IOTA Weekly Market Report May 26- June 3: Price Surge Over 12% in a Week
- By Pierre-Alexandre
June 3rd, 2019
The IOTA cryptocurrency witnessed a steady growth last week after adding an important upgrade to its platform aiming towards higher decentralization.
Summary
- IOTA’s Weekly Price Movements
- Top Recent News
- IOTA Market Analysis Using the Omenics' Sentscore
1.IOTA’s Weekly Price Movements
Amidst the cryptocurrency market volatility last week, IOTA has managed to put a good performance. Throughout the week, IOTA has been on a steady rise with its price moving northwards 12% in the last seven days.
The IOTA price climbed from $0.38 at the start of the week moving all the way close to $0.50 by the weekend. At the press time, IOTA is trading at a price of $0.47 with a market cap of $1.34 billion.
The weekly price surge puts IOTA as the fourteenth most valuable cryptocurrency by market cap. The Internet-of-Things cryptocurrency surged to new heights due to a huge upgrade coming to the IOTA ecosystem that promises to address a number of issues concerning the platform.
2. Top Recent News
Last Tuesday, May 28, the IOTA Foundation announced a new mechanism that will overhaul the network performance, scalability, and security. The new protocol dubbed as Coordicide aims to decentralize IOTA’s core feature called “The Tangle” which earlier relied on a centrally controlled “Coordinator”.
This move will prove to be a significant development in IOTA’s future roadmap and could possibly bring a transformational chain in its blockchain network. Besides, the Coordicide upgrade will solve all three fundamental problems relating to the blockchain technology which include scaling, high fees, and centralization.
The Coordicide protocol is basically a modular system that adds flexibility to all aspects of the IOTA protocol. In addition to faster transactions and better scalability, the protocol also ensures better node maintenance along with a variety of novel use cases.
IOTA Foundation co-founder David Sønstebø said that having achieved this major milestone, they are all set to accelerate into the next phase of growth and adoption for real-world enterprise solutions.
The IOTA Foundation has also released its new “IOTA Pay Per Content WordPress Plugin” that ...
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By Pierre-Alexandre
Pierre-Alexandre is passionate about new technologies and innovation. After several years of experience in software and innovation agencies, he wanted to go all in on the blockchain revolution and co-founded Omenics.
