Traders Bullish On IOTA Following Microsoft Partnership

Traders Bullish On IOTA Following Microsoft Partnership

The IOTA price has surged almost 600 percent this month on the heels of a flurry of statements associated with the launching of IOTA’s much-touted Information Marketplace.

Traders Bullish On IOTA Following Microsoft Partnership

One month before, that the IOTA price was valued at only $0.37, but it experienced a steady increase over the course of the next 3 weeks, finally attaining parity with the dollar on November 27. The following day, the IOTA price hit it’s all-time large, and it’s continued to soar from that point.

Traders Bullish On IOTA Following Microsoft Partnership

30-Day IOTA Price Chart | Source: CoinMarketCap

At the moment, the IOTA price is trading in a worldwide average of $2.48, which signifies a seven-day increase of 164 percent. IOTA currently has a market cap of $6.9 billion, ranking it fifth among all cryptocurrencies and much less than $3 billion supporting fourth-place ripple.

This week’s spike seems to be connected to the statement of IOTA’s Information Marketplace, a Tangle-based solution constructed to help market information — that the “oil” of the Web of Things (IoT) market. Constructed on November 28, the Data Marketplace demonstration will operate for 2 months and will visit IOTA partner using a plethora of multitude of corporate heavyweights, such as Microsoft, Samsung, Cisco, and Volkswagen.

“This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers,” said Microsoft’s Omkar Naik in a statement published on the IOTA Foundation website.

The statement catapulted IOTA trading quantity to historical levels. In the previous 24 hours, trades have processed over $800 million worth of IOTA trades. Contrasting with most recent altcoin pumps, over fifty percent of the quantity is focused on Bitfinex — maybe not Korean trades, that are inclined to price coins in substantial premiums above their worldwide averages.

iota price

Source: CoinMarketCap

Nevertheless, there’s still considerable demand for IOTA among Asian dealers. IOTA now holds the highest-volume trading set on both the Binance and Coinone, and also two IOTA pairs rank on the top 10 on OKEx.

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