IOTA (MIOTA) and VeChain (VEN) are two very appealing prospects for investors at the moment. While IOTA has managed to break back into the top ten rankings on the back off a solid run in April, VeChain isn’t far back in 16th and looking poised to break into that group soon.
There’s a lot going on for these two coins that it’s hard to keep up with every little one of the smaller details. However, based on the current market performances, and future possibilities, one wonders if IOTA has enough in the tank to rally its price and catch up with VeChain.
How does IOTA and VeChain prices compare today?
The entire market is coming off the back of a month-long price decline that meant many coins lost value. With signs of recovery, driven by positive movements for both coins, things are looking up and we could be close to something special. It may not happen in Q2, but it’s exciting to see where this goes.
VEN is currently trading at $3.41 against the US dollar, its price having a slight upside of 1.96% in the last 24 hours. The coin, however, remains in the red over the 7-day period, currently at -8.27%. Over the last 3 months, the VeChain token has lost about 24% of its value, understandably due to the harsh market crypto has witnessed so far in 2018. Yet, if you look at its 6 months returns index, the token posts a positive gain of up to +827%.
VEN has a circulating supply of 526,048,018 tokens and a 24h trading volume of just over $66 million. Ranked 16th on CoinMarketCap, the coin has a market cap of $1.79 billion.
MIOTA recently had a great run for it, surging in double digits as a positive sentiment accompanied its Trinity wallet release. The coin currently trades at $1.75 against the US dollar. For the last 3 days, the token has gained near double digits, exciting the community. In the last 24 hours, MIOTA has seen its value grow by +9.50%, while the percentage growth over the last 7 days is +13.85%.
The last 7 days have been a great week for IOTA in terms of price movements compared to VEN. However, though slightly better off with just -9.34% drop in the last 3 months, its growth over the last 6 months is only +20.57%.
Miota currently has a circulating supply of 2,779,530,283 coins and has seen a total of over $130 million worth of the currency traded in the last 24 hours. At the moment, it has a market cap of $4.8 billion, putting it in 9th position.
What could work for IOTA?
Two things could work for IOTA, aiding in a possibility of its value growing to catch up with VEN. These two have to do with its extensive commercial partnerships and a growing number of exciting use cases.
In terms of partnerships, IOTA is one of the most active coins in the market. Credit should go to the founders and the IOTA Foundation. Its partnerships in the automobile industry, alongside those in other sectors, make the potential for future adoption really exciting. Bosch, Fujitsu, Volkswagen, and Porsche are just a few of the major partners that can drive the IoT and M2M concepts espoused by IOTA to adoption.
The cryptocurrency platform has also made inroads in so many other sectors, a confluence that could see its native coin’s demand increase. These potential real-world uses for the coin are not just envisioned but are becoming a reality. From the Taipei Smart City project to the smart charge, and supply chain management, IOTA has a whole set of products ready for real-world use. If these do work, then its value could experience exponential growth. Analysts predict that MIOTA will reach a value of $20 by end of 2018.
What about VeChain (VEN)
The VeChain Thor blockchain is already attracting attention even as more is expected from it. The enterprise-ready platform already has inked game-changing deals with BMW and a host of other companies in the supply chain industry and related fields where its technology is working.
Recently it announced it was working on MustangChain, a VeChainThor Blockchain powered solution designed to transform the $300B equine industry. They also revealed that Decent Bet will be “the first of many projects to migrate and release their mainnet on the VeChainThor Blockchain.”
The result is that VeChain too is poised for huge growth in coming months.
Does IOTA have a chance of catching up? That will very much depend on what happens in the race for adoption.