IOTA (MIOTA), a distributed ledger protocol that performs consensus and transaction confirmation using a patented technology called Tangle, has seen its price soar 25% in the last 24 hours to add over $1 billion to its market cap.
Indeed, IOTA is a distributed ledger, but it’s not a blockchain. Tangle, the company’s unique technology, is a network of nodes that confirms transactions. Platform developers claim that it provides far faster speeds than conventional blockchains, as well as an appropriate footprint for the rapidly developing Internet of Things ecosystem.
With over $1 billion trading volume in the last 24 hours, IOTA is currently changing hands at $1.55, up 25.03% in the last 24 hours and 58.14% in the last week with a total market cap of $4.3 billion, according to CoinMarketCap.com.
MIOTA’s price had initially soared 55% to an intraday high of $1.50 on September 2 as its 24-hour trading volume rose 234% to $681 million, up from a low of $0.96 on September 1.
Why IOTA has surged
With several well-known firms as partners, it is considered to be a strong altcoin in its own right. It is designed for microtransactions and has shown itself over the years as a reliable platform.
Recently, the project has seen a sudden spike in interest due to the Hornet update, which brought back automatic peering and merged a faucet plugin with the Hornet node, simplifying the procedure of running a private Tangle.
Moreover, speculation over the Nectar upgrade, which will enable IOTA smart contracts, may have added to the recent price surge.
The network is also developing the proposed upgrade alongside a new wallet option called Firefly; the wallet aims to remove the complexities of crypto while remaining future-proof because of its modular architecture, making it easy to incorporate new features in the future. Decentralized identifiers (DID), smart contracts, and integrations will be at the foundation of Firefly, which will become an IOTA app store.
In addition, on August 2, 2021, SUSEE (Secure Sensor Platforms for Smart Energy Networks) adopted the IOTA tangle.
The global crypto market
In the previous 24 hours, the global crypto market cap has risen by 0.42 percent, reaching $2.23 trillion. During which time, the overall crypto market volume over the previous 24 hours is $128.92B, a 0.47 percent rise. There is presently $15.30 billion in DeFi, representing 11.87 percent of the 24-hour crypto market volume.
In terms of market, dominance Bitcoin has 41.6% of the market whereas Ethereum 20.0%, although altcoins continue to perform well.