IOTA Shoots to Fourth Highest Market Cap In Massive Rally

IOTA has posted nearly 400% gains since the beginning of this week, pushing it up through the top 10 market caps in a matter of days to displace Ripple as the fourth largest cryptocurrency.

It’s official: IOTA is mooning. The altcoin opened up the week with prices hovering around $1.40 on December 2nd. Today it reached an all-time $5.55, a staggering increase of nearly 400% over a matter of four days.

Soaring Ever Higher

The price increase added more than $12 billion to its market cap, quickly pushing it through the top 10 cryptocurrencies to where it currently sits at #4. Should IOTA’s price surge to $10, it would push Bitcoin Cash out of its long-held third place position. A price of $16 would displace Ethereum from its throne in second place.

The rally coincides with an announcement last week by the IOTA Foundation that it had joined with several large tech companies such as Microsoft, Samsung, Cisco, Volkswagen, and Huawei to launch a secure marketplace for data. IOTA aims to build a blockchain-based network for companies to share and sell data between one another…

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