IOTA Price Growth Leapfrogs Broader Market Following Audi Partnership

IOTA’s price hit one-week highs Thursday after the company rolled out a new partnership with Audi to promote blockchain technology within the transportation sector.

MIOTA Price Levels

IOTA’s native currency, MIOTA, rose more than 6% to $1.03, according to CoinMarketCap. MIOTA values peaked at $1.05 earlier in the day, the highest in seven days. By comparison, the broader cryptocurrency market rose just 1.8% over a 24-hour period. The market is currently valued at around $300 billion.

At present values, IOTA is capitalized at $2.9 billion, placing it in the no. 9 spot among active cryptocurrencies. MIOTA values are down 2.4% week-on-week.

Total trade volumes reached $39 million, which is equivalent to 4,751 BTC at current market levels. MIOTA’s largest markets are Binance and OKEx; each accounted for nearly a third of total transactions on Thursday.

Like most of its altcoin peers, MIOTA peaked in early January amid record inflows into the blockchain arena. The coin is down more than 75% from peak levels.

IOTA Partners with Audi

The IOTA Foundation on Wednesday announced a new partnership with Audi’s Berlin-based think tank to explore practical use cases for Tangle, a highly-touted architecture used to facilitate the sharing economy. The companies are working together to develop low-level prototypes that will be demoed by existing customers.

Audi has been especially keen on developing new mobility solutions, which is why it has been quick to embrace blockchain technology. In an official announcement, the IOTA Foundation laid the groundwork for the type of solutions both companies are looking to create:

“We cannot imagine a life without mobility in the 21st century. The word mobility encompasses more than cars but infrastructural and locomotive solutions. But who will define the premium mobility of the future, what will it be? Who will influence it?”

Though purposely vague, the end goal is to develop a “mobile ecosystem that is permissionless,” which is where blockchain technology comes into play. Tangle’s open-source protocol is designed to facilitate machine learning and interactions with various devices. As Hacked reported back in December, Tangle has been described as next-generation blockchain technology.

IOTA’s proponents argue that the platform is best suited to capitalize on the Internet of Things (IOT), an emerging paradigm that seeks to bring connectivity to every facet of life. According to Cisco, IOT has the potential to become a $19 trillion economy through direct and indirect contributions.

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