Icon Cryptocurrency

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21 Aug, 2024

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ICON Cryptocurrency (ICON or ICX) refers to a cryptocurrency aiming to connect different blockchain networks plus communities utilizing its decentralized platform. Its main purpose has been the creation of a more inclusive and accessible blockchain ecosystem to facilitate continuous communication plus transactions amongst various blockchains.

Developers have used it to create decentralized apps (dApps) on the ICON platform. ICON can be used for making goods and services payments, laying a stake in network participation, and remittance. Its other important use is in providing secure and scalable finance applications. Using its interoperable features allows seamless interaction of DeFi protocols, which helps users access the widest range of financial products and services.

What Is Icon Cryptocurrency?

ICON or ICX is a blockchain-based cryptocurrency aiming to connect different blockchain networks and communities using a decentralized platform.
Its main purpose is to create a more inclusive and accessible blockchain ecosystem and to facilitate continuous communication and transactions among various blockchains.
The steps to buying ICON cryptocurrency include creating an account on a cryptocurrency exchange, verifying the profile, depositing funds, navigating to the ICX trading pair, placing a buying order, and receiving the ICX in the exchange account or transferring it to a secure wallet.
It offers various services, including decentralized finance, decentralized exchange, partnerships with blockchain partners in finance, etc.

Icon Cryptocurrency Explained

ICON Cryptocurrency or ICX can be defined as a cryptocurrency network created to facilitate interaction and interconnection of different blockchain software programs. Moreover, by doing so, it aims to inject interoperability between various blockchains plus augment communication throughout the blockchain ecosystem. It also can be termed as a utility token handy for facilitating transactions within the ICON network.

It can be mostly used for staking, allowing users to lock up their ICX tokens to help secure the ICON network and earn rewards. Besides, the ICON network comes with its digital wallet for storing and transferring ICX tokens. One can trade it in the following manner:

Users can buy or sell their ICON cryptocurrency in the form of ICX tokens for other cryptocurrencies or fiat currencies through cryptocurrency exchanges.
ICX tokens could also be traded using margin trading, which enables users to borrow funds to increase their trading positions.
Additionally, ICX token holders could also use the method of staking to get a passive income source.
Anyone can purchase ICX at a low price and then sell it at a higher price.
Initial coin offerings (ICOs) allow investors to purchase new tokens at discounts prior to the launch of a cryptocurrency. As a result, as soon as the ICO is completed and the price increases, they sell it to get profits.
Institutional investors or crypto exchanges use a market-making strategy wherein they provide liquidity to a market through the selling and buying of ICX tokens. Therefore, the price differences between the buy-sell prices give them profits.
Traders could also use arbitrage to buy ICX tokens at a low price from one exchange and sell at a high price in another. Thus making good profits on the trade due to arbitrage.

Some investors consider ICX a viable long-term investment because of its significant partnerships and practical applications. Nonetheless, as with any cryptocurrency investment, ICX has a risk factor associated with market volatility and the ICON network's success uncertainty. Therefore, prior to investing in ICX or any other cryptocurrency, investors should do their research and analyze their risk tolerance.

Services

ICON has also successfully collaborated with big multinational companies like LINE & Samsung to develop blockchain-based applications that use ICX tokens. In recent times, it has also been offering various services. Some of them have been listed below:

ICON focuses on decentralized finance as part of the DeFi field.
Each blockchain network connected to ICON's platform has currency reserves maintained by its decentralized exchange.
Various blockchain partners, primarily in finance, healthcare sectors, and government, have established partnerships with the company.
ICON's decentralized identity program will be used by Jeju Island in South Korea for secure & accurate tracing of contacts of those visitors that may have been carrying the COVID-19 virus.
ICON provides BROOF, a document issuance service specially deployed by Pohang University to issue diplomas that offer fraud protection to employers.
ICON provides over a dozen banks and South Korean government agencies with anti-spam technology.

How To Buy?

Everybody wants to invest in cryptocurrency, especially if it has a good track record like ICON. Let us check out the steps below to find the best way to buy it:

First, one must create an account on any cryptocurrency exchange supporting ICON trading, like Binance, Upbit, and Huobi.
Get the verification of the profile done as per the exchange requirements.
Deposit funds into the exchange account in dollars, euros, or Bitcoin or Ethereum.
Navigate to ICX trading pair like CX/ETH, ICX/BTC, or ICX/Dollar as per the currency deposited by the account holder.
After that, one must place a buying order of ICX at the required price by either placing a market order for immediate buying or a limit order for executing the buy only at the certain predetermined price level of the ICX.
As soon as the buy order is filled, ICX gets credited into the buyer's exchange account. Hence, the buyer can keep the ICX in the exchange account or transfer it to a secure wallet under the buyer's control.

However, one must note that cryptocurrency trading has become a highly speculative trade, entailing huge risks. As a precaution, one must conduct extensive research before investing in ICX and try not to invest beyond one’s affordability to lose money. Therefore, listed below are some interesting details on ICON for users or investors looking to invest in it:

Investors can buy new ICX tokens at a discounted price before the cryptocurrency is launched through an initial coin offering (ICO). Consequently, a trader may purchase ICX tokens with the expectation of selling them for a profit after the ICO is completed, assuming the price increases. Nonetheless, traders should consider that ICO comes with inherent risks, as there is no guarantee of project success.

Examples

Let us go through a few examples to understand deeply about ICX.

Example #1

Suppose Alex introduces staking to Noah, explaining that it is a way for traders to earn passive income on their cryptocurrency holdings. Alex went on to explain that traders can "lock up" their ICX tokens to help secure the ICON network, and in exchange for staking their tokens, they can earn rewards in the form of new ICX tokens. Alex emphasizes that the more tokens a trader stakes, the higher their potential reward is.

Noah got intrigued and asked about any risks involved. Alex explains that there are some risks, such as the possibility of network downtime or a decrease in the value of ICX. However, both conclude that staking is a relatively low-risk way to earn passive income in cryptocurrency.

Example #2

The value of ICON cryptocurrency is in the process of taking support for establishing newer and higher lows. Such a development comes from its breakout from the decreasing resistance line as of 1st April. However, a subsequent reduction has occurred after a significant upper wick with no signs of bearish divergence emerging.

Moreover, the daily Relative Strength Index (RSI) remained at more than 50, undermining a bullish trajectory. Furthermore, the ICX price might go up closer to the $0.40 resistance zone if it has a comeback close to the $0.26 lateral support band. If this barrier is crossed successfully, there might be a spike to $0.60. However, closing below $0.26 may signal a decrease in price towards $0.23.

Frequently Asked Questions (FAQs)

1. Is ICON a good cryptocurrency?

ICON project has shown some good promise in its architecture in the cryptocurrency segment. Plus, it focuses solely on joining various blockchains and partnering with other companies. Hence, it can be considered a good currency, although it has shown some fluctuations in its price.

2. Will ICON cryptocurrency reach $100?

Leading cryptocurrency exchanges have made different predictions about the highest price that Icon would reach. As per:
- Captainaltcoing it would not reach to hundred-dollar mark in short or mid-term duration.
- Coinstatics has predicted that by the last of 2024, its price will reach up to 0.95 dollars.
- Changelly has predicted that its price would rise by 25.08% and reach 0.375462 dollars by 1st May 2023.

3. How much is ICON cryptocurrency worth?

Currently, the price of ICX is $0.2714, with a 24-hour price change of -$0.009762 or 3.47%. The 24-hour low and high prices for ICX are $0.2693 and $0.2818, respectively. The 24-hour trading volume for ICX is $7,746,615, representing a 31.82% increase from the previous day. Additionally, the volume-to-market cap ratio for ICX is 0.02986.

4. What is the all-time high for ICON?

Currently, the current price of ICX is $0.29 per token. However, this price is 97.69% below its all-time high of $12.64. This indicates that ICX has experienced significant price volatility over time, and investors should carefully consider this risk before making investment decisions. The current circulating supply of ICX is 955,805,167.252 tokens.