Chart for IOTA/USD (1D)
IOTA (MIOTA) is one of a kind cryptocurrency. While the rest of cryptocurrencies have their own blockchains or use other popular blockchains, IOTA (MIOTA) does not run on a blockchain nor does it require one. This is made possible by mathematics. IOTA (MIOTA) has come a long way without using any blockchain but there are still many doubts as to whether or not it can foray into the world of IOT (Internet of Things) without the use of a blockchain.
The debate has surfaced once again now that IOTA (MIOTA) has another contender in the world of IOT which seems to have achieved a lot more than IOTA (MIOTA) but still ranks below it in terms of market cap and probably does not have enough resources yet to fully challenge IOTA (MIOTA)’s existence. That contender is Ethereum Classic (ETC) which despite being a cryptocurrency with fewer resources and users has managed to achieve more in the world of IOT than IOTA (MIOTA) has so far.
In fact, there is an ETC Summit in September in which Ethereum Classic (ETC) will fully display how IOT works on the Ethereum Classic Blockchain. However, IOTA (MIOTA) has nothing substantial of the sort to present right now. In fact, there is no proof if IOTA (MIOTA) can actually be used for anything other than handling simple transactions. A team of MIT critics recently found some vulnerabilities in IOTA (MIOTA)’s mathematical model which have made it a security risk as far as IOT (Internet of Things) is concerned. For any technology to be implemented for IOT, it has to be free of vulnerabilities. So far, Ethereum Classic (ETC) seems to be a clear winner in this race with its immutable and decentralized blockchain. However, this could change in the future if the team behind IOTA (MIOTA) partners up with other companies for help in the IOT arena.
The daily chart above for IOTA/ETH shows that IOTA (MIOTA) had a good run against Ethereum (ETH) and will have to come down in the days ahead. The price of IOTA (MIOTA) has been trading in a rising wedge against Ethereum (ETH) and will have to retrace in the coming days. If the price breaks below the rising wedge, IOTA (MIOTA) could lose its place in the top ten list. OBV oscillator on the above chart shows that the possibility of that happening is quite high as IOTA (MIOTA) seems to have reached the limit of its rally against Ethereum (ETH).
On the other hand, Ethereum Classic (ETC) is just getting started against Ethereum (ETH). As the chart for ETC/ETH shows, the price of Ethereum Classic (ETC) has just broken out of a falling wedge against Ethereum (ETH), a bullish sign which means Ethereum Classic (ETC) has finally ended its downtrend against Ethereum (ETH) and will now gain more compared to Ethereum (ETH). This means that Ethereum Classic (ETC) has a higher probability of entering the top ten list in the days ahead.
That may not be significant in itself but being in the top ten list puts a coin on the investment radar which helps undervalued projects like Ethereum Classic (ETC) gain the support and funding they need to deliver a working product in front of the world. As Ethererum Classic (ETC) already has an edge over IOTA (MIOTA) in the IOT space and future prospects look brighter for Ethereum Classic (ETC) from an investment standpoint, it is reasonable to say that IOTA (MIOTA) is unlikely to beat Ethereum Classic (ETC) to the IOT race.