IOTA Is Surging on Beta Trinity Mobile Wallet Release

IOTA prices continued to surge on Thursday, as investors rallied behind the beta release of the highly-anticipated Trinity Mobile wallet.

IOTA Price Levels

The value of MIOTA coin shot up nearly 15% on Thursday en route to a session high of $1.80. That was its best level in about 11 days. In doing so, it outperformed all major coins listed in the top 50 by market capitalization.

At the time of writing, MIOTA was valued at $1.77 per coin, having gained 13.2%. Its total market cap stood at $4.9 billion, enough for ninth on the active leader board.

MIOTA has added more than 30% since Tuesday, with trade volumes more than doubling over that period. More than $124 million worth of MIOTA have traded hands over the last 24 hours, compared with just $55 million at the start of the week.

Bitfinex continues to be the most active exchange for IOTA deals, generating more than 35% of daily volume. Binance processed about a fifth of the daily turnover.

The Release of Trinity Wallet

A beta version of the Trinity mobile wallet app was released to the market earlier this week, allowing users to test drive what proponents say is a “purely community-driven project.” Emphasizing usability, the wallet is available in both mobile and desktop format, giving users the ability to convert crypto to fiat instantly.

“Trinity was adopted by the IOTA Foundation in order to provide assurance to the wider community that the wallet is safe to use, and as free from the threat of user error as possible,” Navin Ramachandran, a member of the IOTA Foundation, said in a blog post on Medium.

IOTA recently entered into partnership with UNOPS, a technical advisory service within the United Nations, to improve internal operations. UNOPS will pilot IOTA’s technology to boost transparency and efficiency.

The machine learning cryptocurrency is generating significant support from ‘Industry 4.0,’ a broad cluster of entities embarking on the next phase of the digital economy. Last December, the venture capital arm of Bosch, the German multinational electronics company, threw its weight behind IOTA by stocking up on a “significant number of MIOTA coins.”

MIOTA has been designed to solve scalability and transaction-cost issues associated with the Internet of Things economy.

Microsoft has also entered into partnership wit the IOTA Foundation, joining Accenture and two-dozen other companies exploring IOT applications with the German crypto startup.

It was the second major development for the project in the past week. As CCN reported, IOTA also inked a deal with UNOPS — a technical advisory wing of the United Nations — to improve the transparency and efficiency of the agency’s internal operations.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi