What is IOTA crypto and why is it rising amid crashing market?

The price of the IOTA (MIOTA) cryptocurrency was up one per cent in the last 24 hours, and it was trading at US$ 0.4227 per token at 10 AM EST. Meanwhile, the one-day volume of the MIOTA crypto was up 162.1% to US$ 99.1 million.

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IOTA is a distributed ledger, and it is not a blockchain but a proprietary technology. The network has a network of nodes for confirming transactions and claims to offer higher speeds than conventional blockchains.

As the Internet of Things (IoT) ecosystem is expanding, greater transaction speeds could attract users. On Tuesday, even the slightest rise in the price of a cryptocurrency caught investors’ attention as the market was in the red and Bitcoin slumped below US$ 30,000 for the first time in 2022.

At the time of writing, the global crypto market was down to US$ 1.46 trillion. Let’s find out what made the IOTA crypto price go up on May 10.

What is IOTA crypto, and why is it up?

The IOTA network’s proprietary technology is Tangle, and it supports frictionless data and value transfer. The network claims to be the first distributed ledger for the IoT ecosystem, which allows the exchange of value and data between machines and humans.

As per the official website, IOTA has no miners and no blocks. Whenever a user sends an IOTA transaction, two other transactions are validated, which helps the network overcome the cost and scalability issues of the blockchain.

The MIOTA token is the native token of IOTA network, and it was launched to solve real-world challenges.

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On May 10, the network tweeted that the Gaia-X 4 Future Mobility had started, and IOTA would be contributing its technology to the mobility project. IOTA said it is taking steps towards sustainable and secure mobility.

The announcement on Twitter could be responsible for the price surge in the IOTA crypto price.

Bottom line

The IOTA crypto is available for buying and selling on various cryptocurrency exchanges like Binance, OKEx, and Bitfinex. According to CoinMarketCap data, there were 2.78 billion MIOTA tokens in circulation.

The crypto market is going through a bad phase, and investors must stay alert before investing.

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