Twenty-twenty has been seen as the year when altcoins will surge and grow at substantial reports, according to analysts. At a time when Bitcoin has been holding near the $9000 mark, Fundstrat has come out with a report pointing at another unlikely hero.
Fundstrat’s latest report stated that IOTA, the cryptocurrency based on the concept of the Internet of Things can grow to become the global standard for machine to machine payments.
The company’s report claimed that the 22nd ranked cryptocurrency’s market cap had the potential to rise to $700 billion. This comes at a time when the BTC market cap was near $155 billion mark. Over the past year, IOTA has been trying to break into the distributed ledger technology [DLT] network, competing with bigwigs such as XRP. The DLT market is estimated to climb towards a whopping $3.3 billion and IOTA is expected to grab a healthy 20 percent of the total.
According to Fundstrat:
“IOTA is in the process of establishing standards and contributing its open-source code to a contributor network in partnership with the standards body Object Management Group (adoption process expected to be completed by late 2020). We believe the winning standard will have dominant market share.”
Fundstrat has taken multiple strides in the cryptocurrency space and Tom Lee’s comments on the industry have also popularized it. The market strategy organization stated that IOTA possessed several key features that were hallmarks of a seamless cryptocurrency.
One major factor was IOTA’s feeless and permissionless payment methods. This allowed several users to conduct a large number of secure, encrypted, low value and no-value transactions. The IOTA ecosystem enables users to proceed with micropayments for data sharing between users and devices. Several cryptocurrencies consider micropayments as the next potential growth sector, including Bitcoin’s Lightning Network.
Fundstrat believed that IOTA would grow significantly only on the back of standard adoption and partnerships, a key aspect within the industry nowadays. The Internet of Things gave a major boost to IOTA, especially after the interest taken by institutional investors. The report stated that the solutions provided by IOTA would boost eight-core verticles.
These verticals included retail, health, energy, mobility, cities, manufacturing, public services and others. All the aforementioned sectors fell in the ‘business-facing’ category while IOTA also targetted the ‘consumer-facing’ department. As per the new report, the total value of the global data and payments market is projected to hit $684 billion in 2035. Out of this, IOTA has the opportunity to revel in the $68 billion DLT market with a projected revenue share of $3.3 billion.
IOTA has been one of the few cryptocurrency organizations that have created partnerships with several mainstream companies, including the EDAG Group and Jaguar Land Rover. These tie-ups have also been included in the projections conducted by Fundstrat. The predictions for IOTA are based on its performance on the charts and the cryptocurrency will need more bull runs to sustain the growth.
At press time, IOTA was trading for $0.24 with a total market cap of $667.96 billion. The cryptocurrency’s 24-hour market volume was $14.6 million after taking a 3.84 percent hit in the daily timeframe.