The IOTA price has hit a new all-time high of over $3 amid growing interest interest in the newest of the cryptocurrency top 5.
The ‘Internet of Things coin’ received a strong boost last week after the Berlin-based IOTA Foundation announced partnerships with more than 20 large corporations, including Microsoft, Cisco Systems, Volkswagen and Samsung. IOTA said that it had teamed up with these companies to create a secure way for businesses to buy and sell data. The project is separate from the IOTA token, but it utilises its underlying protocol, the Tangle. A proof of concept has been launched and is currently available for public testing.
The IOTA price surged to never before seen highs of $2.98 in yesterday’s afternoon session and then gradually pulled back to a close of $2.76. After overcoming a brief drop to $2.45 earlier today, the price resumed its advance to set a new all-time high of $3.02.
The growing interest in IOTA has resulted in record levels of trading. Yesterday, IOTA’s trading volume surpassed $1 billion, shattering the previous record of $465 million, which was set on the day of the Data Marketplace announcement. Coinmarketcap data suggests that today’s market activity remains strong, with the coin’s 24-hour volume currently standing at $936 million. Bitfinex accounts for nearly 81% of that volume, while Binance accounts for 18.4%.
These figures do not take into account the trading that has taken place on Coinone, the second-largest cryptocurrency exchange in South Korea, which added support for IOTA last week. The IOTA price has soared to over $4 on Coinone, on trading volumes of more than $300 million. Coinmarketcap has decided that the disparity between Coinone and other IOTA-trading exchanges is too great, so it has excluded the South Korean exchange from impacting its price average and trading volume data.
In today’s trading, the IOTA price stood at $3.01, as of 09:26 GMT. The digital currency has gained nearly 23% in the last 24 hours and its total market capitalisation currently stands at $8.3 billion.