IOTA — the non-blockchain cryptocurrency powered by the mind-bending “Tangle” — is hovering around a new all-time price high of $3.24 USD at press time. The crypto’s bull run over the past several hours has powered the coin upward nearly 200 percent from where it rested just days ago.
Indeed, on November 30th, the IOTA price hit a short-term low of $1.15.
As buying volume began to explode on December 4th, the cryptocurrency’s price did an about-face, powering into uncharted territories that make it difficult to project where the price will settle in the short- and mid-term. For now, though, IOTA enthusiasts are bullish that this current price movement foretells of even brighter days to come.
As demonstrated by the picture below, most of the volume from this current bull run hailed from the IOTA/USD trading pair on BitFinex and the IOTA/KRW trading pair on the Korean exchange Coinone:
Note how the price on Coinone is nearly double that of all the other listed exchanges! The predominant thread of speculation in the community is that an acute bout of localized FOMO (“fear on missing out”) has materialized on the heel’s of IOTA’s and Microsoft’s announced collaboration last week.
Whatever the case may be, IOTA is an interesting project to say the least. It’s kind of like “dark matter” to blockchain’s “matter,” in that IOTA doesn’t use the blockchain for consensus — it uses the fee-less Tangle.
With IOTA’s ongoing performance, then, the cryptocurrency has solidified its fifth position in the top 5 cryptos by market capitalization. At press time, the coin needs a volume surge of around ~$200 million more dollars to move past Ripple (XRP) into the fourth spot.
TLDR: IOTA enthusiasts just watched a titanic bull run emerge, as IOTA powered up to a new all-time price high past $3 dollars. Welcome the crypto market’s newest Top 5 member.