IOTA’s price rose sharply on Monday after a prominent Japanese technology giant came out in full support of the IOT-focused blockchain.
MIOTA Price Update
MIOTA, the native cryptocurrency of the IOTA platform, rose 11.7% to $0.584, the highest in over two weeks. The cryptocurrency spent the better part of last week fluctuating around the $0.500 mark.
At current price levels, MIOTA has a total market capitalization of $1.6 billion, putting it in the no. 10 position, according to CoinMarketCap.
Total trade volumes amounted to $43.8 million, with USDT-based transactions on Binance and Bitfinex accounting for 45% of the total market.
Despite the recent gain, MIOTA has shed 36% during the month of August, placing it among the worst performing altcoins. The cryptocurrency spent the better part of August plumbing nine-month lows, having bottomed near $0.400 on Aug. 11. Although much of the selloff can be attributed to overall market weakness, Hacked previously speculated that price manipulation on Bitfinex may have also been a factor.
In terms of percentage gains, the broader cryptocurrency market was trailing IOTA by a wide margin on Monday. The combined value of all cryptocurrencies in circulation was $217.2 billion, up just 1.8% from 24 hours ago.
IOTA Receives Full Backing from Fujitsu
Fujitsu, a Japanese multinational IT company, has announced plans to implement IOTA as the “new protocol standard” for Industry 4.0, a term that describes the paradigm of automation and data exchange in manufacturing.
“Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products,” Leopold Sternberg, a program manager with Fujitsu, said in a statement.
He added: “Product quality is a critical success factor for the Manufacturing Industry. Assembled products can consist of hundreds of components and their production is based on complex processes. For audit trails in industrial production environments and supply chains IOTA provides a single source of truth.”
IOTA is perhaps the most prominent IOT-focused cryptocurrency. Despite announcing several high-profile partnerships, including a recent deal with Audi’s Berlin-based think-tank group, the IOTA Foundation has struggled with internal strife and missed opportunities. Earlier this month, Hacked reported on a leaked chat log between IOTA co-founders Sergey Ivancheglo and Dominik Schiener, where Ivancheglo revealed his intent to oust his partner.
Controversy aside, IOTA recently released a new public beta of its Trinity wallet, which provides access to multiple accounts with a single password, encryption and two-factor authentication. According to the official website, the Trinity Wallet Beta is available on both mobile devices and desktop computers.
source:hacked.com