IOTA cryptocurrency saw a spike on Wednesday, rallying more than 90 percent in the last 24 hours, according to data from industry website Coinmarketcap, CNBC reported.
Its price soared to an all-time high of $5.55 at 8:27 a.m. London time, almost doubling Tuesday's price of $2.78. It is now the fourth-largest digital asset by market capitalization, dethroning Ripple's XRP.
The rally follows an announcement by the IOTA Foundation, a German non-profit firm that oversees the virtual currency, last Tuesday, that it had partnered with the likes of Microsoft, Samsung and Fujitsu on a blockchain-based marketplace that lets them sell data.
David Sonstebo, IOTA's co-founder and CEO, said that the cryptocurrency's surge in price was due to its approach to blockchain technology and partnerships with established firms.
"IOTA's seemingly 'out of nowhere' explosive growth can be traced back to the fact that it has been somewhat of a sleeping giant," Sonstebo said.
"IOTA has resolved the three major issues of blockchain — fees, scaling limitations and centralization — and built up real-world partnerships and projects with world-leading companies since 2015," he added.
Sonstebo added that the cryptocurrency's growth was also owed to its increased publicity.