/ News

IOTA Surges Past Ripple

IOTA is still going strong as it just passed Ripple (XRP) to become the fourth largest cryptocurrency by market cap.

cmc

The price of IOTA is currently at $5.23, a 24-hour increase of 76%. After it was revealed that IOTA would be forming partnerships with Microsoft and Fujitsu, the price surged up at an average increase of 70% a day.

The IOTA Foundation, the non-profit that manages the cryptocurrency, revealed last week that it partnered with the aforementioned companies to create a decentralized Internet of Things (IoT) data marketplace. We all know data is one of the most valuable assets in the world and running it entirely on a distributed ledger would be revolutionary.

Tangle, their unique distributed ledger architecture, ensures that the data is free from tampering and is also appealing with their zero transaction fee approach. IOTA is still very much a work in progress, but it holds an extremely promising future due to their partnerships and model.

IOTA is traded primarily on Bitfinex, which is responsible for approximately $1.7 billion dollars of volume, and Binance, which is responsible for approximately $475 million dollars of volume. There have been rumblings in the community that this is a pump-and-dump, but as it continues to grow at over $1 billion dollars a day, those rumors are slowly disappearing.

With CME’s bitcoin futures just around the corner, IOTA is benefiting from the exposure generated by the increased attention on cryptocurrencies.

How much higher can IOTA reach?


Disclaimer: This article is provided for informational purposes only and should not be taken as investment advice. Please conduct your own independent research before performing any purchase or sale of a cryptocurrency. We currently do not hold or plan to purchase any IOTA.