The cryptocurrency market has seen a significant surge, with IOTA (MIOTA) leading the charge in 24 hours. The digital asset has skyrocketed by over 45% in the past 24 hours, surpassing the $0.50 threshold for the first time since May 2022.
This rally boosted IOTA’s market cap to $1.7 billion, with a 78% rise in trading volume to $663 million, according to CoinGecko. The surge coincides with the launch of a governance vote on upgrading the IOTA L1 Mainnet to the Rebased protocol.
By voting in favor of this proposal, token holders agree to update the IOTA Mainnet to the Rebased protocol currently running on the IOTA Rebased Testnet.
The proposed upgrade introduces key features such as move-based smart contracts, a delegated proof-of-stake consensus mechanism, and the Mysticeti protocol, which promises high scalability with over 50,000 transactions per second and sub-second finality.
Other enhancements include low transaction fees, adaptive fee burn mechanisms, sponsored transactions, staking rewards, and inflationary tokenomics targeting 6-7% annual inflation.
The seven-day voting period, which began on December 2, will determine whether the network transitions to the Rebased protocol. Should the community reject the proposal, the IOTA Foundation will consider alternative development paths for the network.
IOTA’s significant performance has caught the attention of investors and analysts alike, sparking speculation about the future trajectory of IOTA and the broader cryptocurrency market.
IOTA has touched $0.52 and now trading at $4.88. While IOTA touched $0.52 during its rally, analysts highlight $0.50 as a critical resistance level. Sustained trading above this level could establish it as support, potentially setting the stage for IOTA to target $1.
However, it’s important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. While the recent surge in IOTA is encouraging, investors should exercise caution and conduct thorough research before making any investment decisions.