IOTA becomes fifth-largest cryptocurrency as price blasts through $2

Cryptocurrency’s trading volumes receive significant boost from Coinone listing

IOTA becomes fifth-largest cryptocurrency as price blasts through $2

The IOTA price has shattered the $2 barrier on the back of a strong rally that saw it soaring to new highs on Monday.

The latest IOTA price rally started yesterday, with the cryptocurrency gaining nearly $0.60 to surpass $2 for the first time. Eventually, the cryptocurrency settled for a record close of $1.88, which has provided a solid foundation for IOTA to resume its advance on Monday.

Around 08:30 GMT this morning, the ‘Internet-of-Things coin’ hit a fresh all-time high of $2.54, but has since pulled back to lower levels. Its price is currently hovering around $2.35, according to data from cryptocurrency tracker Coinmarketcap. The current price level gives IOTA a total market capitalisation of over $6 billion, which makes it the fifth-largest cryptocurrency on the market.

The IOTA price has risen to its recent highs on the back of a string of positive developments, bolstering the people’s interest in the coin’s underlying protocol, the Tangle, and its exposure to investors. Last week it was announced that the IOTA Foundation had teamed up with a group of corporate giants to create a marketplace for data. While separate from the cryptocurrency, the project utilises Tangle to provide a secure way for businesses to buy and sell data. The project is backed by some of the biggest corporations in the world, including Microsoft, Cisco Systems, Samsung Group and Volkswagen, among others.

Also last week, IOTA gained exposure to South Korea’s booming cryptocurrency trading sector through a listing on the country’s second-largest cryptocurrency exchange, Coinone. Coimarketcap data shows that the platform is already having a positive impact on IOTA’s trading volumes. Some $810 million worth of IOTA tokens have exchanged hands over the past 24 hours, with Coinone accounting for 21.1% of that volume. Bitfinex remains the most popular destination for IOTA trades, but the platform’s dominance has been reduced to 61%. Meanwhile, the Shanghai-based Binance exchange captures around 17%.

In today’s trading, the IOTA price stood at $2.35, as of 11:53 GMT. The coin has gained 47% in the past 24 hours and its total market capitalisation currently stands at $6.5 billion.

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