IOTA Hits Two Week Peak as Volkswagen Doctor Joins Team

IOTA gained 16% in the last 24 hours and broke through the $1.20 barrier which hadn’t been breached in over two weeks.

Two Week Peak

The MIOTA coin reached a price of $1.22 at around 6am (UTC) this morning, before falling back down to $1.15, then finally stabilizing at the $1.18 mark.

IOTA has been climbing since June 29th when the market took a sudden glance upwards. That glance turned into a spike, and crypto holders the world over have been rejoicing over the last 96 hours or so.

That spike sent IOTA flying towards 35% gains over four days, and to a market cap which once again broke the $3 billion barrier. That leaves IOTA looking strong in 9th spot and well ahead of Tether in 10th. However, at the time of writing, Cardano has recorded 10% growth for the day and has just dislodged Stellar to push up into 7th; so IOTA isn’t the only coin performing well right now.

The growth of the last few days needs to be viewed in context – IOTA is still a long way down from $1.99 at the start of June – which itself is a drastic reduction on the $2.60 seen in May. That means IOTA’s value, and that of many others, is still down by 54% in the last two months.

The Volkswagen Doctor Calls

IOTA’s outperformed the majority of Top-10 coins today, and its growth comes shortly after the announced arrival of Dr. Klaus Schaaf – a former Volkswagen research director who had served the automotive giant for over 30 years. Schaaf is hailed as one of the instrumental figures in developing the Volkswagen Electronics Research Lab [ERL] in California.

Dr. Schaaf emphasized the role that distributed ledger technology will play in altering the automotive industry in the coming years. He said:

“The automotive world is disrupted by new technologies like Software-over-the-Air, Function on Demand and Autonomous Driving. New Business Models will provide Mobility-as-a-Service. To support these disruptive technologies Distributed Ledger Technology will play a major role.”

In the announcement which was posted on IOTA founder David Sønstebø’s blog, the doctor mentioned IOTA’s Tangle as a forward-looking model, and seemed assured of its native benefits. He said:

“IOTA and the Tangle provide a future oriented technology which is well suited for the requirements of the new Mobility ecosystem. I am excited to be part of the IOTA Foundation and to help building the pillars on which this ecosystem will rest.”

David Sønstebø commented on the Klaus’s arrival, saying:

“We are very happy to have Klaus join the Foundation in an official capacity. His extraordinary experience stretching back decades, particularly in the field of modern cars and its intersection with Internet of Things make him an ideal advisor to assist us in realizing the vision of the IOTA project.”

IOTA welcomed another addition to their team with the arrival of Mark Schmidt, a cryptocurrency entrepreneur and graduate of the University of Hamburg, although the Volkswagen has predictably grabbed the headlines.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.