The IOTA price has surged more than 16% over the past 24 hours, which makes the digital coin by far the biggest gainer among the top 10 cryptocurrencies over that time period. The advance began to develop towards the end of yesterday’s trading and the price continued to climb in the early minutes of today’s session. The price hit a plateau at around $0.62, where it remained for most of the morning session. During that period, it also saw a brief spike, which took it to an intraday high of nearly $0.65.
While IOTA (MIOTA) retreated from those levels in more recent trading, it remains at around $0.60 and is up from yesterday’s close of $0.55.
IOTA’s 24-hour trading volume currently stands at just over $45 million. The low trading volume is not unusual for the coin, which has limited support from cryptocurrency exchanges. Hong Kong-based Bitfinex is so far the only major exchange to have listed IOTA and it currently accounts for nearly all of its trading volume.
The IOTA price suffered a heavy blow last week, after Boston University and MIT researchers claimed to have found vulnerabilities to IOTA’s proprietary hash function. The IOTA team later rebuffed the claims, but the damage to its price had already been done. The negative effect was compounded by a broader slump on the cryptocurrency market, caused by an unconfirmed report that the Chinese government is planning a crackdown on local cryptocurrency exchanges.
In today’s trading, the IOTA price stood at $0.599, as of 16:50 BST. The digital coin has gained 16.9% over the past 24 hours. Its market capitalisation currently stands at $1.67 billion, which makes it the ninth-largest cryptocurrency on the market.