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IOTA (IOTA), a distributed ledger technology (DLT) platform, saw a strong price surge on Jan. 25 as bulls made the IOTA price skyrocket in a relatively short time.
IOTA witnessed a jump in its price in early Thursday trading, reaching highs of $0.253, displaying a conspicuous green candlestick. The price increase was accompanied by a considerable increase in trading volume, showing strong market interest and activity. According to CoinMarketCap data, IOTA's trading volume increased by 597% in the last 24 hours to $153.47 million.
At the time of writing, IOTA was up 14.05% in the previous 24 hours to $0.247. IOTA outperforms the top 100 in terms of gains as the Bitcoin price has remained flat daily, resulting in minor gains or even losses for numerous altcoins. IOTA is the second-largest daily gainer, trailing only helium (HNT), which soared up to 30% following the announcement of a big partnership.
Tomiwabold OlajideIOTA took a hit in the wake of the market crash over the past week but has now slightly recovered, up 4.22% in the last seven days.
Notably, the cryptocurrency began to rebound after hitting support at $0.196 on Jan. 23, which coincided with the daily MA 200. Bullish momentum continued, with IOTA posting two days of gains, including today, since that date.
Optimism around IOTA grows
The optimism regarding the IOTA ecosystem might have spurred an increase in the price of IOTA.
In an AMA conducted by KuCoin, IOTA cofounder Dominik Schiener emphasizes the company's focus on tokenizing real-world assets, bridging the gap between the digital and physical realms, which is a critical step toward true blockchain integration, moving from innovative concepts to productive usage.
IOTA claims itself as the first DLT Foundation regulated by the Abu Dhabi Global Market in the United Arab Emirates. In the previous year, a new IOTA Foundation was established in Abu Dhabi, United Arab Emirates, to expand globally.
Looking ahead, IOTA intends to launch an EVM and expand geographically, notably in Asia, to create a scalable, decentralized network for a wide range of real-world blockchain applications.
Gamza Khanzadaev
Dan Burgin
U.Today Editorial Team
Vladislav Sopov