Ethereum Competitor Soars 150% in Less Than a Week, Surpassing $2,000,000,000 Market Cap

A little-known altcoin has more than doubled in value in the past week while the majority of crypto projects moved sideways on their weekly charts.

IOTX is the native asset for the open-source blockchain IoTeX, a smart contract platform designed to power decentralized apps and connect Internet of Things (IoT) devices.

The platform is Ethereum Virtual Machine (EVM) compatible, giving developers an easy way to port their apps over to the IoTeX network.

The crypto asset surged from $0.10 on November 8th to a high of $0.25, representing gains of 150% while surpassing a $2,000,000,000 market cap.

IOTX is trading at $0.19 at time of writing, up about 12% in the past 24 hours.

Last week, Chainlink (LINK) announced it had awarded a grant to Protofire, a blockchain consultancy services provider, to integrate Chainlink oracles into IoTeX.

Says Christian Malfesi, Protofire’s director of engineering,

“As Protofire has extensive experience securely integrating Chainlink into multiple blockchains, we expect that the IoTeX integration will also be seamless and timely.

After the Chainlink integration, IoTeX’s developer community can start leveraging off-chain services and real-world data to build more advanced hybrid smart contract applications.”

IoTex is also entering the play-to-earn sector of the crypto economy, and recently announced a strategic partnership with the NFT game PlaceWar.

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Featured Image: Shutterstock/tsuneomp/Sensvector