ICON (ICX) Price Prediction

The price of ICX today is $0.06, changing within the past 24 hours for -1.26% and 1.26% over the week. ICX’s price action is characterized by the Bearish sentiment.

The current volatility index for ICX is measured at 6.26%. ICX’s circulating supply is 1.09B. In the big picture, the highest price ICX has reached is $12.6571 and its lowest observed price was $0.0494.

What is ICON Crypto?

ICON is a cryptocurrency that aims to connect various blockchain networks together, creating a decentralized network of networks. It was created by the ICON Foundation, a South Korean blockchain technology company.

ICON uses its native cryptocurrency called ICX. It is used to facilitate transactions and operations within the ICON network. ICX can be used for various purposes: participating in the network’s governance, paying transaction fees, and accessing various services and applications built on the ICON platform.

ICON achieves one of its main goals to enable seamless communication and interoperability between different blockchain networks through its unique blockchain technology called Loopchain. It allows different blockchain networks to connect and interact with each other.

By creating a blockchain ecosystem that enables secure and efficient data exchange and collaboration, ICON aims to bring together various industries, such as finance, healthcare, and education. It also provides developers with tools and resources to build decentralized applications (dApps) on top of the ICON network.

ICON aims to revolutionize the way different blockchain networks communicate and collaborate, with the ultimate goal of creating a more connected and efficient blockchain ecosystem.

What affects the ICON price?

Network Updates

From the previous section, we have already seen how ICON can be propped up by significant upgrades like ICON 2.0. The architecture of ICON Network is complex enough to encompass many elements, improvements of which will considerably boost the ICX’s worth.

BTP, for instance, is still being worked on and improved. In its initial implementation, described in a 2017 whitepaper, it had two major drawbacks: suboptimal extendability and high gas fees. Since 2022, ICON developers designed a new framework: by using special separate BTP blocks, ICON won’t need a hard fork to support them in light clients. It also will incur a fee only when a BTP-X block is updated on ICON, not for every block, cutting down on fees (but not yet optimizing it for other blockchains with higher gas costs, like Ethereum).

Improving the network’s scalability, security and interoperability can attract more users, developers, and businesses to build and operate on the ICON network, ultimately increasing its value.

Ecosystem Updates

At the start of 2023, ICON accounted for 10 thousand transactions and 2 thousand active addresses daily. This is a far cry from the peak of network activity in 2019, when the numbers were 5 million and 20 thousand respectively. However, this indicates a fair degree of usage of ICON Network. How, exactly?

Some of the most used ICON-based apps are Balanced and OMM. Balanced offers an AMM and a native stablecoin bnUSD, and OMM is a borrowing and lending market. But the leading app is a digital ID solution MyID by ICONLOOP and the authentication service ZZEUNG that uses it. ICONLOOP also developed a certificate issuance system Broof that was used in 2020 to issue diplomas to POSTECH graduates.

There are other teams either building ICON sidechains with EVM compatibility or bringing it to blockchains like Polkadot and Kusama. This opens up opportunities for cross-chain collaborations and integrations, making the ICON Network more versatile and valuable.

News from South Korea

Interestingly enough, we have already mentioned a few examples that illustrate how closely ICON is associated with their native South Korea. Take the 2022 elections, the Terra crash, or the rush caused by Korean traders. After all, ICON never shied away from its place of origin.

The ICON Foundation was founded by Min Kim in 2016, who had worked in the Korean fintech giant DAYLI Financial Group but also in Deutsche Bank and American Tapas Media. Nevertheless, ICON developer ICONLOOP has closely worked with the Seoul Metropolitan Government on multiple initiatives, namely, the Seoul Blockchain Demonstration Project. Their MyID solution was also used by the government and banks like Shinan.

News about the integration or adoption of ICON by any significant market players, such as financial institutions or large-scale enterprises, can greatly impact the token price. If a prominent financial institution announced they are utilizing ICON’s technology or adopting its token for their operations, it could generate significant interest and potentially drive up the price.

ICX Sentiment

Which way the market swings today? Overall, technical indicators show that currently, the sentiment in the ICX markets is Bearish. The Fear and Greed Index for ICX today is in the 29 (Fear) zone.