Apr 5, 2023 at 05:13The native token ICON Network (ICX), which is a Layer-1 blockchain, rose more than 50% in 24 hours, reaching $0.4 for the first time since the beginning of June 2022. According to some market participants, this is just the start, and the token could make a total of 280–300%. Whether ICX can beat its own ATH [all-time high] thanks to the upcoming update is something we will discuss further.
The most successful blockchain project in Korea? What is the ICON Network?
The ICON Network is a Layer-1 blockchain with a focus on developing a scalable, chain-independent, and secure multi-chain bridging solution. In simple terms, it is a hub that connects blockchains with each other.
This task is primarily solved by Blockchain Transmission Protocol (BTP), an interoperability solution that supports token exchange between chains as well as more general messaging functions, such as calling cross-chain smart contracts, for example. The following blockchains are already connected to the ICON ecosystem:
- Binance Smart Chain.
- Near.
- Harmony.
- Moonriver.
- Polkadot.
- ICE/SNOW.
- Ethereum.
There are likely to be more of them in the near future because the project team has recently been developing BTP 2.0.
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Some challenges still exist, but development teams are feeling confident that a BTP 2.0 testnet is a non-distant goal that the teams, contracted by the ICON Foundation, are now building towards. pic.twitter.com/v6BRjSRnak
— ICON – Connecting Blockchains 🌐 (@helloiconworld) April 4, 2023
As it became known, the BTP contracts, which are now one-way trustless, had already been deployed in the ICON Berlin test network, the BSC test network, and ETH Sepolia. This will allow the team to continue testing, identify improvements, fix existing bugs, and improve needed components.
In terms of security, ICON is a delegated proof-of-stake (DPoS) network. This means that most stakeholders delegate their share of the network — in this case, the ICX token — to registered validators, who create blocks and take part in managing the ecosystem.
In this process, ordinary users are able to benefit from staking without having to create a node or join a staking pool. In addition to staking, token holders can delegate ICX to organizations (P-Reps, or public representatives) that have registered to participate in the management of the ICON blockchain.
ICON Network is a South Korean project. Its creator is believed to be Min Kim, who used to be Chief Strategy Officer of one of the largest fintech holding companies, DAYLI Financial Group, and Chief Operating Officer of the U.S. digital content platform Tapas Media.
The network is so popular that in 2022 the president of South Korea used the ICON blockchain to create his signature as an NFT.
Fun $ICX fact #1
Earlier this year the President of South Korea used ICON’s blockchain to mint his signature as an NFT. This was broadcast on national television.
Let that sink in pic.twitter.com/IsbInVX3tE
— Mineable ⎮ Get $CODE ⎮ (@mineable) November 6, 2022
Now some users believe that the country can basically take the lead position in blockchain. For example, in light of recent advances, according to CoinDesk, ICX’s trading volume on the Korean exchange has already exceeded the individual market cap of the token.
The first bull ran in ten months: ICX current price
At the time of writing, the token is trading at $0.4485, which, according to CoinMarketCap, is 18,52% higher than the day before. And over the last week, the token is up 51,93%, starting at $0.2156.
You have not selected any currency to displayThe previous bull run of the asset was from January 2021 to the infamous May 2022, when the entire crypto market collapsed due to the Terra Labs crash. During this period, ICX managed to make the second ATH in history, recording a mark of $3.1171 – which is seven times less than the current value.
The main historical high came in October 2018. This growth was marked by the release of the project’s whitepaper. At that time, the asset was trading at $12.27, meaning investors were able to make x25 of the invested amount.
The current growth of this asset may be due to many reasons. One of the main ones is due to the launch of BTP 2.0, on which the project team is now actively working. In addition, according to crypto-enthusiast Marc Cee, the growth may have been influenced by the following:
- xCall messaging service.
- Enterprise ready via Parameter.
- dApps gaining momentum.
- South Korea is bullish on crypto.
- ICX/BTC falling wedge breakout.
However, whether the asset will be able to upgrade ATH, at least the second one, which is $3, remains a question.
How long will the bull run last? ICX price prediction
Thanks to the asset’s growth, it managed to break into the top 100 tokens by market capitalization with $426,980,267. However, the value of the project is that ICON Network already has more live products than many in the top 30 by market capitalization. Among them:
- CraftNetwork. A community-owned and cross-chain NFT marketplace.
- Balanced. DeFi platform. Allows stake ICX, Balanced Dollars mint, swap assets, and supply liquidity.
- Omm. A money market that allows users to supply assets to earn interest, borrow against them for short-term loans, and earn Omm tokens for doing so.
With the arrival of BTP 2.0, there could be even more projects. According to the World of Charts technical analysis of March 29, ICX is expected to be bullish at 280–300%. Therefore, given that the token is only up 50%, we can expect another 230–250%.
Moving As Expected 50%+ Profit So Far Expecting More #Crypto #Icx #Icxusdt https://t.co/TdjhPAWSsy pic.twitter.com/Cj7MjOVQKh
— World Of Charts (@WorldOfCharts1) April 4, 2023
If that happens, it will allow the asset to reach the $1 bar, and with a 230% increase, ICX will be worth $1.64. The likelihood that the token will rise and could break $1 is confirmed by crypto trader and investor Sam Mti. According to him, ICX has two areas to flip (not financial advice).
$ICX has two areas to flip. After that it’s going to $1.
I said that earlier today about Dogecoin. I am not fan of leverage trading these coins but buying spot and hodl is a great play for the next bull run.#ICXUSDT pic.twitter.com/9gjHNQXOAJ— Sam Mti (@MTI_Trading) April 4, 2023
Do you think it will be possible to return to previous numbers after the launch of BTP 2.0? Or what needs to happen for the token to update the previous ATH?
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