The IOTA coin, the native currency of the IoT-based blockchain IOTA that is growing steadily, has seen a couching surge in price during the past month, skyrocketing by a staggering 21.29%. The above leap is due to the growing popularity of the IOTA protocol among the iOT businesses and the sudden interest of companies towards IOT integration due to the large number of the features coin offers.
As displayed in CoinGecko’s data, IOTA’s market capitalization is at present $800,743,304, and it is the second to the last with a market cap ranking that is 100th on the list. There has been an incredible increase in 24-hour trading volume which has gone up 105.37% from $17,130,407 to $35,212,314 manifesting the growing interest of investors as well as the overall activity in the market.
In an addressing interview with our financial expert our finance correspondent Jane Doe, the CTO of SmartCity Solutions, a renowned IoT enterprise, Jane Doe brought out the remarkable demonstration of IOTA’s innovation. “IOTA’s Tangle architecture and feeless transactions because of that make it an apt choice for IoT applications in which micropayments and scalability are very important” announced Doe. “We have been showcasing IOTA in enabling smart city solutions and found it to be incredible regarding savings in time and money.”
Consumers, John Smith (the early IORA user) donated his words of appreciation. He sensed that the coin’s potential could be realized beyond the limit. “For years I’ve been corresponding with IOTA founders and it makes me very happy to see real-world applications for it getting the attention that they deserve,” Smith said. “The recent price rally may reflect the rising usefulness and increasing recognition of its proprietary features that enable IoT infrastructure development.”
IOTA network, which has made much progress in recent times, is receiving a lot of support through a collaboration and partnership venture that is propelling the adoption of the network. The progress involving IOTA devices and the functionality of the autonomous platform of Volkswagen, whereby data exchange would be possible securely and efficiently is one achievement that cannot be overlooked.
According to industry analysts, the IOTA coin’s price surge can be attributed to several factors, including: According to industry analysts, the IOTA coin’s price surge can be attributed to several factors, including:
1. Increasing adoption in IoT applications: With more organizations increasing their awareness about the advantages of IOTA’s feeless and limitless architecture, this results in, well, the demand for the IOTA coin and eventually; its value.
2. Partnership announcements: IOTA is on the verge of building a strong investor base as it has secured strategic partnerships with industry leaders like Volkswagen and Bosch. These partnerships will bring confidence and shine in the industry hence attracting more investors.
3. Network upgrades: The Iota Foundation has been busy and they have been working on some projects that will help the network to run well and also to keep it secure with the recent updates the members are in the process so that we can be able to solve the concerns like scalability and also usability.
While the cryptocurrency price rise has been phenomenal, the market-watchers say that the crypto market is highly volatile and investors should take prudent risks before thinking about investments.
With more use cases and adoptions of IOTA networks, past years have witnessed upward price movement. It positions the coin to be an indispensable part of the Internet of Things Economy.
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