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IOTA was one of the ‘Bitcoin killers’ in 2017, but then fell behind in the race.
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Now, IOTA developers present “the biggest update in its history.”
IOTA was one of the stars of the 2017 bull cycle. In those years, the Cryptocurrency focused on the Internet of Things reached the top 10 and its promoters defended it by arguing that its “tangle” was a superior technology to the ” Blockchain” used by bitcoin (BTC) and many other digital assets.
But, as has happened with most altcoins, after having its moment of fame, it gradually lost relevance until it fell off the radar of most investors. Even It even left the list of the 100 cryptocurrencies and tokens most valuable.
The image below shows the historical chart of IOTA price. The downward trend extended over time is unquestionable.
IOTA price history chart. Source: CoinGecko.
But today, December 4, if we open price trackers like CoinMarketCap or CoinGecko, we can see that IOTA is the digital asset (among the 100 with the highest market capitalization) with the greatest price increase at a percentage levelfrom last week. Its appreciation in these 7 days has been close to 150%. The price of IOTA is $0.55.
10 cryptocurrencies and tokens with the highest price increase in the last 7 days. Source: CoinGecko.
What happened to this «dinosaur cryptocurrency» (in the words of Marija Matic) to have this «resurrection»?
There are several factors that explain the rise. First of all, the “drag effect” that bitcoin has produced on altcoins is undeniable. To the point that, according to the indicator currently provided by BlockchainCenter the market is in what is called altseason.
CriptoNoticias publications these days are witnessing dozens of altcoins that have impressive price increases and IOTA is simply one more of them.
But IOTA also has its own reasons that support the rise. First of all, it should be mentioned that IOTA is no longer the ‘bitcoin killer’. bitcoin) that it was intended to be in 2017 (or, at least, that is what many of its investors and fans intended), but has evolved to integrate into more friendly narratives with the rest of the cryptocurrency industry.
During the current year, IOTA has integrated the Ethereum Virtual Machine (EVM) into its ecosystemallowing the execution of smart contracts written in Solidity and facilitating interoperability with decentralized applications (dApps) of the Ethereum environment. That gives the network immense growth potential beyond the Internet of Things. Now, IOTA is friendly for the development of DeFi platforms, NFTs, stablecoins, tokens and much more.
Journalist Collin Brown says: “These developments underline the significant progress in infrastructure and tools essential for the IOTA EVM to be ready for deployment. “The upcoming developments invite stakeholders to prepare for the new opportunities that these innovations will bring to the blockchain community.”
«The biggest update in the history of IOTA»
Furthermore, on November 18 showed up IOTA Rebasedwhich is defined by the development team of this protocol as “the largest update in the history of IOTA that advances us in our mission to bring the real world to Web3.”
It is detailed in a release that IOTA Rebased is “a proposal to redesign the layer 1 (L1) protocol with advanced features such as complete decentralization, support for smart contracts with MoveVM and EVM, scalability of more than 50,000 transactions per second and staking for the IOTA token. “This change seeks to accelerate the launch of a new mainnet, simplifying the path compared to IOTA 2.0 plans.”
Among the benefits that developers expect for the ecosystem with IOTA Rebasedthere are new capabilities for applications in decentralized finance (DeFi); tokenization of assets and stablecoins; greater flexibility for developers with simultaneous support for MoveVM and EVM; and redesign of the tokenomics for greater economic sustainability.
It is worth clarifying that this update is not yet activated and depends on a community vote which will be done in 2 phases. On December 16, the final results will be known, so In the coming days, greater movements in the price of IOTA could be expected.
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