Machine Learning Cryptocurrency IOTA Jumps Amid Institutional Support

Cryptocurrency IOTA rose sharply on Wednesday after the venture arm of German industrial powerhouse Bosch announced it had a large stake in the altcoin.

IOTA Price Levels

The value of IOTA (MIOTA/USD) jumped 7.5% to $4.05, its highest in over a week. Prices touched a session high of $4.23 before paring gains. IOTA has a total market capitalization of $11.8 billion on supplies of nearly 2.8 billion, putting it eighth among active cryptocurrencies.

More than $274 million worth of IOTA was transacted over the past 24 hours, according to CoinMarketCap. Bitfinex generated more than a third of the daily trade volumes. Crypto exchange binance turned over 29% of the daily transactions. South Korea’s Coinoine saw nearly 15% of the daily foot traffic.

IOTA experienced a large drop off last week, as the global cryptocurrency market underwent a sharp correction. Prices plunged from record highs above $5.30 all the way down the $3.35.

Even with the latest bout of volatility, IOTA has witnessed a surge in buying interest over the pasts four weeks following months of lateral moves. In the process, the coin broke several technical resistances. IOTA is likely to run into sharp resistance the closer prices approach $5.00. Longer term, the bulls are eyeing new record highs north of $5.50.

Bosch Backs IOTA

Bosch’s venture capital arm recently disclosed a significant stake in MIOTA tokens, a sign the German industrial giant was betting big on the Internet of Things (IOTA). According to Venture Beat, the investment was made by Robert Bosch Venture Capital (RBVC), which announced it had bought a “significant number of MIOTA coins.