The IOTA price (MIOTA/USD) has broken above the $1 barrier following a strong advance in today’s morning session.
The ninth-largest digital currency on the market had a rocky session yesterday, with its price experiencing frequent fluctuations. The digital coin started off strongly, surging to an intraday high of $1 in the early hours of the session. The coin revisited the $1 level several times during the morning session, failing every time to extend its gains beyond this mark.
Having failed to break through the $1 barrier, IOTA experienced a sharp pull-back which led to its price hitting an intraday low of $0.965 in the afternoon. Still the coin managed to finish the day in the green, thanks to a rebound that occurred in the final hours of the session. IOTA closed the session at $0.986, up from its opening level of $0.978.
The strong finish put IOTA in a position to re-test the $1 level and the coin took advantage of that in today’s morning session. Following a steady advance, the coin hit a one-week high of $1.05, before pulling back slightly in more recent trading.
IOTA’s performance may have been boosted by yesterday’s announcement that the IOTA Foundation has teamed up with Audi Denkwerkstatt, which is Audi’s Think Tank, to “explore Tangle-based use cases, build a low level prototype and to gather customer feedback”. The foundation added that the collaboration “is a great opportunity for IOTA to be maybe integrated into a new mobility solution with expertise from Audi”.
Tangle is IOTA’s distributed ledger protocol, which is based on directed acyclic graph (DAG), rather than blockchain.
In today’s trading, the IOTA price stood at $1.04, as of 13:17 BST. The digital coin has gained 5.2% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its market capitalisation currently stands at $2.88 billion.