Altcoins
IOTA surges 39% in a week, leaving Tron and Monero in a fierce competition
The price of IOTA increased drastically by 39% in the last seven days after Fujitsu – a Japanese IT tech giant partnered with it. Before that happened, IOTA, TRON (TRX), and Monero had decreased in value following a big market dip that hit most cryptocurrencies in the crypto sphere.
IOTA fell out of its position – moving to the 11th spot, while TRON had moved down further to the 13th spot. But Ethereum Classic moved up to the 10th position immediately.
Following the recent growth on Monday, the price of IOTA got corrected and it moved to its no. 10th spot; Monero to 11th spot; Tron moved back to its normal position (12th spot) after getting a 6% increase on Monday.
MIOTA’s Current Price
MIOTA is the main token of IOTA blockchain; it surged on Monday, but in the last 24 hours, alongside almost of other cryptocurrencies, it has dropped to $0.69. The thing worth noting is, the token reached a peak of $0.7.234 on Monday – which the highest peak price it has attained in the month of August.
It is important to know that MIOTA was trading at $0.52862 on Sunday night, but on Monday morning (10:30 UTC), it peaked at 18%. MIOTA has been increasing by considerable percentages lately. As it seems, IOTA is trying to recover from its slip in the first week of August (of course, last 24 hours have changed the game again a bit).
At the time of writing, MIOTA has a market cap of $1,943,543,650, placing it at the number 10th position in the cryptocurrency market today. Additionally, MIOTA’s trading volume has reached $$77,403,494 so far (even after a 6% drop in the last 24 hours).
Nevertheless, even though MIOTA seems to have recovered, it dropped more than 30% this month (August), thus, making it one of the worst-performing cryptos in the cryptocurrency market. For a coin formally trading near $0.400 on August 11th and $0.468 on August 22nd, MIOTA has increased by a good value. Although, its low prices at those times were due to the overall market performance – and according to a news report, the price manipulation on Bitfnex may have caused it also.
Technology Giants, Fujitsu, decides to back IOTA
Fujitsu, a company based in Japan, has decided to make use of IOTA as its “new protocol standard” for its new services.
Leopold Sternberg, a program manager at Fujitsu, stated:
“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. 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 has been dedicated to making sure its currency stays top. Even though IOTA has gotten lots of collaborations with top companies in the world today, it has also dealt with little controversies of its own.
IOTA aims to move higher than its current position and recently, it released the beta version of its Trinity Wallet. Consequently, IOTA’s Trinity Wallet enables users to have more than one account and it is compatible with PC’s and mobile devices.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Rodion Kutsaev on Unsplash
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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