Icon (ICX) was founded by the company Icon Foundation in 2017, based in South Korea. It was created as a blockchain project that aims to connect multiple blockchain platforms into a single system where participants can rely on an official native decentralized currency and create their own currencies and economies within the Icon ecosystem.

The ultimate goal of the Icon Foundation is to create the biggest decentralized networks on a global level, and “hyper connect the world”. Network participants can utilize Icon’s infrastructure to build their own applications, currencies, and ecosystems. Icon nodes, run by computers, decide which economy to support in accordance with their interest.

How is Icon (ICX) price formed and what defines the value of ICX and the Icon ecosystem?If you’ve ever wondered this, then you’re in the right place. We’ve compiled everything you need in order to get a better understanding of the intricacies of Icon price — and the factors that influence it.

Icon Price History

The price of [guidelink icx] (ICX) is susceptible to changes as Icon is part of the volatile market of crypto assets and is in constant flux according to the balance of buying and selling activity. Traders and investors can make a profit based on the difference in buy and sell prices.

Icon traded at $0.47 in October after the coin launched, and spiked to over $1.60 in November. After a brief dip and a short-lived bearish phase in the first days of December, Icon price spiked to $2, then continued with the bullish momentum to reach a value of over $8.50, before a pullback saw ICX finish the year closer to $5. The rally continued into the start of 2018, with ICX reaching its all-time high (ATH) of $13.24 on 9 January. From there, Icon price took a downward path and dipped below $2.50 at the beginning of February. In March, Icon dropped as low as $1.56, before a resurgence in April took prices to almost $5. After mostly falling throughout May and June, Icon (ICX) dropped again to touch new lows at around $1 at the end of July.  In August and September, Icon experienced further downside below $1, trading as low as $0.50. December brought yet more lows for Icon with the price of $0.18.

A slight rebound at the start of January 2019 briefly took Icon to $0.30, before it reclaimed $0.35 in March. Icon climbed to $0.48 at the start of April and mostly traded within the $0.25 to $0.45 range for the next three months. Throughout August and September 2019, ICX price dipped below $0.20, while October brought new lows of $0.13. The bearish trends continued throughout November and December, while Icon dipped to an all-time low (ATL) in January 2020.

After trading at an ATL of $0.10, Icon price briefly rebounded to $0.60 in February 2020. March was rather turbulent as ICX traded between the prices of $0.12 and $0.43. The average price for Icon in April was $0.25 and it reclaimed $0.30 in May and June. July and August mostly showed a bullish trajectory, with ICX price reaching the value of $0.80 in August. In the following months until the end of December, Icon mostly traded between $0.30 and $0.50.

The year 2021 started with bullish momentum for Icon and most of the cryptocurrencies in the market. In January, Icon hit highs at $0.90 and $1. Icon continued with the positive momentum in February as well, pushing Icon price to $3.24 at the end of March 2021 — the new high for the year.

Analyzing Icon Price History

Icon price history can be analyzed with many of the same techniques and strategies that are used to analyze assets in traditional financial markets. Technical analysis (TA) is one of the most commonly used tools for forecasting the future value of Icon, cryptos, and other financial assets, and involves making sense of the trend patterns in the market.

Technical analysis examines price charts and relevant market data to spot patterns and trends to form predictions about the future momentum of Icon (ICX) and other cryptocurrencies. In combination with fundamental analysis and sentiment analysis, TA can provide price forecasts for ICX.

Fundamental analysis considers news, technical features, Icon technology, mergers and partnerships, upgrades and updates, and other relevant events and factors such as the total supply, mainstream use, regulations, and adoption. All these factors can influence the price of Icon and help analyze ICX price history, studied through the prism of fundamental analysis. The announced updates should go live on the Icon network in 2021, and the news about these developments could spark positive momentum in combination with the collective rebound in 2021.

Projects like the vaccine passport, data migration update, and token swap protocol that will be launched on the Icon network could also spark a consequent rise in the value of Icon.

Sentiment analysis involves ranking general sentiment among investors, market analysts, and traders concerning Icon and other cryptos. The sentiment is ranked as neutral, positive, or negative. For instance, Icon price might be driven by positive sentiment ahead of new updates and the launch of new projects. 

Factors Influencing the Price of Icon

A great variety of different factors can influence the price of Icon. One of the specific factors that can affect the price of Icon and define its market value is its supply. The supply of ICX is currently inflationary, with new ICX being minted to pay staking rewards. However, the ICX emission rate changes dynamically depending on the number of transaction fees in a block. This means that if the transaction volume of the Icon network is large enough, excess transaction fees will be burned, making ICX deflationary. If achieved, this decreasing supply would apply upward pressure to the price of ICX.

The value of projects, applications, and currencies that are hosted on the Icon network can likewise influence the price of Icon in the market, together with any upgrades and updates that are announced in the future. Icon can be influenced by the effects of the wider economy, while the top cryptocurrency, Bitcoin, can dictate momentum with its huge market share. Bitcoin often creates momentum that is followed by most other cryptos, as happened with the rebound in 2021. During the rebound, as Bitcoin was recording new highs, Icon managed to retrieve some of its lost value. However, it didn’t return to its ATH of $13.24.

The new development updates on Icon’s roadmap can also influence the price of Icon, as the team is preparing to launch ICON 2.0 BATANG, which will bring interoperability to users and inherit the current Icon blockchain.

Live Icon Value and Market Cap

The live price of Icon changes from moment to moment to reflect the volatility prevalent in the cryptocurrency market. The live price changes for Icon ICX are also reflected in its market cap. The market cap equals the current price of Icon ICX multiplied by the number of ICX coins in circulation. The market cap changes with the changing circulating supply of ICX and the changing market value. The market cap ranks Icon in comparison with other cryptos and defines its market share.

Icon Price FAQ

What is Icon (ICX) used for?

Icon is used as an interoperable network that connects multiple different blockchain systems and communities into a single ecosystem. ICX is the native currency of the system and it supports communication and interaction between different blockchains.

Is Icon worth buying?

Icon is a prominent project that aims to create the biggest interoperable network comprising various blockchain systems, applications, and communities. ICX value is susceptible to changes, while traders can use the difference in buy and sell price to make a profit on buying and selling Icon. As a large enough transaction volume could make ICX deflationary, greater adoption of the Icon network in the future has the potential to increase the value of ICX.

Conclusion

Interoperability is one of the crucial points in facilitating the third generation of cryptocurrencies and Icon is one of the key players in setting standards when it comes to creating an interoperable system based on blockchain. As the Icon ecosystem grows, with more developments on the roadmap, ICX is recognized as a valuable asset that can support the largest interoperable decentralized network in the making.

The price of Icon is in constant flux to respond to market changes, trend reversals, and other specific factors that influence the value of ICX.

If you want to get started with the most user-friendly trading experience on the market, register with Kriptomat today to begin your journey into the world of Icon and cryptocurrencies!