In the past thirty years, the growth of the cyberspace and digital technology has transformed the way the world operates and now artificial intelligence and automobile learning keep to shift the balance of ability abroad from physical labor and more than toward a future filled with automation and smart technology.

IoTeX (IOTX), a blockchain-based project focused on Cyberspace of Things (IoT) devices and the future of machine learning in the workforce, aims to pattern an open up ecosystem that facilitates interaction between people and machines, and over the past month, the projection'due south IOTX token has rallied more than 200%.

Data from Cointelegraph Markets Pro and TradingView shows that since striking a low of $0.055 on Oct. 27, the toll of IOTX has surged 377% to a new record high at $0.263 on November. 13 as its 24-60 minutes trading book spiked to a record $3.93 billion.

IOTX/USDT 4-hour nautical chart. Source: TradingView

Three reasons for the breakout price action for IOTX are the rebranding of the projection to focus on the rise of MachineFi, the addition of support from multiple protocols and exchanges, and the launch of nonfungible tokens (NFT) and decentralized finance (DeFi) projects on the IoTeX mainnet.

The rising of MachineFi

The biggest boost for the IoTeX ecosystem came early in November when the projection announced that it was rebranding to focus on "The rise of MachineFi" as a way to further integrate machines, the Metaverse and the traditional workforce.

MachineFi follows the emergence of DeFi and more recently, GameFi, and is intended to deal with the confluence of smart devices, machines and finance through the integration of blockchain engineering science.

Every bit the number of smart devices in use continues to rising, IoTeX aims to ensure security and trust between users and their devices, as well every bit create a simple interface where all devices can connect and be managed.

Ecosystem expansion and exchange listings

Another reason for the growing strength of IoTeX is the recent improver of new ecosystem partners, too every bit listing on several cryptocurrency exchanges, which helped to increase the token'southward exposure to crypto traders.

This year, IOTX listed on ABRA, Crypto.com, LBank and Coinbase, and was added to Pokket, a passive yield-generating platform.

The project has also been decorated establishing partnerships with other projects in the cryptocurrency sector, including integrations with Chainlink, the mobility equally a service protocol MobiFi, Wellness Blocks, the Ethereum Push Notification Service, Travala and the blockchain payments provider NOWPayments.

Related: To work for anybody, the Metaverse must be decentralized

DeFi and NFTs launch on the network

A third factor helping to bulldoze the price of IOTX higher has been the expansion of the IoTeX ecosystem and the addition of multiple NFT and DeFi projects to the protocol.

DeFi is the largest sector of growth in the IoTeX ecosystem and some of the recent project launches include WOWSwap, the offset leverage decentralized exchange (DEX) on IoTeX, Mimo DEX, and the cross-chain compatible Parrot Protocol, NAOS Finance and Firebird Finance.

On the NFT front, IOTX has benefited from the launch of Sota Finance, the commencement NFT market on the IoTeX network, also as the launch of multiple NFT projects including StarCrazy and PlaceWar.

VORTECS™ data from Cointelegraph Markets Pro began to find a bullish outlook for IOTX on Oct. xx, prior to the recent price rising.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market place atmospheric condition derived from a combination of data points including market sentiment, trading volume, contempo price movements and Twitter activity.

VORTECS™ Score (light-green) vs. IOTX toll. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for IOTX spiked into the green on Oct. 20 and reached a high of 70, around seven days before the toll began to increase by 377% over the next 3 weeks.

The views and opinions expressed hither are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own inquiry when making a decision.