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This year has been a tough sail for Iotex since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of IOTX.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Iotex to reclaim its all-time high in 2023? Continue with the article to learn about Iotex price analysis and prediction by Coinpaper.
Read also: Did Bitcoin Bottom Already?
What is Iotex?
IoTeX is an EVM-compatible blockchain designed to provide scalability, privacy, and governance for various Internet of Things (IoT) applications. IoTeX enables developers to build their own IoT applications on top of its platform, such as smart home devices, autonomous vehicles, and machine-to-machine (M2M) communication. Thanks to IoTeX, self-sovereign devices and real-world oracles can be brought into reality.
Iotex (IOTX) price
Currently, Iotex Price is USD. IOTX has a circulating supply of coins and a total supply of . If you are looking to buy or sell Iotex, Uniswap is currently the most active exchange.
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Iotex price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Iotex 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Iotex price at $0.025 to $0.027. On the flip side, a fading interest in the new meme coin may push the price of Iotex to $0.019-$0.017 lows.
Iotex price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Iotex (IOTX) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Iotex to climb as high as $0.028, with the more distant prospect of reaching $0.032 in 2024. The bearish scenario is likely to see Iotex (IOTX) trading between $0.02 and $0.018 in 2024.
Iotex price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Iotex (IOTX) price analysis and prediction is based on pure speculation and observation of Iotex historical price movements.
Our Iotex 2025 price forecast expects IOTX to rally towards $0.035 and reach $0.039 by the end of the year. The bearish scenario would see Iotex at $0.028 to $0.025.
Iotex (IOTX) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Iotex is neutral. In 2026, we expect Iotex to reach at least $0.04 before climbing higher to $0.05. In case of a bearish scenario, Iotex may fall to $0.03.
Is Iotex (IOTX) a good investment?
Just like all other cryptocurrencies, IOTX is undoubtedly a risky investment, so its strongly recommended to always evaluate your risk profile before investing in IOTX or any other digital asset. Still, it can be a great addition to your portfolio since IoTeX is one of the top IoT platforms with sound use cases such as a self-sovereign security camera Ucam, and a real-world data oracle Pebble.
Bottom line
Are you ready to invest in Iotex? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy IOTX from many crypto exchanges, including Uniswap
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Iotex?
The founders of IoTeX are Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun.
What was the all-time high for Iotex (IOTX) ?
The all-time high price of Iotex is $ on 2021-11-13
