IOTA (MIOTA) Outshines All Others In Top 10 Riding On Great News
IOTA (MIOTA) has surged +13.12% in the last 24 hours as the indifference in the market kicked off this afternoon. It means that many of the top ten coins have had a slight dip in the same period to leave MIOTA as the top gainer. However, like every other coin in the top 10, the platform’s native coin is trading in the red on the hourly charts.
Even though its down on the hour-to-hour charts, the coin is trading at +29.46% higher against US dollar today compared to yesterday. The whole picture then means the crypto has a chance to mount a challenge towards overtaking Stellar that is -9.89% in red over the last 7 days.
MIOTA is currently trading at $2.44 against the US dollar and 0.00026387 against BTC (a 24h surge of +14.21%). MIOTA/USD is up from the previous price of $2.26, and it appears the coin could break above $2.50 before long.
Quite significantly, IOTA’s market capitalization has risen to $6.7 billion, up from the previous $6.4. the increase in the market cap is pushed by the 100% in daily trading volume from $109 worth of MIOTA traded on May 7, 2018, to $229 worth of the token traded so far on May 8, 2018.
This puts it only $400 million behind Stellar (XLM). Over the last 30 days, MIOTA has surged by over 110% to see its value climb from $1.02 to hit today’s high of $2.47 against the USD.
Today’s excellent run by the crypto comes amid poor shows from leading coins, except Ethereum, Bitcoin Cash, and EOS.
What is behind this great support?
IOTA has scored some huge partnerships over the years including BOSCH, KPMG, and Fujitsu. All these companies are working with the team behind the scene to develop working products. When these do hit the market, MIOTA will likely be a very valuable asset in the entire crypto infrastructure.
Earlier also, IOTA Foundation joined MOBI, a leading player in the exploration of Distributed Ledger Technology (DLT) for the new mobility ecosystem.
But all that represent things in the pipeline. What then has driven the recent interest in IOTA?
First, IOTA re-entered the top ten then overtook TRON into 9th position. That momentum was borne out of the bullish sentiment that engulfed the entire crypto market after a bearish February and March. But in early May, IOTA was added to trading site Cobinhood.
Then the Asian cryptocurrency trading and exchange giant Huobi Pro announced that it would be adding MIOTA trading pairs. It has most of its volume in the Asian market and the level of enthusiasm in the region is quite phenomenal.
As such, it has the capacity to drive an increase in volume, rivaling other market dominators like Binance and Bittrex.
The original schedule for trading on Huobi was delayed, but an official statement put it that trading would start on May 8, 2018.
The announcement stated that trading in IOTA/BTC, IOTA/ETH, and IOTA/USDT at the Main Zone had been rescheduled and that it was to start at 17:00, May 8 (GMT+8).
It also conveyed the exchange’s apology for any inconvenience that may have been caused due to the delay in trading. Other than that, there’s a promotion to reward 20 addresses that emerge tops.
The other aspect is the revelation of Qubic which is a project that IOTA said it has been developing internally for a while. The IOTA Foundation said that Qubic is actually one of its main priority projects for the year 2018 and 2019.
More on this project that could be big for IOTA will be made public on June 3, 2018. Although no details have been provided so far, such news has the capacity to see an upturn in a coin’s value.
This surge also comes on the back of exciting news about IOTA getting into partnership with car manufacturer Porsche. However, the deal didn’t involve the automaker directly, but via a startup in Germany called Autobahn.
It is expected that IOTA will be part of a project by Porsche codenamed Program 4. If that comes out as expected, we could be looking at stronger rallies in the near future.
IOTA (MIOTA) has the potential to break above $3.0 in the next few days, a feat that would have its value rise by over 200%.