In recent years, the use of IoT has grown manifold, and it is being used in several areas ranging from smart homes to intelligent offices. In the coming years, its widespread adoption is expected as well. Currently, the worldwide IoT market is valued at $212 billion and connected IoT devices are expected to hit 35 billion by the end of this year.
However, with the increased adoption of IoT devices, a number of issues arise. These include improper data sharing, lack of transparency, and privacy concerns. For the IoT to fulfill its true potential, a new blockchain paradigm is required that can support billions of devices in an efficient and scalable manner.
While there are several blockchain projects that have been developed to address these issues, one of the most promising projects is IoTex. It is a blockchain-within-a-blockchain solution that can support billions of IoT devices and has been designed to be fast and scalable.
In this guide, were are not going to go into the nitty-gritty of IoTex. Instead, were are going to focus on the price predictions and whether IoTex is a good investment or not.
But just for the sake of getting things into perspective, let's have a quick refresher of what IoTex is.
What Is IoTeX?
IOTXis a blockchain-within-a-blockchain ecosystem designed to support IoT devices. It has been developed by the team at IoTeX and is one of the most active and prolific blockchain projects right now. The project involves both hardware and software components being integrated together to ensure that it offers a secure and streamlined platform for executing smart contracts.
The underlying technology of IoTeX is the Roll-DPoS consensus mechanism. This consensus offers several distinct advantages over traditional blockchain protocols. These include the ability to support high transaction throughput and better scalability.
IOTX tokens are used for resource allocation in the network, and they also serve as a medium of exchange between IoT devices and service providers. The main purpose of IoTex is to serve as an efficient blockchain platform for the Internet of Things.
As with many other blockchain projects, IoTeX has a lot of potentials. It aims at solving some of the most pressing problems related to IoT application development and usage. The sheer number of use cases that will be catered by this project can certainly increase its demand in the future.
But in the end, its widespread adoption will depend on how well it is implemented and used by developers. At this point, we should take note of a few things before proceeding with our analysis and predictions.
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IoTex In 2021: Everything You Should Know
IoTex has already been around for quite some time. During this time, the project has made a lot of progress and changes. Many things have happened which have pushed it ahead quite a bit.
In 2021 IoTex has made several strides in the industry and more so in the blockchain space.
Here are a few things to look out for:
IoTex has launched several products with its partners, and companies have started using its technology as an underlying protocol for their projects.
The IoT is slowly gaining traction among people, such that it is expected to increase significantly in the coming years.
The project has made significant progress in terms of IoT security solutions, providing an efficient and scalable platform for developers to build dApps.
Traditional businesses are starting to adopt blockchain technology, while some big companies have started deploying IoT devices.
IoTex has subsequently established several partnerships with government and private institutions to help build a strong IoT ecosystem based on the blockchain.
In 2021, IoTex partnered with a number of companies that either rely on it as an underlying protocol or use its core features and functionalities.
Here are just some of the main partners:
TrustWallet launched an IoTex staking app that allows IOTX users to stake their tokens and receive rewards or more dividends. Remember that TrustWallet is one of the most popular crypto wallets. Therefore, it will probably play a big part in the future of IoTex and its adoption
Cobo Wallet also released a mobile voting dApp for the IoTex Delegate program. This Cobo mobile voting platform enables votes to be cast with a built-in MetaMask.
These are just a few of the partnerships that IoTex has garnered so far. It will likely grow more as time passes and the IoT industry gains more momentum.
We are confident that the technology will see more growth as people more begin to use IoT-enabled devices in the coming years.
IoTex Price History
Although IoTex had dropped to as low as $0.01601 in late June, it is currently on an uptrend and keeps growing against expectations.
At the start of August, IoTex was trading at about $0.02. Less than a month later, it is up to $0.07962. That is a more than 290% increase in less than a month.
In retrospect, IoTex hasn’t always enjoyed such huge price spikes.
According to CoinMarketCap, the coin started trading towards the end of May 2018 where it went for as low as $0.0256.
However, during the first week of trading, it jumped to more than $0.069 then started dropping again. By mid-August 2018, the price was down to $0.00923.
Although it bounced back shortly after, the recovery wasn’t that impressive. The coin managed to reach $0.0196 towards the end of October but then struggled to surpass that level and went on a downhill momentum again.
In early February 2019, IoTex was trading at as low as $0.006. The fluctuations on the lower end of the price chart continued until late 2020, when the token began gaining momentum.
At this time, the whole cryptocurrency industry was swept by one of the biggest market-wide bull runs. As bluechip currencies like Bitcoin were hitting previously unimaginable milestones, IOTX began rising steadily, and towards the end of March 2021, it crossed $0.04.
Although it fell back to $0.033 in late April, it quickly recovered and jumped to $0.07839 by the end of April.
This spike was followed by another major downtrend that saw the coin trading at $0.0149 on June 25th, 2021. This was even lower than IoTex’s launch price.
Fortunately, the devastating crash didn’t last long. In fact, it was like some kind of a prelude to IoTex’s current uptrend.
From early August to date, IoTex has recorded one of its biggest price runs and doesn’t seem to be looking back. The token achieved its current ATH of $0.26 on November 13th and is currently trading at $0.10.
Check Out: Why IoTeX (IOTX) Will Skyrocket
IoTex Price Prediction For 2022 - 2023
2022 is going to be a critical year for IoTeX. By this time, it should have become one of the most used blockchains in the Internet of Things industry.
Therefore, we can expect its price predictions to rise sharply during this period, and if all goes well, it can potentially reach its all-time high by March 2023. It is also during this time that IoT devices will become increasingly connected, and we can expect it to be among the most widely used blockchain in the industry.
The following predictions do not include the potential for new partnerships or any other events that could positively impact IoTex's value. However, once these are included (e.g. a partnership with a major company), then the price can be expected to rise even further.
Wallet Investor starts off its predictions in 2022 on a bullish note and foresees a healthy gradual increase throughout January. The coin will start trading at $0.143 at the start of February and close the month at $0.155.
The growth might happen rapidly, and Wallet Investor predicts that IOTX might cross $0.160 in early March. By June, the coin would have risen to $0.182.
Wallet Investor predicts that IOTX might surpass $0.257 by the end of the year.
The uptrend will continue in 2023, with IoTex finishing January at $0.265 and then crossing $0.3082 towards the end of April. By August, Wallet Investor predicts that IOTX would have crossed $0.347 and by the end of the year, IoTex will be trading at $0.396.
On the other hand, Digital Coin Price believes that IOTX will close 2023 at $0.172, an increase of 72%, which is a promising sign for investors.
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IoTex Price Prediction For 2024 - 2025
By 2025, IoTex would have become a household name in IoT applications as well as blockchain development and implementation.
By then, we can expect its price predictions to quadruple from current levels, if not more. However, before that happens, there are going to be some challenges that will need to be overcome.
For starters, its adoption will need to increase, and if the number of IoT devices on its platform continues growing exponentially, then it can be expected that its value could rise even further.
If this happens, we can expect an explosive increase in IoTeX price predictions (of up to several thousand per cent) and a market cap of $100 billion not too long after.
There are a number of factors that will likely affect the price of IoTex in 2024, 2025 and beyond. These include supply and demand, adoption rate, growth of the IoT industry, research and development and competition from similar technologies.
While we do not factor in these factors in the price predictions, they will definitely have a major impact on the future of IOTX (more on that in the next section).
We have looked at several price predictions, and there is no doubt that IoTex will record substantial growth in 2024 and 2025.
Let’s start with Wallet Investor, which predicts that IoTex will kick off 2024 at $0.395.
At the start of February 2024, IOTX will cross over to $0.40 then reach $0.43 in March. The coin will keep following this linear momentum, and by the end of August, it might be trading at around $0.497. Going forward, the price will keep rising along the way to close the year 2024 at $0.544.
2025 will start at the same IoTeX price then close January at $0.557. The price will rally to the $0.3 level in May. However, the stay above this level will be tough by in August the price will hit $0.653 and the coin will start rising again to reach $0.679 in late October. IOTX will close 2025 at $0.7046.
Digital Coin Price is, of course, more bullish and predicts that IOTX will be worth $0.2222 and $0.2203 in 2024 and 2025, respectively.
On the other hand, Gov.capital remains fairly conservative and predicts that IoTex will start 2024 at $0.3093 and close at $0.4358 after a series of fluctuations throughout the year. The IoTeX token will then kick off 2025 at $0.4416 and finish the year at $0.566.
As you can see, we can expect a lot of mixed signals from IoTex going forward. While we can’t tell for sure how the coin will close each year, we are certain that the price will be much higher.
For now, let’s wait and see.
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The Future Of IoTeX - Will IOTX Rise In Value
IoTeX is among the top cryptocurrencies by market cap. So from an investment point of view, IOTX has some potentials to appreciate in value in the future.
From a price prediction point of view, we have to consider several factors that can influence the value of IOTX in the coming years. These include its adoption rate and the extent of its application; its scalability, and other technical aspects that could positively or negatively impact its value; as well as competition from similar projects.
Is IOTX going to be adopted in the IoT market?
When it comes to adoption, there are certainly a lot of economic factors that can influence its uptake. For example, whether IoTeX is accepted as payment by IoT service providers will directly impact on its demand and value.
Further, better partnerships could also increase its appeal among developers. This is particularly important considering that most of the IoT projects seem to rely on the IoTeX blockchain.
Taking all these factors into consideration, there are certainly a lot of potentials for IOTX to appreciate in value. At this point, though, it is still too early to say anything definitive. In our analysis, we will consider various possible scenarios to give a more complete picture.
Conclusion: Is IOTX A Good Investment?
IOTX can be a good investment for the long term. But as mentioned earlier, it is too early to draw any definite conclusions at this point in time. For one thing, the project is still in its infancy, and there are many uncertainties relating to it. For example: How will IoTeX perform against other blockchain projects in the IoT niche? How will its developers deal with competing projects?
Secondly, there is always the risk of unforeseen events that can influence its value. For instance: What if a major security loophole is discovered in it?
How will it deal with regulatory issues down the road?
Thirdly, from a long-term price prediction point of view, it seems too early to say. Because at this stage of development, there are still many things that can influence its price, ranging from the adoption rate and competition to technological challenges.
Otherwise, if the market is conducive, there is a possibility that the IoTeX could appreciate in value. If this happens, it will be monumental for IoT applications that are still at an early stage of development.
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