IOTA’s price posted double-digit gains in the past 24 hours, with its price reaching as high as $1.5. What was the cause of this price gain, and should you buy some MIOTA now?
Fundamental analysis: Chrysalis update pushes IOTA to new use cases
IOTA is a distributed ledger-based digital currency that doesnt actually have a blockchain. Instead, it’s built on its proprietary technology known as Tangle, a system of nodes that are used to confirm transactions. The foundation behind IOTA states that Tangle offers far greater speeds than current blockchains.
Because there’s no blockchain, there are also no miners, and therefore no fees. IOTA aims to provide a limitless amount of transactions per second at minimal expense.
IOTA’s current push towards the upside is caused by various partnerships established in the past week. Dominik Schiener, one of IOTA’s co-founders, posted a tweet regarding the Chrysalis update and how the cryptocurrency will now be much closer to finished:
The #MachineEconomy needs feeless micropayments, secure immutable data, smart contracts and tokenization of digital and physical assets. #IOTA is building all of it. The upcoming Chrysalis upgrade will push IOTA into entirely new ecosystems and use cases. https://t.co/9yTo3FQIUP pic.twitter.com/HLLcwG9xGi
— Dominik Schiener 💎 🦋 💎 (@DomSchiener) February 18, 2021
MIOTA posted week-over-week gains of 18.42%, outperforming both BTC‘s week-over-week gains of 8.52% and ETH‘s 6.71% gain. IOTA is currently the 21st-largest cryptocurrency by market cap, boasting a value of $3.97 billion.
At the time of writing, MIOTA is trading for $1.45, which represents a price increase of 262.88% when compared to the previous month’s value.
