- IOTA has seen an impressive 74% surge in value over the past week, reaching a new yearly high of $0.33.
- The establishment of the IOTA Ecosystem DLT Foundation in Abu Dhabi and its $100 million funding marks a pivotal moment for cryptocurrency.
The cryptocurrency market is abuzz with excitement as IOTA, a smaller-cap digital asset, has witnessed an astonishing 74% surge in its value over the past week. This surge not only brings IOTA to a new yearly high of $0.33 but also mirrors the recent bullish trend observed in Bitcoin, which achieved a new yearly peak of $39,000 earlier this week.
Following a period of consolidation, IOTA’s price action has taken a significant turn, currently trading near the $0.315 mark. This upward trajectory positions the cryptocurrency to surpass a market capitalization of $1 billion, driven by a remarkable 190% surge in trading volume. IOTA, currently ranked 58th in the crypto market with a market cap of $967 million, is attracting attention not only for its price surge but also for its unique technological advancements and strategic initiatives.
One of the driving forces behind this price pump is the recent establishment of the IOTA Ecosystem DLT Foundation in Abu Dhabi. With an initial funding of over $100 million, this milestone marks IOTA as the first regulated DLT foundation within the Abu Dhabi Global Market. This strategic move positions IOTA for substantial growth and influence in the MENA region.
Pioneering in the Blockchain Space
The launch of the foundation, a significant event witnessed on November 29 and attended by ADGM CEO Hamad Sarah Ali Mazrouei and IOTA co-founder Dominik Scheiner, garnered substantial attention, even making headlines in mainstream news outlets like Reuters and Daily Mail UK. This announcement swiftly prompted action among crypto exchanges, with platforms like LBank and MEXC introducing IOTA perpetual contracts with leverage of up to 20x.
IOTA is transforming an enterprise DLT network into a cutting-edge Layer 1 (L1) blockchain. By early 2024, it aims to achieve full Ethereum Virtual Machine (EVM) compatibility, expanding its utility in sectors such as DeFi and Gaming. This transition is part of the broader shift towards IOTA 2.0, promising a decentralized, fee-less, and sustainable DLT platform. Additionally, it includes plans for tokenizing carbon credits and establishing carbon markets, as revealed by Dominik Schiener.
The Stardust hard fork in October laid the groundwork for IOTA 2.0, with further rollouts planned in the coming months. Notably, the new EVM compatibility and real-world asset (RWA) integrations are scheduled to launch in the first quarter of 2024.
In 2017, during its previous bull run, IOTA reached an all-time high of $5.25. While it has since been overshadowed by newer cryptocurrencies, recent developments suggest the potential for a resurgence. Technical analysis on TradingView signals a strong buy for IOTA, although it faces resistance at various price points.
In the broader context of the crypto market, IOTA’s surge reflects an emerging trend, with innovations like the Bitcoin ETF Token also gaining traction. As Bitcoin continues its upward trajectory, altcoins like IOTA are well-positioned to capitalize on these market dynamics, potentially reaching new heights in the upcoming crypto bull run.
