On Tuesday, Bitfinex listed IOTA on its platform, the first distributed ledger protocol that goes beyond Blockchain through its core invention Tangle. Figures from the exchange on Wednesday morning indicate that within 24 hours, its trade volume is over $38 mln.
The cryptocurrency for the Internet-of-Things, IOTA has just penetrated the top 10 of CoinMarketCap causing a curl and sending some digital currencies running for cover. As of press time, its market value was more than a record $1.6 bln.
Market cap ranking
After one year, IOTA is now ranked sixth on CoinMarketCap. It has caused a lot of mayhem that has pushed a couple of other currencies out of the top 10.
It is ranked ahead of Litecoin and privacy-centric Dash. The development has also resulted in Monero and Bytecoin losing elite status. At the moment, Dash is occupying the eighth spot followed by Bitshares and Stratis, in that order. The newcomer is making heads roll.
Cointelegraph solicited the opinions of community members over IOTA and it appears people are optimistic about the technology and its future in the space. Those who commented were mainly from the Bitcoin PowWow platform.
"Good idea but I think it could be hard for cheaper soon," Prince of Darkness contributed. "I will like to invest in the idea since an idea of a Blockchain for IOT devices is pretty smart." But he acknowledged that it could not go up 400 percent in one day of trading as it has been traded on Slack for a while.
"Good technology for long-term hold if they deliver on their promises," San Bel said.
On her part, Christine maintained Blockchain applied on ubiquitous computing (IOT) would translate perfectly as a digital mesh for devices to hook onto. "Currently, the IOT is moving towards an existence as a beeping, jangling, security risk, which is the opposite of the original vision of calm computing which the IOT grew from," she indicated.
If you are looking for the most innovative industry today with new ideas and technology springing up on a daily basis offering the public a myriad of choices, then it has to be the cryptocurrency and Blockchain space.