IOTA market cap overtakes that of Ripple

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IOTA price continues to surge with the cryptocurrency surpassing $4.10 mark through a 24{354c91d6c770f51e2d958086b609baaa0554bba184b320adf9922a4fa7c1531f} jump over yesterday. The latest surge has enabled the “next generation blockchain” project to surpass Ripple’s XRP token to become the fourth-largest cryptocurrency with market cap eyeing the $10 billion mark.

IOTA has surged a whopping 900 per cent in the last month when it reached the price above $3.5. Most of that movement for IOTA has taken place over the last few days thanks to announcement that IOTA is partnering with a number of corporate giants for a proof-of-concept Internet of Things (IoT)-based Data Marketplace.

If we look at the share of the exchanges as far as IOTA trading is concerned, more than 80 percent of all IOTA volume is concentrated on Bitfinex, while Binance accounts for another 18 percent.

MIOTA/USD on Bitfinex’s is the largest trading pair — larger even than BTC/USD. Altogether, traders have exchanged more than $1.2 billion of IOTA today, shattering the cryptocurrency’s previous all-time high.

The price surge in IOTA has led its market cap to surge to $9.8 billion, enabling it to surge past ripple to become the fourth-largest cryptocurrency. IOTA remains about $16 billion behind third-ranked bitcoin cash.

This is quite remarkable, given the groundwork that Ripple — the fintech startup that created XRP — has laid for XRP adoption in recent months. Just last month, for instance, Ripple partnered with credit card processing giant American Express to create a transatlantic payment channel between the U.S. and the U.K.

However, market cap is not the only metric by which IOTA is growing. According to data from Reddit Metrics, /r/IOTA was the sixth-fastest growing subreddit on Monday, placing it ahead of all cryptocurrency subreddits — even /r/bitcoin.

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