IOTA Rallies by 10% as Co-founder Confirms the Upcoming IOTA Ethereum Virtual Machine Launch

TL;DR

• IOTA is up by 10% over the last 24 hours, outperforming the other major cryptocurrencies.

• The rally comes as the IOTA team confirms the development of its EVM.

IOTA Confirms EVM Launch, IOTA Spikes by 10%

IOTA, the native coin of the IOTA blockchain, is one of the best performers among the top 100 cryptocurrencies by market cap. It is up by 10% over the last 24 hours, outperforming the broader cryptocurrency market.

At press time, the price of IOTA stands at $0.2517 per coin. The rally comes after Dominik Schiener, IOTA’s cofounder, in an Ask Me Anything (AMA) session held yesterday, confirmed the forthcoming IOTA Ethereum Virtual Machine (EVM) launch and the debut of IOTA’s new alpha version.

Schiener also recommended that IOTA holders stake their tokens on the IOTA EVM by the second quarter. The confirmation sparked a buying frenzy amongst investors, with the IOTA coin rallying as a result. 

At the moment, IOTA is only outperformed by Pyth Network’s PYTH token (up by 12%) amongst the top 100 cryptocurrencies by market cap.

IOTA has been performing well in recent weeks despite the temporary bearish trend in the market. The IOTA Foundation recently released the alpha version of iota-ore, bringing fixes to its docker network integration, mitigating future hacks by nightly tests, expediting error detection, and better code management for its diverse team members.

IOTA’s rally comes as Bitcoin continues to consolidate around the $40k region. BTC is up by less than 1% in the last 24 hours and is currently trading at $40,116 per coin.

With the market still choppy, the total cryptocurrency market cap remains at $1.56 trillion, up by less than 1% so far today.