IOTA Price Explodes After Microsoft Partnership Announcement

IOTA price
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The IOTA price has surged nearly 600 percent this month on the heels of a flurry of announcements related to the launch of IOTA’s much-touted Data Marketplace.

IOTA Storms to Fifth-Largest Market Cap

One month ago, the IOTA price was valued at just $0.37, but it experienced a steady climb over the course of the next three weeks, eventually reaching parity with the dollar on November 27. The next day, the IOTA price punched through its all-time high, and it has continued to soar from there.

iota price
30-Day IOTA Price Chart | Source: CoinMarketCap

At present, the IOTA price is trading at a global average of $2.48, which represents a seven-day increase of 164 percent. IOTA now has a market cap of $6.9 billion, ranking it fifth among all cryptocurrencies and less than $3 billion behind fourth-place ripple.

Traders Bullish on IOTA Following Microsoft Partnership

This week’s surge appears to be linked to the announcement of IOTA’s Data Marketplace, a Tangle-based solution built to help monetize data — the “oil” of the Internet of Things (IoT) economy. Revealed on November 28, the Data Marketplace demo will run for two months and will see IOTA partner with a myriad of myriad of corporate heavyweights, including 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 announcement catapulted IOTA trading volume to historic levels. In the past 24 hours, exchanges have processed more than $800 million worth of IOTA trades.  Contrasting with many recent altcoin pumps, more than half of that volume is concentrated on Bitfinex — not Korean exchanges, which tend to price coins at significant premiums over their global averages.

iota price
Source: CoinMarketCap

That said, there is still significant demand for IOTA among Asian traders. IOTA currently holds the highest-volume trading pair on both Binance and Coinone, and two IOTA pairs rank within the top 10 on OKEx.

Featured image from Shutterstock.

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Josiah is a full-time journalist at CCN. A former ancient and medieval literature teacher, he has been reporting on cryptocurrency since 2014. He lives in rural North Carolina with his wife and children. Follow him on Twitter @Y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.