After a two-year negative downtrend, the IOTA (MIOTA) token rallied by 136.88% over the past week to $1.18.
What Happened: While most cryptocurrencies were trading close to their all-time highs, IOTA’s price movement wasn’t exactly fuelled by the overall bullish uptrend in the market.
Yesterday, the IOTA Foundation announced a partnership with Dell Technologies Inc DELL called Project Alvarium.
Project Alvarium plans to “measure the trustworthiness of data” before it is used by an application.
Dell first introduced the technology known as ‘Data Confidence Fabric’ in 2019; IOTA then re-engineered it using the IOTA Streams framework.
“The importance of data transparency is integral to how organizations in every industry move forward,” said Steve Todd, Fellow at Dell Technologies.
In order to bring Project Alvarium to life, IOTA and Dell partnered with Intel Corporation INTC to facilitate real-world pilots.
Market participants quickly reacted to the news, and the cryptocurrency price rallied over 68% from $0.73 to $1.23 in a single day.
The price, however, has since consolidated to around $1.19, and trading volume was down by 40% in the past 24 hours, indicating that some long-term holders might have capitalized on a three-year high by selling at these levels.
Price Action: IOTA was trading at $1.18 at press time.
Dell shares grew by 0.25% and were trading at $79.70.
Intel shares were at $61.50, gaining 1.38%.