The IOTA price today jumped 21 percent against the US Dollar owing to a strong push from Japan.
IOTA, cryptocurrency based on the concept of Internet of Things (IOT) rose to 21% gain in the ongoing bearish market.
Interestingly, Fujitsu, The IT giant, announced via a paper stating the use of IOTA as data storage medium for their audit trail process. The firm plans to integrate IOTA for it’s manufacturing and supply chain processes to enable better transparency, data trust and data security.
As the paper states,
“Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products.”
The current announcement by Fujitsu seems to act as a catalyst for the downward market which seems to gain some stabilisation now. The IOTA seems to have jumped conclusively to the announcement but also experienced some fall at the time of press.
As of now, IOT/USD pair stands at 0.6115 which is 18.83 percent higher than it’s last 24 hr high at 0.5168-fiat. IOTA market cap has also been raised to $1.8. Billion, as per CoinMarketCap.
As per the ‘crypto-enthusiasts’ over twitter, it has more to do with the hype around the Fujitsu-announcement. Conclusively, after the recent developments, people would likely be going to HODL the IOTA for long term benefits but day traders would be looking for the small term gains due to such variance in their prices.