Cryptocurrency (among other things) trading platform eToro has announced that they will be adding a listing for IOTA, making MIOTA the twelfth cryptocurrency to be added to the platform, alongside Bitcoin, Ethereum, XRP, Bitcoin Cash, EOS, Litecoin, Stellar, NEO, Dash, Ethereum Classic and Cardano.
Coming from a FOREX background, eToro is making good moves and cementing itself as a serious brand within the cryptocurrency community. Just today, it transpires that eToro have secured a sponsorship deal with Premier League football team Crystal Palace, with the motto ‘Cryptocurrency needn’t be Cryptic’ spread across advertising boards at Crystal Palace’s home stadium, Selhurst Park.
The listing of IOTA on eToro is good news for both sides of the coin. IOTA’s IoT platform is one that promises to grow as more than just a cryptocurrency, therefore eToro understand how important this listing is and how it will diversify their own portfolio. IOTA has the capacity to connect to everything we use in our daily lives, a listing on eToro is one step closer to allowing IOTA to achieve this, bolstering both the value and reputation of the IOTA currency, MIOTA.
According to the official eToro announcement:
“As the blockchain revolution continues, a growing number of cryptocurrencies are making their way into the public eye, not just due to their value as an alternative form of currency, but also because of the underlying technology that powers them. Calling IOTA a blockchain platform is not far from the truth, but it is still not very accurate – since the company developed its own platform, called Tangle, that powers the cryptocurrency. Now available for trading on eToro, the IOTA coin is another interesting addition to the platform’s ever-growing selection of crypto. With multiple uses as an Internet of Things (IoT) platform and quite a bit of attention from the blockchain and cryptocurrency communities, IOTA presents an alluring trading and investing opportunity to some.”
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Interestingly, within this announcement, eToro have highlighted some differences between IOTA and Bitcoin and moreover, have left a helpful description of some of the factors that could help drive the value of MIOTA. This is important as it seems to reach out to new investors, giving them the opportunity to explore some further research without having to leave the eToro platform. Moreover, it’s helping these new investors learn to invest better and inform their own portfolios.
So, what does drive the price of MIOTA?
Well, according to eToro:
“Being both a cryptocurrency and an IoT platform, the IOTA chart is subject to various factors that can move it in any direction. For example, if the entire crypto market is on an upward trend, it could lift the IOTA price as well – and vice versa. In contrast, if the market is on a downtrend due to a negative perception of blockchain platforms, that could potentially be beneficial for IOTA, since it is not a blockchain platform per se. On the IoT front, developments relating to the industry, its adoption by a popular sector, or events relating specifically to IOTA, such as a partnership with a high-profile company, could also influence its price. In addition, IOTA’s infrastructure is entirely original, not relying on any previous blockchain/cryptocurrency code. While this could be perceived as an advantage, there have been times when criticism of the platform impacted IOTA’s price.”
As more than just a cryptocurrency, there are a number of factors that can pump, and dump MIOTA. Likewise though, with so much technology backing the currency, MIOTA can move away from overarching trends and the general market climate, meaning that it presents a clear investment opportunity in itself, away from whatever the rest of the markets are doing, in some instances at least.