determining the next moves as an actual shutdown of exchanges could mean sharp losses for the widely-traded cryptocurrency.
IOTA vs. USD
Against the dollar, IOTA is up by 11.18% even as the US currency has been supported so far in the week. A bit of a descending channel can be seen since the previous day as price formed lower highs and higher lows.
The next catalyst for this pair might be US economic data, particularly CPI and retail sales. For today, the PPI report is on the docket and might provide a preview for the official inflation figures. A rebound is eyed and stronger than expected results could prop the dollar against IOTA.
IOTA vs. Ethereum
Lastly, IOTA is up 12.10% against ethereum and sideways price action is evident on this pair. Price has been bumping off the resistance at 0.0020 and has found support at 0.00195. Volume has been picking up from time to time and might soon be enough to spur a break higher or lower.
IOTA uniquely offers zero-fee transactions no fixed limit on how many transactions can be confirmed per second. Scaling limitations have been removed, since throughput grows in conjunction with activity. The more activity, the more transactions can be processed the faster the network. Unlike blockchain architecture, IOTA has no separation between users and validators. Instead, validation is an intrinsic property of using the ledger, thus avoiding centralization.