IOTA overtakes Ripple as price breaks through $5

IOTA’s trading volumes soar to nearly $3 billion, as demand for the coin continues to grow

IOTA overtakes Ripple as price breaks through $5

The IOTA price (MIOTA/USD) has continued its meteoric rise, gaining more than 90% in the past 24 hours. Thanks to the massive gain IOTA has broken through the $5 level for the first in history. According to data from cryptocurrency tracker Coinmarketcap, IOTA is currently trading at a fresh high of $5.34, up from yesterday’s close of $3.84.

The rapid advance has allowed IOTA to overtake crypto rival Ripple as the fourth-largest digital currency on the market. The ‘Internet of Things coin’ now has a total market capitalisation of $14.8 billion.

IOTA’s has seen supported by rapidly growing demand from investors. Apart from Bitcoin (BTC), IOTA has been the most traded cryptocurrency over the past 24 hours, with trading volumes ballooning to a record $2.98 billion. Nearly a quarter of that volume has been generated on South Korea’s second-largest cryptocurrency exchange, Coinone, where the IOTA price has soared to over $8. Because of the huge price gap to other exchanges, Coinmarketcap has excluded Coinone from impacting its price average.

Bitfinex remains the most popular destination for IOTA trading, accounting for nearly 60% of the current 24-hour volume. The Shanghai-based Binance platform accounts for around 16% of the total volume.

The current IOTA rally was triggered by last week’s announcement that the Berlin-based IOTA Foundation is developing a business-to-business data marketplace utilising IOTA’s Tangle protocol. The project has been backed by more than 20 large corporations, including Microsoft, Cisco Systems, Volkswagen and Samsung. The IOTA price has gained more than 400% since the project was unveiled on November 28.

In today’s trading, the IOTA price stood at $5.37, as of 07:35 GMT. The digital coin has gained 97% in the last 24 hours, according to data from Coinmarketcap.

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