The Other Cryptocurrency Having a Meteoric Rise In Price This MonthDecember 8, 2017 10:23 pm
Bitcoin is one of the top stories for 2017 thanks to its sudden spike in price but there is also another little-known cryptocurrency that is also climbing the ranks with an astounding 1,000 percent rise in the past month, according to The Economic Times.
IOTA is now the fourth largest cryptocurrency in terms of market capitalization following bitcoin, ethereum, and bitcoin cash.
IOTA prices rose 980 percent to $4.14 on Dec. 7 from only $0.38 on Nov. 7, with the e-currency rising more than 180 percent in December so far.
Coingecko.com said that IOTA is a distributed ledger for the Internet of Things and is the first ledger with microtransactions that don’t have fees on top of a secure data transfer.
Another reason for the price surge could be that major companies like Microsoft are partnering with the blockchain.
“We are excited to partner with IOTA foundation and proud to be associated with its new data marketplace initiative. This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers,” Microsoft’s Omkar Naik said in a statement on the IOTA Foundation website.
There are several websites where one can exchange bitcoin for IOTA which was founded in 2015, including Binance.
The Reserve Bank of India earlier this week was cautionary over cryptocurrency and expressed fears about a potential upcoming bubble that could burst.
The Central Bank said it wanted to reinforce its previous message to “users, holders and traders of Virtual Currencies (VCs) including bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs.”
The Reserve Bank of India also said those trading in virtual currencies, including bitcoin, were doing so at their own risk since the central bank had no license or authorization process for companies to deal in cryptocurrencies.
–WN.com, Maureen Foody