Home Analysis Alt Coins IOTA Overtakes Ripple to become the fourth largest Cryptocurrency

IOTA Overtakes Ripple to become the fourth largest Cryptocurrency

December 06, 2017 16:49
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IOTA has had an unbelievably good month. IOTA was trading at just $0.40 same time last month. It has been in a Bull run for the past few weeks, going to a high of $5.5 today. That’s a change of nearly 1400% in just one month!

IOTA is very different from any of the other cryptocurrencies we’ve seen. IOTA does not have a Blockchain to support it. Instead, it runs on a different system called the Tangle Network. It relies on each user confirming two different transactions before they get to make their transaction.

Since there is no Blockchain, there is no transaction fee. Making transactions on IOTA is fast and free. Also, IOTA is not only for day-to-day human transactions, but it is also built for IoT devices. IOT devices will be able to transact with each other securely on the blockchain. Read our in-depth analysis of IOTA in our article here.

IOTA increased gradually from $0.40 to $1 till last week. But last week, IOTA got a major push when they announced their partnership with Microsoft. IOTA will be creating an online marketplace where devices can buy and sell data from each other using IOTA. To get it started, IOTA has partnered with various companies like Microsoft, Accenture, T-Mobile, Fujitsu and many more companies.

One thing to notice for IOTA is that it is one of the most popular currencies out there, but is not available on most of the exchanges. As of now, IOTA is available on Bitfinex, Coinone, Binance and OKex. With all the buying frenzy around IOTA, Binance was unable to keep up with the demand and was down for a few hours in the morning.

When IOTA launched five months back, its market size was just $1 Billion. Now, it is at $14 Billion, making it the fourth largest cryptocurrency going past other major coins like Ripple, Litecoin, DASH and Monero. IOTA has seen a sudden surge in price, and there is no clear buy signal as of this moment. You might have to wait it out for the market to get stable before buying in if you haven’t already.

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