IOTA overtakes Ripple as price breaks $ 5

The IOTA price (MIOTA / USD) has continued its meteoric rise, increasing by more than 90% in the past 24 hours. Thanks to the massive profit, IOTA broke the $ 5 level for the first time in history. According to data from cryptocurrency tracker Coinmarketcap, IOTA is currently trading at a new high of $ 5.34, compared to yesterday’s closing price of $ 3.84.

The rapid progress has allowed IOTA to overtake crypto rival Ripple as the fourth largest digital currency in the market. The Internet of Things coin now has a total market capitalization of $ 14.8 billion.

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IOTA’s was supported by the rapidly growing demand from investors. Apart from Bitcoin (BTC), IOTA has been the most heavily traded cryptocurrency for the past 24 hours. The trading volume rose to a record $ 2.98 billion. Almost a quarter of that volume was generated on South Korea’s second largest cryptocurrency exchange, Coinone, where the IOTA price has soared to over $ 8. Due to the huge price gap to other exchanges, Coinmarketcap has excluded Coinone from influencing its price average.

Bitfinex remains the most popular destination for IOTA trading, accounting for almost 60% of the current 24-hour volume. The Shanghai-based Binance platform accounts for around 16% of the total volume.

The current IOTA rally was triggered by the announcement last week that the Berlin-based IOTA foundation was developing a tangle protocol. The project was supported by more than 20 large companies, including Microsoft, Cisco Systems, Volkswagen and Samsung. The IOTA price has increased more than 400% since the project was unveiled on November 28th.

In today’s trading, the IOTA price was $ 5.37 as of 07:35 GMT. According to data from Coinmarketcap, the digital coin has gained 97% in the past 24 hours.

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