JP Buntinx | The Merkle
With all cryptocurrency markets going in the red once again, it is evident today will not be a fun day whatsoever. That doesn’t mean there are no currencies appreciating in value, though. ICON, for example, has seen a nice 10% price increase over the past 24 hours. As a result, we are now looking at an ICON price of $9.75. Although $10 was surpassed briefly, it is evident there is a lot of profit-taking happening as of right now.
ICON Price Wants to Surpass $10 Again
Thanks to some solid price gains over the past few days, the ICON price has appreciated quite nicely. As a result, it now the 15th most valuable cryptocurrency when ranking them by market cap, which is pretty interesting. Three months ago, the ICON price was hovering near $0.50. This sudden surge to nearly $10 is quite significant in this regard, as it is a net 2,000% increase in the span of just over 90 days. There are a lot worse investments in the financial world than ICON, that much is rather evident.
It is a bit unclear what is fueling this current price spike, though. We recently discussed the ICON project on this website. At that time, it became evident there certainly is a lot of potential, but there is also a lot of work yet to be completed. It seems the market is only now taking notice of ICON, which could explain why the price is suddenly reaching double-digits. Even so, there’s also a real chance the ICON price will suffer from a steep retrace, as has happened several times in the past.
Whether or not the ICON price surge is a pump-and-dump scheme, will become evident in the coming days. Right now, we see a strong USD value increase by 9.76% over the past 24 hours. ICON has also gained in value against Bitcoin – 13.18% – and Ethereum – 11.29%. With the Bitcoin price currently turning bearish once again, it is somewhat to be expected we will see cryptocurrencies surge in their BTC ratio. ICON is certainly setting a positive trend in this regard, but things can still turn around on a whim’s notice.
With $167.4m in 24-hour trading volume, there is no “massive” demand for ICOn whatsoever. Even so, we see all cryptocurrencies suffer from far less trading volume over the past few days. The overall market trading volume has also been cut in half recently, which seemingly indicates things will not improve for most cryptocurrencies in the near future. For now, this volume seems sufficient to keep the ICON price near the $10 level.
It is evident ICOn isn’t listed on too many exchanges as of right now. Binance is the top exchange for this altcoin, thanks to its BTC and ETH markets generating almost 75% of all trades. OKex is the third exchange by trading volume on the list with just 5.66% of all trades. There are no fiat currency markets for ICON either, which means there won’t be any fresh capital coming in for the time being. So far, that doesn’t hinder the ICON price growth, but it’s something to take note of at all times.
It is a bit unclear what comes next for the ICOn price. This sudden price gain took a lot of people by surprise, especially when the market is turning extremely bearish in regards to all other cryptocurrencies. It is evident ICOn is successfully bucking this trend right now, even though there is no clear reason for any price gain at this point in time. There’s a chance the ICON price will surpass $10 again later today, but traders should be prepared for the eventual price correction as well.