The IOTA price (MIOTA/USD) has posted strong gains in the past 24 hours outperforming the wider cryptocurrency market over that period.
The ninth-largest digital currency on the market had a lacklustre performance on Wednesday, with its price moving sideways during most of the session. The digital coin hit an intraday high of $1.64, but it pulled back to lower levels in the latter part of the session. IOTA finished the day at $1.57, slightly lower than its opening level of $1.59.
While IOTA had a slow start to today’s trading, later in the morning session the digital currency experienced a strong increase, which allowed it to break above the $1.70 mark for the first time since May 22. The coin has since managed to defend that level, though it hasn’t been able to extend its gains much further. At the time of writing, the IOTA price was hovering around $1.75, according to data from cryptocurrency tracker Coinmarketcap.
IOTA received a significant boost earlier this week, after the IOTA Foundation released a beta version of the coin’s new mobile wallet app called Trinity.
“Over the last few months the Trinity development team has been working diligently, in close collaboration with community members,” the IOTA Foundation said in a May 29 blog post announcing the release.
“Initially a purely community-driven project, Trinity was adopted by the IOTA Foundation in order to provide assurance to the wider community that the wallet is safe to use, and as free from the threat of user error as possible,” the organisation said, adding that it had subjected the wallet to external reviews to ensure maximum security for its users. The foundation also said that it was working on a desktop version of the app.
In today’s trading, the IOTA price stood at $1.72, as of 13:17 BST. The cryptocurrency has gained 6.7% in the past 24 hours.