Blogs
ICON (ICX) Experiencing A Fair Bit Of Turbulence
The last week seemed to be a blessing for ICON and ICX as this currency started to rise up from the market dip with a prompt pace of growth. The spoken change in the market managed to sky-rocket ICX with massive gains that went over 70% in only a couple of days. Experts and crypto enthusiasts claim that it was pretty easy for ICX to climb at such a benevolent rate given the fact that ICON was listed on yet another exchange platform, which of course increased its value. We have already gotten used to seeing a currency rising up whenever it is added to an exchange market, sealed a partnership or implemented some technological novelties or new features, but that is how we have also gotten used to seeing top rising coins of the week slowly decaying in the price due to the market crash. How is ICON doing and what can we expect from ICX in the following weeks? As we know, the tables are turning fast in the crypto market.
ICON: The Last Week’s Big Gains
ICON with its currency ICX started to rise dizzily once the news about ICX being listed on Bithumb hit the public. Bithumb is one of the largest market exchanges in South Korea, so that is why having ICX listed on this exchange market is actually a big deal of ICON, its investors, and all ICX HODLers.
After the announcement of having ICX listed on one of Korea’s largest market exchanges, along with the news that ICON is also expecting to get listed on yet another exchange platform, Upbit, ICON seemed to have unlocked an interesting turn of events as it made its price sky-rocket. That is how ICON managed to easily climb up from dealing with just a bit over one dollar to being traded at almost 4$ per one unit. During the period of several days, ICON jumped up for nearly 80% in its price that way finishing the last week as a definite winner in the crypto world.
After the initial announcement of ICON starting to trade on Bithumb, approximately 10 days ago, it was also announced that the coin won’t be available for trading until Saturday, referring to the last Saturday so that means that ICX is already trading on Bithumb for a week now.
However, that didn’t keep it from plummeting straight down from that point. ICON is also listed on three more exchange platforms, among which is Binance, and Bithumb has listed 12 cryptocurrencies so far including ICON, ICX.
As the largest exchange platform in South Korea, Bithumb had to step up its game, so the team behind this platform announced that Bithumb will be partnering up with Bitcoin’s BitPay in order to offer cheap and fast cross-border transactions, that way contributing to the blockchain revolution.
So, What Went Wrong with ICON?
After experiencing a massive rise in the price over the course of the previous week when ICON managed to jump up for the amazing 80% in its price, ICX started to plummet with another small rise afterward.
After the minor positive change in the market, the price started to plummet once again, so ICON ended up losing the entire cap it got over the last week, going even below the starting point of the initial rise.
It seems that once the news about having ICON listed on Bithumb wore off and the price was solidly raised, micro investors decided to earn some cash on the most recent positive change so they probably decided to sell their ICX getting up to 3$ of clean profit on each ICX unit. Easy profit, right?
However, it seems that easy profit came with the bigger price for ICON as the currency started to drop, causing it to embrace the new role of one of the biggest losers of the week when it comes to price.
Given the fact that the dev team standing behind this currency is planning on “hyper-connecting the world”, it is more than obvious that this crash, although pretty serious, shouldn’t affect the overall value of ICON as a project. ICON, otherwise known as Korea’s Ethereum given the fact that this platform is also operating with smart contracts making the largest blockchain platform in South Korea, is currently set on a 20th spot on the global coin ranking list and the experts along with crypto enthusiasts claim that ICON could soon join the top 10 club. In fact, as we speak, ICX has gone under an unexpected rise in its price.
How is ICON doing at the Current Moment?
ICON was swiftly turned into a loser after a triumphal week when ICX was listed on Bithumb and gone through some pretty positive changes in the market while gaining nearly 80% on its price.
At the current moment, ICX is having a rough time while trying to bounce off from this week’s market dip. Only 12 hours ago, on March 31st ICX was dragging a trail of defeat which made it fell rapidly and drop from dealing at nearly 4$ to dealing at just a bit over 1$.
However, in the time of this writing at the end of March 31st and at the same time concluding this month and entering April, ICX is going through a benevolent change in its price which made it trade in the green once again.
At this time, ICX has jumped from a serious loss and gained 2.45%, rising against the dollar. With this pace of growth, ICON has managed to break the value of 2$ per one unit, which came as a huge positive surprise.
ICX can thus be bought at 2.26$ per one unit, which takes away the title of having ICON as the biggest loser of this week. But, it isn’t certain whether the price along with the positive pace of growth will stick till the next day without having ICX dizzily dropping once again. In the end, it all depends on the day-to-day state of the market. Until then, if you are investing in ICON, you can enjoy watching it bounce off from a defeating drop.
We will be updating our subscribers as soon as we know more. For the latest on ICX, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of George Bremer via Flickr