IOTA remained the solo winner across the cryptocurrency market over the weekend, as it saw a 6.74% gain on Sunday as calculated by CoinMarketCap. The gains come as Taiwan’s capital, Taipei, continues to work on a partnership with IOTA Foundation to explore smart city solutions.
We need to keep in mind that there is a big difference between IOTA and the rest of the cryptos. While the majority of cryptocurrencies base their technology on blockchain, IOTA is instead basing it on Tangle, a distributed ledger technology. This enables money and data to be transferred through its network. But, unlike blockchain, for every transaction that is made on Tangle network, two new ones are validated. So, this ledger technology proves to be ready to deal with high transaction volumes without slowing down. This makes IOTA able to deal with large volumes of transactions per second.
On the other hand, IOTA has been building up their foundation team by adding Dr. Julie Maupin, a board member of the Fintech Advisory Board of the German Ministry of Finance and the G20 Digital Economy Experts Task Force, Dr. Hongquan Jiang from Robert Bosch Venture Capital (RBVC), and Johann Jungwirth from Volkswagen.
Looking at IOTA’s price action, while it certainly has been seeing gains from previous drops, it still is hanging out around the key support level of $1.08 from back in February. IOTA/USD remains below the daily Ichimoku cloud and it has a long way to go to reach its all-time-high level of $6.42.
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