The news this week has been dominated by TRON, the new MVP of the cryptocurrency market. For our UK based friends, MVP stands for Most Valuable Player, and no, I’m not referring to TRON as the most valuable currency, I’m just stating that if TRON were a sports-person, TRON would probably win man of the match, so to speak.
Mid-week, TRON managed to move up to ninth place for market capitalisation, steaming ahead of IOTA. It now seems however that IOTA have re-grasped the hot spot, after a second day of significant gains in the wake of the launch of the new IOTA Ecosystem.
We reported on the launch of the IOTA Ecosystem just yesterday, if you’re interested, take a look at it here- https://cryptodaily.co.uk/2018/05/iota-takes-upwards-leap-new-ecosystem-launched-iota-hit-6-00/
At the time of writing, IOTA is valued at $2.33 and is up 12.16%. It currently has a market cap of $6,465,187,438, compared to TRON, which at the time of writing, stands at $5,559,515,675.
With this in mind, it is pretty clear that IOTA has re-affirmed its ninth-place ranking, taking the spot from TRON in what looks like quite an aggressive turnaround.
What else is going on behind the scenes with IOTA?
Well, According to The Merkle:
Thanks to over $228.496m in 24-hour trading volume, there appears to be a genuine demand for IOTA. Although it is likely this is mainly due to speculation and hype more than anything else, the same concept applies to virtually all cryptocurrencies on the market today. The IOTA trading volume has been on the rise for some time now, which is a positive trend to keep an eye on. As of right now, Binance is the biggest market for IOTA trading. Its lead over Bitfinex is not all that big, but both platforms are well ahead of Coinone in this regard. With OKEx taking fourth and fifth place with its BTC and USDT pairs, things look pretty good for IOTA. If these exchanges can keep up the trading activity for this altcoin, we may see some interesting IOTA price movement moving forward.
Clearly, there is a demand for IOTA at the moment, a demand that has pushed its value up and moreover, it seems that this demand is just going to continue pushing its value up. The launch of the IOTA Ecosystem has clearly had a big impact over the past 24 hours, this is justified when you explore the trading volume of IOTA and of course, when you consider the speed and efficiency in which IOTA has cemented it’s ninth-place ranking.
IOTA is one to watch going into the end of this week, with such a positive start to May set out, we could see IOTA his $3.00 soon enough, once this happens, we could see IOTA really rack up some value, if the climate remains this positive for the currency.