IOTA Surges 46% Since May Low — Here Is Why

IOTA has seen a further 6.89% price surge over the past 24 hours of trading, bringing the current price for the coin back above the $0.038 level. In fact, IOTA has now surged by a total of 45% since the May 2019 low of $0.2590.

IOTA is now ranked in 16th position among the top cryptocurrency projects by market cap valuation, as it presently holds a $1.07 billion market cap valuation. The project is quickly closing in on 15th position holder Tezos, which currently has a $1.09 billion market cap, and 14th position holder BitcoinSV, which currently has a $1.11 billion market cap.

The recent price surge has now allowed IOTA to climb back above the 100-day moving average level for the first time since early April 2019, as the projects next milestone will be to climb above the 2019 price high at around $0.40.

Why Is IOTA Surging?

Of course one of the largest reasons as to why IOTA (and the entire cryptocurrency space) may be surging is due to the magnificent 35% price gains made by Bitcoin over the past 7 trading days. However, there have also been a string of further partnerships recently announced by IOTA, which has helped IOTA to climb out of its previously slow ascension.

City of Austin Partnership

On April 25, 2019, @austinmobility, the official Twitter handle for the transport body of the city of Austin, Texas, announced a partnership with IOTA:

Were partnering with the nonprofit @iotatoken to bring the future of mobility to Austin. Learn all about it at a special event on Monday, April 29, at 5 p.m. on the UT campus. ATD and IOTA leaders will make an announcement, followed by a Q&A. More at https://t.co/7cAmKUd6wp. pic.twitter.com/Cr97G8gfpX

— ATX Transportation (@austinmobility) April 25, 2019

The two entities are partnering up to bring innovation to the mobility industry.

Jaguar Rewards For Drivers in IOTA

On April 29 2019, Reuters reported that Jaguar has announced that it is testing software that will allow Jaguar drivers to earn cryptocurrency rewards in IOTA, if they opt in to sharing their data with Jaguar.

IOTA are working on designing a wallet that is pre-built into the Jaguar cars where they can receive their rewards for the driver data that they share. They have stated that they will reward helpful car owners with crypto if they share data such as traffic congestion, fuel consumption and pothole locations.

Ford Visits IOTA Labs

On May 7, 2019, it was rumored that Ford had visited the IOTA Labs to discuss a proof-of-concept project. The rumor was first cir ...

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