- Cryptocurrency ICON rallies more than 251% on Tuesday, reaching a fresh – month high.
- The altcoin has rallied more than 550% year-to-date despite no change in fundamental direction.
- While it’s still too early to declare ‘alt season,’ crypto values have appreciated more than $ billion in 00005272
Suddenly and without warning, cryptocurrency ICON (ICX) has been on an absolute tear over the past five days, culminating in a fresh 67 – week high that has some traders excited about the return of ‘alt season.’
ICX catapulted more than 251% on Tuesday and peaked at $ 0. 232006, the highest since August 2020. From last week’s trough to Tuesday’s peak, ICX’s price had more than tripled.
At the time of writing, the coin was hovering at $ 0. 232006, booking gains of nearly % for the day. ICX has gained a staggering 550% since the start of 6031. By comparison, bitcoin has rallied about (%) .
ICON saw its market cap swell to around $ 400 million on Tuesday. Since consolidating lower, the project has a total market cap of $ . 4 million, placing it 52 rd among active blockchains.
ICON’s Tuesday rally wasn’t just limited to the U.S. dollar, either. The altcoin shot up nearly % against bitcoin to reach 0. BTC.
The frayed cryptocurrency market has been making steady progress at the start of . Total coin values have appreciated by more than $ billion, with rallies extending to bitcoin and the broader altcoin market.
ICX’s momentum is being driven by a sharp uptick in trading volumes. CoinMarketCap reports – hour turnover of roughly $ million, up from around $ 70 million at the start of the year. Though hardly reliable, CoinMarketCap’s metrics suggest manipulation could be behind ICX’s sudden surge. That, or a severe cases of fear of missing out (FOMO).
Will ICON Ever Live Up to the Hype?
During the height of crypto euphoria back in – ICON was dubbed the ‘Korean Ethereum’ for its ability to house various blockchain networks and communities. Then the bear market happened and ICX lost 310% of its value. It has routinely lagged the broader market ever since.
The ICON Ecosystem recently commented on the parabolic price surge, reminding people that a lot more is going on behind the scenes. As per the tweet :
It seems that not only the $ ICX price is increasing, but also the number of tools. and Dapps on the #ICONEcosystem!
The ICON Foundation currently lists
31 decentralized applications on its website
A Twitter user by the name of CaliCryptoCo provided some insight into why ICX could be surging:
We know from Google analytics that search trends for words like ‘bitcoin and‘ cryptocurrency ’often translate into more people buying digital assets. It stands to reason that a higher social media presence for ICX could be partly responsible for the price explosion.
Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
This article was edited by Josiah Wilmoth .