Recent reports indicate that the ICON (ICX) cryptocurrency has seen a 70% value increase within 24 hours, thus reaching the highest price to be recorded in 2019 and 2020. In fact, ICON has reached a new 18-month high, thanks to its $0.60 price peak on Tuesday. This led to a 326% year-to-date increase rate.
At the moment of writing, ICX, which is the ICON Project’s token, is trading at $0.432, down -14.1% from its previously-recorded value. As such, the current market cap is $223 million, whereas the 24
Given the huge ascending trend, market analysts were quick to investigate the reasons behind this extra volatility. The general consensus is that the growing coverage of the project, especially in South Korean national news, may have acted as a catalyst for the recent price shift. Similarly, the cryptocurrency market is dealing with extra volatility as a whole, given that most coins are seeing value growth.
For instance, reports indicate that in 2020 alone, the cryptocurrency market cap has increased by $67 million. A significant portion of this increase was captured by altcoins, which are now seeing increased trading volumes, media coverage and overall utility.
ICON is also getting considerable coverage on Twitter, given the fact that it represents the sixth-most talked about coin on the social media platform, after BTC, ETH, XRP, TRX and LTC.
An important aspect worth keeping in mind is that ICON is likely highly-undervalued at this point in time. To put this statement into perspective, ICX lost roughly 99% of its total value following the crypto bubble burst in the beginning of 2018. Since then, ICX has been slowly building up value as developers are actively working on introducing more tools and decentralized applications on the ICON ecosystem.
Based on these factors, the ICON project may see a significant popularity boost in 2020, as it proves its utility on the cryptocurrency and blockchain markets.