Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
As Bitcoin continues to touch new highs, IOTA emerges as the fourth largest cryptocurrency by market cap.
A huge amount of money is seen flowing into Bitcoin – the most popular cryptocurrency, and now the ‘darling’ of investors has surged nearly by 10%.
Every day Bitcoin confidently storms new hills, surging past $13,000 today. Looking back, only yesterday it traded slightly over $12,000, and as recently as December, 3 the token made merely $11,000. Сurrently Bitcoin boasts new all-time high of $13,200.00, according to the CoinMarketCap.
The trading volumes of the past 24 hours are nearly $9.7 billion while the market cap of Bitcoin is now above $216 billion.
This rally in Bitcoin occurs just a few days before the launch of Bitcoin Futures Contract by the CBOE Group which are to start this coming Sunday on the 10th of December.
JPMorgan – an early critic of Bitcoin has now turned in favor of the cryptocurrency and calls it now to be a reliable long-term store of wealth. JPMorgan analyst Nikolaos Panigirtzoglou believes that bitcoins tremendous surge in the value of Bitcoin can make it the new asset class of the future.
Panigirtzoglou said, “The prospective launch of Bitcoin futures contracts by established exchanges, in particular, has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors.”
The charts show that the cryptocurrency’s value has surged by over 300% in just past three days. IOTA has currently corrected after hitting an all-time high of $5.55 and is now the fourth largest cryptocurrency on charts with over $12 billion market cap surpassing the likes of Ripple and Dash.
This rally in IOTA comes post the announcement by IOTA Foundation that the company has now joined hands with some big corporations like Samsung, Microsoft and Fujistu on a blockchain-based marketplace which allows them to sell data.
IOTA’s co-founder and CEO, David Sonstebo believes that in the rapidly growing world of data connectivity the new marketplace will incentivize these companies to sell and share its data which would otherwise be wasted.
In an email to CNBC, Sonstebo said: “At present, up to 99 percent of this precious data gathered is lost to the void. IOTA incentivize sharing of data through its zero fee transactions and by ensuring data integrity for free on the decentralized distributed ledger.”
Sonstebo said that this latest surge in the price of IOTA can be attributed to its collaboration with three big corporations and called it as “somewhat of a sleeping giant.” He further stated that “IOTA has resolved the three major issues of blockchain — fees, scaling limitations and centralization — and built up real-world partnerships and projects with world-leading companies since 2015.”
“Unlike the overwhelming majority of projects in this space, IOTA has not done any paid promo, so now that there’s a steady stream of these large news stories the major technological advantages become known to the wider audience,” he added.
IOTA is an open-source blockchain platform and differs majorly from the mainstream blockchain networks in a way that instead of using “blocks” for recording transactions, IOTA’s digital ledger is completely “blockless” and inspired from technology powering the Intenet of Things. It provides a completely free platform to users for entering the transactions.