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IOTA [MIOTA] yields massive output post partnership with Avery Dennison

Rishi Raj



IOTA [MIOTA] yields massive output post partnership with Avery Dennison.
Source: Pixabay

IOTA [MIOTA] has recently been expanding its reach by increasing partnerships with other companies. The recent partnerships with an agtech french startup and Avery Dennison have proven to be in the best interests of MIOTA. The partnership with the clothing line resulted in IOTA’s price shooting up by 52% on the seven-day time frame.

The agreement with Avery Dennison intends to produce sustainable goods and clarity in the production of the same. It was first tested out with the ALYX brand, which allowed customers to track their products in real time on the supply chain, making the production of goods as transparent as possible through the use of blockchain technology.

Priced at $0.3973 with a market cap of $1.1 billion, IOTA ranks 15th overall. Post the partnership with Avery Dennison, IOTA saw a six-month high of $0.4375, escalating from $0.2708. Although the price has come down due to the recent price pull of Bitcoin which forced the market to tread low, IOTA seems to be doing well and no drastic fall in prices was seen.

IOTA [MIOTA] yields massive output post partnership with Avery Dennison.

Source: TradingView

A similar partnership was seen with Jaguar and a french agtech startup OKP4 to store and share information with IOTA coins as a reward. The 52% increase can also be attributed to all of these partnerships, which accumulated overtime and showed the gross result.

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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market

Biraajmaan Tamuly



Will Bitcoin's Dominance falter for Altcoins to gain traction in the market?
Source: Pixabay

The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.

At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.

At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.

A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.

Source: Twitter

At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.

Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.

According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.

A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.

However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.

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