IOTA price (MIOTA/USD) enjoys sharp rise, as trading volume improves

The IOTA price (MIOTA/USD) has seen massive gains in the past 24-hours, surging to a five-day high above the $2.50 mark.

The ‘Internet-of-Things’ coin had a mostly disappointing session on Monday, falling from an opening price of $2.31 to an intraday low of $2.11. However, the coin saw a strong rebound in late trading, which allowed it to recover most of its losses and finish the session at $2.26.

The cryptocurrency has continued its rise on Tuesday, bucking a downtrend affecting most major coins on the market. Earlier today, the token hit an intraday high of $2.56, though it has since retreated to lower levels. At the time of writing, the IOTA price was hovering around $2.40, according to data from cryptocurrency tracker Coinmarketcap.

Recent market data also suggests that IOTA has enjoyed a sharp uptick in terms of trading activity. About $306 million worth of IOTA tokens have been traded in the past 24 hours, significantly more than yesterday’s volume of $110 million.

IOTA experienced a significant boost on May 3, when it rose to a 14-week high of $2.68. The surge followed the release of a brief video teasing Project Qubic, which is expected to mark the next stage of IOTA’s development. The video hinted that the project would involve oracles, smart contracts and outsourced computing. According to the Qubic website, more information about the project will be revealed on June 3.

Also last week, IOTA gained a listing on cryptocurrency exchange Cobinhood. “Depositing and trading IOTA with BTC, ETH, and USDT trading pairs will be live on May 4th, while withdrawing will be enabled two weeks after listing,” the trading platform wrote in a blog post.

In today’s trading, the IOTA price stood at $2.42, as of 16:45 BST. The digital coin has gained 11.7% in the past 24 hours.