The IOTA price (IOT/USD) has reached its highest level in more than two months after experiencing a massive surge in Wednesday trading.

The ‘Internet of Things coin’ started yesterday’s session at $0.610, which remained its lowest level for the day. It finished the day at $0.785, its highest price September 2.

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So far in today’s session IOTA has managed to defend the gains, with is price currently hovering around $0.80, according to data from cryptocurrency tracker Coinmarketcap. The rally had seemingly run out of steam in the morning session, but the coin managed to extend its gains a bit further in the afternoon.

IOTA’s rapid advance on Wednesday is consistent with a strong uptrend that has developed over the past week or so. The cryptocurrency has gained more than 100% since November 8, when it first hinted that there was potential for a more meaningful and sustained rally.

The price rally suggests that IOTA is enjoying strong interest from investors and this is further supported by strong market activity. Yesterday IOTA reached a record daily volume of just over $87 million and earlier today its 24-hour volume surpassed $100 million for the first time.

Hong Kong’s Bitfinex exchange accounts for 89% of all trades that have taken place in the past 24 hours. Meanwhile, Shanghai-based exchange Binance, which only added IOTA to its platform at the end of September, has increased its share to nearly 11%.

In today’s trading, the IOTA price stood at $0.806, as of 13:15 GMT. The coin has gained 18.3% in the past 24 hours, according to Coinmarketcap.