Hassan Maishera
TL;DR
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IOTA is the best performer amongst the top 100 cryptocurrencies by market cap.
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The rally came after the IOTA Ecosystem DLT Foundation became registered in Abu Dhabi.
IOTA Outperforms The Market
IOTA, the native coin of the IOTA blockchain, is the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours. The coin has added 40% to its value during that period and is currently trading at $0.2353 per coin.
The rally came after the IOTA Ecosystem DLT Foundation became a registered entity in Abu Dhabi, the capital of the United Arab Emirates. According to the IOTA Ecosystem DLT Foundation, they are the first foundation to be registered under the emirate's regulatory framework for blockchain foundations.
The team revealed that the IOTA Ecosystem DLT Foundation will be funded by $100 million worth of tokens vested for four years. This latest development comes after IOTA revealed plans in September to establish a regulated entity in Abu Dhabi. The move is part of the IOTA network's global expansion.
IOTA’s rally comes as the broader market stagnated. Bitcoin, the world’s leading cryptocurrency by market cap, is up by less than 1% in the last 24 hours and continues to trade above the $38k level.
The total cryptocurrency market cap also stands at $1.43 trillion, down by 0.01% over the last few hours. Solana continues to outperform the other leading cryptocurrencies, adding 3% to its value. At press time, the price of Solana stands at $60.36.
