The week which was just becoming favorable for the market has begun shifting hands. For most of the week, the market was predominantly green, with a good number of cryptocurrencies gaining double-digits. However, the table is beginning to turn as the bears try to regain control over the crypto market.
Performance of IOTA (MOITA)
This week’s performance of MOITA has not been the most convincing. While most altcoins rallied around the bull, MOITA failed to show significant signs of recovery. Now, with the bears creeping in, the value of MOITA is slipping, and sharply too.
As at press time, MOITA is trading at a deficit of 8.4 percent to the USD. A MOITA token is now valued at $0.28310. The steep drop in price has also taken its toll on the market valuation of the digital asset.
The overall market capitalization of IOTA is currently $787,108,217. However, data derived from CoinMarketCap shows that the overall market cap of the virtual asset peaked at $852.59 million yesterday. Daily trade volume of the asset is $11,420,320, identical to the figures posted all week.
Although IOTA seems to be underperforming in the market, its community remains vibrant, with some laudable announcements made over the last couple of days.
IOTA Begins Working with HIGH MOBILITY
HIGH MOBILITY has announced its partnership with the IOTA Foundation. HIGH MOBILITY, a blockchain startup dealing of mobile cars will be working with the developers of IOTA to build new apps based on the distributed ledger technology (DLT) of IOTA.
This partnership will allow developers to build apps using HIGH MOBILITY’s standardized connected car API on the IOTA platform. The first application will have been confirmed to be an intelligent charging system that will be utilizing the DLT of IOTA.
The DLT of IOTA which bests most blockchain designs is one of the major reasons for the partnership. The DLT stores data of transactions in a blockless distributed ledger. This technology helps the digital currency to eliminate the costs of transactions and reduce processing time.
IOTA Announces Community Contest
The IOTA ecosystem is one of the biggest and most active in the cryptoverse. To improve its community participation in the project, IOTA Foundation has launched a contest, The Perfect Brainstorm.
The contestant who submits the best proposal will be awarded $300 and will work with the IOTA Foundation on the use case idea they suggested. The 2nd prize winner will receive $200, and the 3rd prize winner will receive $100. IOTA activist George Wright announced via Twitter that his company will also be giving $1500 to the winner and $500 to the 2nd place.
IOTA co-founders David Sontebo and Dominik Schiener and IOTA advisor and Seedlab founder & CEO Regine Hashka-Helmer will be the judges of the project. The winners of the project will be announced on December 21.
Although the 4th and 5th prize winners will not get cash rewards, they will receive a limited edition IOTA branded Ledger Nano S device. The aim of the contest is to improve community participation, perhaps implement the big idea for the application of the distributed ledger technology.