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It is Not Just Bitcoin: Lesser-Known Cryptocurrency, IOTA Has Grown by 1000 Percent in the Last Month


The growth Bitcoin has experienced in the last year has pointed people to the investment possibilities that lie in digital currencies. 12 months ago, a unit of Bitcoin was valued at less than $1000, today it is fast approaching the $12,000 mark. However, attention is now beginning to shit to other cryptocurrencies as investors start looking for other opportunities in the same industry. One such currency is IOTA, which was created by the IOTA Foundation and was barely known to many a few weeks ago.
IOTA’s rise in value over the course of the last month puts even Bitcoin to shame. At the beginning of November, the currency was valued at a measly $0.35 with a corresponding market value of less than $1 billion. Today, however, the currency is trading well above the $4 mark, with a market valuation of about $12 billion. In fact, due to a significant valuation leap in the last week, IOTA is now the fourth largest digital currency on the globe.
Perhaps the greatest reason for IOTA’s sudden rise is that it uses a different blockchain design to other cryptocurrencies. Under IOTA’s design, an increase in the number of users results in increases in speeds. As a result, it is a lot more efficient than other digital currencies and barely experiences any network delays. It also helps that the currency does not carry any transaction fees.
At the moment, IOTA is primarily a currency for the Internet of Things (IoT) transactions. With the Internet of Things still being in its infancy and IOTA being one of the early movers into the industry, the currency is predicted to have a stable future. The IoT industry is expected to have a valuation of about $470 billion in the next three years. To cement its position in this lucrative industry, IOTA recently got into a partnership with some of its largest players, including Samsung to develop a data marketplace. Once the marketplace begins to grow significantly, IOTA and its partners will likely be able to monetize it.