ICON Price Approaches $10 as Other Markets Turn Bearish

With all cryptocurrency markets going in the red once again, it is evident that today will not be a fun day. That doesn’t mean there are no currencies rising 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 US$9.75. Although US$10 was surpassed briefly, it is clear there is a lot of profit-taking happening right now.

ICON Price Wants to Surpass $10 Again

Thanks to some solid gains over the past few days, the ICON price has appreciated quite nicely. As a result, it is now the 15th most valuable cryptocurrency ranked by market cap. Three months ago, the ICON price was hovering near US$0.50. This sudden surge to nearly US$10 represents a net 1,900% 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 the current price spike, though. We recently discussed the ICON project on this website. At that time, it was evident there certainly was a lot of potential, but there was 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 has suddenly reached double digits. Even so, there’s a real chance that the ICON price will experience a steep retracement, as has happened several times in the past.

Whether or not the ICON price surge is indicative of a pump-and-dump scheme will become evident in the coming days. ICON’s value has risen by 9.76% over the past 24 hours. ICON has also gained on Bitcoin and Ethereum by 13.18% and 11.29% respectively. With the Bitcoin market currently turning bearish once again, it is somewhat to be expected that cryptocurrencies will surge against BTC. 

With US$167.4 million in 24-hour trading volume, there is no massive demand for ICON whatsoever. Even so, we’ve seen all cryptocurrencies experience decreased trading volume over the past few days. The overall market trading volume has also been cut in half, which seemingly indicates things will not be improving for most cryptocurrencies in the near future. For now, this volume seems sufficient to keep the ICON price near the US$10 level.

ICON isn’t listed on too many exchanges as of right now. Binance is the top exchange for this altcoin, thanks to its ICX/BTC and ICX/ETH markets generating almost 75% of all trades in the past 24 hours. OKEX is the second exchange on the list with just 5.66% of all trades. There are no fiat currency markets for ICON, which means there won’t be any fresh capital coming in for the time being. So far, that hasn’t hindered ICON’s growth, but it’s something to take note of.

It is a bit unclear what comes next for the ICON price. This sudden gain took a lot of people by surprise, especially when the market is turning extremely bearish for 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 US$10 again later today, but traders should be prepared for the eventual correction as well.