The price of IOTA, which is currently the 10th largest cryptocurrency by market cap has recently jumped by 21% against the US dollar. This was mainly because of a strong push from Japan – or in other words a new partnership that made the altcoin increasingly popular over the past couple of days.
The partnership between IOTA and Fujitsu, which is a Tokyo-based and multinational IT equipment company was initially released in a paper that describes the use of the IOTA-focused blockchain as an immutable data storage medium for the audit trial process. The IT giant expects to integrate the altcoin into its manufacturing and supply chain verticals – all in order to improve the transparency, data trust, and data security.
As one excerpt from the company paper reads:
“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 price of IOTA has surged to $0.6 where it remains now, after a bullish sentiment which came as a result of the Fujitsu announcement. The IOTA market cap also rose to $1.8 billion.
However, analysts are predicting a downside correction from this point, in which IOTA may establish support from $0.51 to $0.62 – or a run towards the $0.65 level. The hype around the Fujitsu announcement is real – and investors are likely to hold IOTA for significant development updates in the future.
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