Surging more than 90% in the last week, IOTA has successfully placed itself as the 4th largest cryptocurrency in terms of market capitalization. It now lies behind only Bitcoin, Ethereum, and Bitcoin Cash. Altogether, IOTA is now worth more than $9.8 billion. The alt-coin was launched in June. IOTA instantly made headlines, as it hit the $1.5 billion market cap within the first few days of the trading. This was a record launch. Bitfinex hosted IOTA, claiming that this was the most successful ICO they ever launched. IOTA's success even surpassed the critically acclaimed Ripple.
Last week, IOTA announced that it will be partnering with Microsoft and Samsung to sell data. IOTA CEO, David Sonstebo, stated that data is “the new oil” and the currency aims to become the next generation blockchain.
Currently IOTA is valued at $3.61. IOTA aims to offer a safe, blockchain-based network that would make data safer, convenient, and easier for organizations to use with minimal fees. To start, IOTA will be launching a two-month demo to initiate an Internet of Things-based Data Marketplace.
The majority of the IOTA trading is carried out on Bitfinex, with most investors preferring to use the MIOTA/USD trading pair. More than a billion USD of IOTA is traded every day. IOTA currently remains $16 billion behind its competitor, Bitcoin Cash.
Beating Ripple is a great achievement for the IOTA team, as Ripple is recognized as a noteworthy presence in the crypto industry. Just weeks ago, Ripple announced their partnership with American Express. This will place American Express at the forefront of the blockchain industry, as it will become one of the first credit card companies to integrate blockchain technologies in their network.
The data marketplace demo will run for two weeks. During this period, IOTA will partner with a number of corporate heavyweights. The following statement was released by Microsoft regarding the new development.
“This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers.”
A bright future for IOTA lies ahead. IOTA is on its way to become one of the leading cryptocurrencies in the industry.