Cryptocurrency IOTA rose sharply on Wednesday after the venture arm of German industrial powerhouse Bosch announced it had a large stake in the altcoin.
IOTA Price Levels
The value of IOTA (MIOTA/USD) jumped 7.5% to $4.05, its highest in over a week. Prices touched a session high of $4.23 before paring gains. IOTA has a total market capitalization of $11.8 billion on supplies of nearly 2.8 billion, putting it eighth among active cryptocurrencies.
More than $274 million worth of IOTA was transacted over the past 24 hours, according to CoinMarketCap. Bitfinex generated more than a third of the daily trade volumes. Crypto exchange binance turned over 29% of the daily transactions. South Korea’s Coinoine saw nearly 15% of the daily foot traffic.
IOTA experienced a large drop off last week, as the global cryptocurrency market underwent a sharp correction. Prices plunged from record highs above $5.30 all the way down the $3.35.
Even with the latest bout of volatility, IOTA has witnessed a surge in buying interest over the pasts four weeks following months of lateral moves. In the process, the coin broke several technical resistances. IOTA is likely to run into sharp resistance the closer prices approach $5.00. Longer term, the bulls are eyeing new record highs north of $5.50.
Bosch Backs IOTA
Bosch’s venture capital arm recently disclosed a significant stake in MIOTA tokens, a sign the German industrial giant was betting big on the Internet of Things (IOTA). According to Venture Beat, the investment was made by Robert Bosch Venture Capital (RBVC), which announced it had bought a “significant number of MIOTA coins.
“Choosing IOTA as the first investment is based on the fact that we have been working with IOTA for quite some time and are very impressed by the founding team and the IOTA community,” RBVC partner Dr. Hongquan Jiang said, according to Venture Beat.
He added that, “IOTA has the potential to solve some fundamental problems in the [distributed ledger technology] for IOT, namely the scalability and transaction cost issues.”
IOTA offers a unique proposition to crypto investors looking to go above and beyond the blockchain. IOTA is one of the first distributed ledgers to implement machine learning for the purpose of securing data and money for a small fee. The platform has already processed more than $10 billion in transactions, and is being used in various industries where micropayments are accepted, including electric vehicle charging stations.
Being at the center of the IOT revolution puts IOTA in a strong position to attract new investments. As its use cases continue to grow, the platform will be relied upon to implement enterprise-level IOT deployments.
The size and growth rate of the IOT economy varies, but industry insiders generally agree it could represent the next phase in the internet’s evolution. The growth of interconnected devices will be accompanied by a surge in the micropayment industry, of which IOTA is already a participant.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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