IoTeX is once again the top performer today on Crypto.com. We reported on IoTeX last week when the price surged 74%. It seems the hype around this crypto is not over yet, as today we’ve seen IOTX set a new all time high of $0.21. Let’s take a closer look at IOTX and look at any relevant news that might be affecting the market.
What Is IoTeX?
As the name implies, IoTeX is a scalable and privacy-centric blockchain infrastructure for the Internet of Things. IOTX is the native token to the IoTeX blockchain which powers the network.
The IoTeX ecosystem includes dozens of exchanges, wallets, and other unique projects. One of my personal favorites is Ucam – a blockchain-powered home security camera with 100% data privacy. For more awesome IoTeX projects, take a look at the official project directory
Why Is IoTeX Price Rising?
IoTeX more than doubled in price in the past 24 hours, what might be causing such a sudden spike in bullish momentum?
The most recent announcement on IoTeX’s official twitter is an upcoming appearance that the team will make on Nov 10th at DeFi Live.
Our co-founder @Raullen will be presenting "MachineFi: Connecting the Real World to the Metaverse" on Wed, Nov 10 at 12:55pm UTC.
— IoTeX (@iotex_io) November 10, 2021
The event was live streamed earlier today and it seems that the team gave a successful presentation as the price continued to climb.
The second day for the DeFi Live event will be held in person tomorrow, assuming the keynote presentation goes as well as today IOTX price should continue to rise.
In other news, a few days ago Chainlink announced that they’ve awarded a grant dedicated to integrating IOTX with their oracles.
— Chainlink (@chainlink) November 5, 2021
Chainlink is a behemoth of a cryptocurrency with a massive community. At the time of writing it boasts a market cap of over $16 billion with a 24 hour trading volume of $2.1 billion.
The integration with Chainlink provided much needed exposure for IOTX and their team. There’s no doubt a portion of Chainlink bulls ended up buying IOTX as well, attributing to the bullish momentum.
IoTeX Price & Tokenomics
At the time of writing, IoTeX is trading at $0.19 with a 24 hours trading volume of $2.9 billion. With a total market cap of $1.8 billion, the trading volume exceeds IOTX’s market cap.
This suggests that IoTeX has a lot of momentum and the market still hasn’t run out of steam. As the top gainer today on Crypto.com, all eyes are on IOTX.
Whether the bullish trend for IoTeX continues has largely to do with whether or not Bitcoin or Ethereum will continue to hold the current support. As long as BTC stays above $65,000 my short term outlook on IoTeX is positive.
The keynote presentation tomorrow at DeFi Live should provide further bullish support for IoTeX, in my opinion the market is currently trying to establish new support at $0.2, if that support can hold we there’s potential for IoTeX to rise over 100% in the next week.
This is not trading or investment advice, always do your own research before buying any cryptocurrency.
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