IOTA, the 12th largest cryptocurrency by market cap, is making moves this weekend after the protocol’s founder disclosed large corporate interest in the platform.
MIOTA, the native cryptocurrency of the IOTA blockchain, is once again approaching $0.5000 on Saturday. The cryptocurrency is currently trading at session highs, having gained 3.1% to $0.4928, according to CoinMarketCap. By comparison, the broader cryptocurrency market had gained just 0.6% over the same period.
Among the major cryptocurrencies, MIOTA remains one of the most vulnerable to volatility. Over the last ten days, the MIOTA trade has seen a peak-to-trough of roughly $0.52-$0.4400.
The IOTA market cap is currently valued at $1.4 billion. Trade volumes have declined sharply since Tuesday, when prices peaked near $0.5200. Over that stretch, daily turnover has fallen from roughly $13 million all the way down to $6 million.
Despite Recent Struggles, Outlook Remains Bright
After a long and brutal correction, MIOTA appears to have turned a corner. Although most of MIOTA’s decline can be attributed to the year-long bear market affecting all crypto assets, the protocol has been dogged by bad press. This came to a head in August after Sirin Labs announced it had decided not to implement IOTA’s Tangle technology. Sirin Labs is the company behind Finney, a promising blockchain smartphone that invoked the use of Tangle in its whitepaper.
Around the same time that the Sirin Labs fallout was making waves, a leaked transcript revealed internal strife at the IOTA Foundation. These factors contributed to MIOTA’s oversized losses during the summer.
For all its recent struggles, the Internet of Things-focused blockchain has attracted positive attention from corporations looking to capitalize on the next wave of connectivity. According to IOTA founder David Sonstebo, more than 600 companies have expressed interest in the platform in just the last 12 months.
The IOTA Foundation has already formalized partnerships with some of the world’s biggest companies, offering further evidence that multinational corporations are eyeing expansion into IOT technologies. Some of the most notable partners include Bosch, Volkswagen, Fujitsu, Audi and Microsoft.
The aforementioned list offers a clear glimpse into the automotive sector’s pivot toward IOT technologies. As Deloitte rightly notes, “The connected vehicle has been the most visible and familiar example of Internet Things technology.” At the same time, “the real IoT developments in the auto industry are behind the scenes, as automakers and software providers both lay claim to the driver’s seat.”
IOTA is well positioned to capitalize on this transition, and the auto industry is only the tip of the iceberg. According to Cisco, IOT is a $19 trillion “digital revolution” that will impact virtually every industry.
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.
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