IOTA (MIOTA) Emerges as the Top-Performing Altcoin, Targeting the $1 Mark

IOTA, the native cryptocurrency of an open-source Distributed Ledger Technology (DLT) platform, has emerged as the top-performing altcoin in the last 24 hours.

Cryptocurrency IOTA (MIOTA) has taken the lead among altcoins with a 40% surge in the past 24 hours, reaching a trading price of $0.48. This surge has made IOTA the best performer.

BeInCrypto’s analysis shows that IOTA’s status as an older cryptocurrency has played a role in its recent performance. In the current market cycle, there has been a demand for cryptocurrencies that launched in previous cycles. This has led to strong bids for several assets, including VeChain (VET), Hedera (HBAR), and Algorand (ALGO). Most of these coins were launched between 2017 and 2020.

IOTA's strategic shift to become a Real World Assets (RWA) project has also contributed to its strong showing. Additionally, the Rebased governance vote, which aims to reduce transaction costs, increase throughput, and introduce Move-based smart contracts on a parallelized DAG-based Layer-1 ledger, is set to begin. This vote is expected to further boost IOTA's bullish outlook.

On-chain data from Santiment shows that IOTA's volume has surged to $675.51 million, marking the highest level since November 2017. This indicates that the cryptocurrency is receiving a lot of bids.

If the volume continues to rise alongside the price, then IOTA could be valued at more than $0.48 within a few days.

Beyond the volume, IOTA's Open Interest (OI) also climbed to $72.37 million. OI measures the level of speculative activity around a cryptocurrency.

High OI typically indicates that significant capital is flowing in, with new long positions being established. This suggests that traders are increasingly confident in the market's upward movement, contributing to a bullish sentiment.

On the other hand, low OI implies that traders are taking money out and closing existing positions. Therefore, the rise in the altcoin's OI reflects growing participation, indicating that the altcoin's price might continue to swing upwards.

IOTA Price Prediction: Surging Volume Could Push Price to $1

The Bull Bear Power (BBP) on the IOTA/USD chart shows a strong surge. BBP compares the strength of buyers to sellers. When it rises with a histogram green bar, it indicates that bulls are in control. Conversely, if the BBP is negative, it means that bears have the upper hand, and prices can increase. For IOTA, it is the latter.

Moreover, the Money Flow Index (MFI), which shows the level of capital inflow into a cryptocurrency, has risen, indicating strong buying pressure around the token.

If this continues, IOTA's price might rise to the highest point of the wick of the last candlestick, at $0.53. In a highly bullish scenario with rising demand, it could inch closer to $1.

On the other hand, if profit-taking becomes a factor, IOTA might lose its spot as the top-performing altcoin and drop to $0.28.