IOTA has been consolidating around $0.5 for over a month, and Monday showed a 5% surge to test $0.6. However, it’s still stuck below the daily cloud on the Ichimoku Kinko Hyo technical indicator, while supported by $0.43, which is the low of mid-August 2018, and near the all-time low levels.

Monday’s surge could because of the recirculation of a report from the end of September which revealed different potential use cases for IOTA, including revolutionizing the car insurance industry. More specifically, IOTA revealed in a recent tech event in Toronto how your car can insure itself using the IOTA’s Tangle technology. Tangle can host your car’s real-time data, allowing your car to choose the best insurance plan based on its current situation.

IOTA may also be able to eliminate fraudulent payments, which can result in significant cuts in insurance costs. Ranked number 12 based on coin market cap, IOTA’s token, MIOTA, has a circulating supply of over 2 billion.

The IOTA project is inspired by the Internet of Things to make machine-to-machine communication more efficient.