Even as bitcoin has usurped headlines and valuations, another lesser-known cryptocurrency has exploded in price recently. A month ago, IOTA, a coin for Internet of Things (IoT) transactions, was priced at $0.35 per pop and had a market valuation of less than one billion dollars.
At 21:09 UTC Wednesday, it was trading at $4.17 and had a total market capitalization of $11.6 billion. This past week, IOTA overtook Ripple to become the world’s fourth most-traded cryptocurrency. In a CNBC interview, IOTA’s co-founder David Sonstebo described it as a “sleeping giant.”
Here is a brief primer on IOTA.
H/t reader kevin a.
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