Despite the continuous developments in blockchain technology, it is still plagued by privacy, scalability, and interoperability challenges. Several mechanisms have been built to address these obvious challenges, and Side Chains are one such method. Their functionality holds significant potentials toward enhancing the capabilities of the blockchain as we know it. However, interoperability remains a threat to the mainstream adoption of blockchain.
A couple of blockchain-based networks such as Harmony, Polkadot, and Cosmos, to mention a few, are already deploying interoperability solutions, and ICON is another project that is building bridges between blockchains.
This piece offers you a well-researched insight into the ICON Network, applications, features, price analysis, and forecasts.
What is the ICON Network?
ICON is a NexGen blockchain-based framework designed to facilitate the interconnectivity of blockchain networks and the aggregation of data on one layer. Launched in 2017 by the ICON Foundation, the ICON network is “an aggregator chain” that aims to bridge both public & private blockchain networks and initiate interoperability via smart contracts. It is powered by “loopchain,” a high-throughput blockchain engine developed by ICONLOOP.
The main actors of the ICON Network are Public Representatives (P-Reps) and ICONists. P-Reps are node validators on the network, while ICONists are delegators, stakers, and users.
Source: ICON Republic
The native currency of the ICON blockchain and its applications is ICX. It offers a variety of use cases, including governance, payment collateral, and Dapp’s interactions. ICX is listed on some of the largest cryptocurrency exchanges; Binance, Kraken, Crypto.com, Upbit, OKEX, Huobi Global, etc.
Feature of the ICON blockchain
- Decentralization: It leverages a DPoC (Delegated Proof-of-Concept) democratized and decentralized governance protocol that enables ICONists to participate in community governance and receive rewards by delegating their stake to proven network contributors.
The DPoC ensures that the ICON ecosystem can accurately distribute economic incentives to participants with valuable contributions rather than entities with misaligned interests.
- Interoperability Technology: The interoperability feature of the ICON blockchain is designed to facilitate the seamless sharing of resources between blockchains of varying consensus protocols.
- Safety & Speed: The ICON blockchain boasts an extremely fast 1300+ transactions per two (2) seconds, thanks to its breakthrough Loop Fault Tolerance 2.0 (LFT2) consensus algorithm. This algorithm claims to significantly reduce the network’s latency and improve its overall performance by reducing power requirements and the message exchanges required to validate one transaction block from “3 steps to 2 steps” with key fundamental features uncompromised. In comparison to the existing 3-step PBFT consensus, LFT2 offers improvement in terms of scalability and bandwidth.
Source: PR Newswire
- Acceleration: Partners and startups on the ICON blockchain are granted access to an extensive accelerated network powered by ICX stations in Tokyo, Seoul, and San Francisco.
Developments on the ICON Network
ICON has roots in South Korea and is rapidly expanding and reaching new feats. The project’s key developer, ICONLOOP, has received recognition from the Korean government for its roles in blockchain advancements in the East Asian region. With continuous growth at its core, ICON announced the launching of an all-new ICON 2.0 on November 15, 2021. The new architecture is designed for Decentralized Finance Apps and to further enhance cross-chain interoperability.
Here are the major changes that ICON 2.0 bring:
- Programming Language Expansion: The ICON 2.0 upgrade introduces a new blockchain-based engine known as Goloop, which grants developers the ability to build apps using the engine’s programming language – Golang, instead of the python language from the previous version. The Golang language is more scalable and faster than Python, although the latter has been significantly improved and is still available on ICON 2.0. In addition, the network will now offer Java programming language in a bid to make ICON easier for developers to build apps on. The integration of this programming language also facilitates a secure and much faster ICON infrastructure.
- Improved Interoperability: Several industry-changing innovations have been made by ICON since its inception, including its latest consensus and interoperability protocols known as BTP. The BTP or Blockchain Transmission Protocol ensures that heterogeneous blockchain networks with completely different algorithms and consensus mechanisms are interoperable.
Furthermore, the BTP ensures that developers can roll out new projects, become members of the ICON community, and freely connect with the already-existing high-profile blockchain ecosystems to create a unique blockchain multiverse.
- Side Chain: Apart from its interchain connectivity feature, ICON announced the launching of an Ethereum-compatible (EVM) side chain known as ICE. The ICE will ensure that developers can port over Dapps from the Ethereum blockchain to the ICON network.
These enhancements on the ICON 2.0 network are expected to increase developer activity and galvanize new DeFi projects to the ICON blockchain.
ICX price history
ICX’s initial coin offering (ICO) was held in September 2017, and the sale raised about USD 43 million, with half of its token supply sold. Post ICO, the earlier data obtained for this analysis from Coinmarketcap shows an opening price of $0.4089 for the coin. The price trended upwards over the next weeks, and the launch of its blockchain at the start of 2018 drove the asset’s price up to its current ATH at $12.64 on January 9, 2018. By the end of May 2018, ICX had bottomed to $2.66 – a price drop of over 79%.
In June 2018, ICX tokens were sent to ICO participants, and as expected, the price of the crypto dipped even further due to massive sale volumes. ICX’s price ended the year at $0.2365, a 91.11% drop in price from May. In 2019, the trading range of ICX was between a minimum price of $0.2365 and a maximum price of $0.5257.
ICX started 2020 at $0.1133 and dipped to its ATL of $0.1069 on January 3. In about a month, ICX reached a value of $0.6031 by February 4, signaling a bullish price movement within this period. Afterward, ICX lost momentum, and its price dropped to $0.1655 by March 17. The coin picked momentum again in April, and by August 24, it reached a day high of $0.7012. ICX ended 2020 at $0.4647.
By February 2021, ICX had begun trading above $1 again for the first time since August 2018. The 90-day low of ICX is $1.20, and its highest price within this period is $2.71.
The 30-day high of this crypto is $2.7, and its 30-day low is $1.65.
Within seven days, ICX reached a maximum value of $2.57 and a minimum value of $1.65. As seen on the chart, the ICX price movement is bearish within this period.
ICX current market status
The current market price of ICX is 1.73 USD – a 13.56% fall in price in the past 24 hours. Also, its market cap is $1,169,353,495, and it is ranked at #96 on the crypto market. The 24-hour high of ICX is $2.03, and its least price within the same period is $1.65.
The circulating supply of this coin is 676,255,283.39 ICX, and its total supply is $800,460,000.
ICON technical analysis
Using the Bollinger band technical indicator on a 4-hour chart, the price of ICX can be seen hugging the lower band. The chart also shows that the upper and lower bands are expanding, signaling the current price trend.
The relative strength index of this coin is 30.70, which puts it in the oversold region. Currently, ICX is trading below its S1 Fibonacci support level, and its price could dip even further to its S2 at $1.50.
However, if market sentiments favor the coin and substantial buy orders are set above its S2, a trend reversal could be imminent. Investors should carefully monitor the metrics to decide the best entry point.
Having examined the past price performance and technical analysis of ICX, let’s get into some expert price predictions.
WalletInvestor ICX price prediction
The short-term ICX price prediction from Wallet Investor expects the downward trend to continue in the coming days.
ICX coin is predicted to have a minimum trading value of $1.515, an average price of $1.680, and an optimistic $1.854.
In the long term, Wallet Investor forecasts an uptrend of up to $6 at the start of 2022. ICX is expected to trade around $4 by November 2022.
PricePrediction ICX price forecast
According to the ICX price forecast from PricePrediction, an average trading price of $3.04 is expected for 2022, and the maximum expected price for this period is $3.55. ICX is projected to have a minimum market value of $2.95.
As seen on the tabular forecast, ICX is expected to run with the bulls in the future. Its maximum price for 2023 is $5.09, and by 2024, its forecasted peak price is $7.25. By 2026, ICOIN (ICX) is expected to reapproach its current All-time high and surpass it by reaching a maximum value of $15.13.
Digitalcoinprice ICX price forecast
As per Digitalcoinprice’s ICX price forecast, an average price of $2.87 is expected by the end of November. By December 2021, an average market price of $2.47 is predicted for ICX.
ICX is predicted to have mixed price actions in 2022, with a starting average price of $2.71 and subsequent upsides. Digitalcoinprice expects ICX to trade above $3.39 and then close the year at an average price of $2.68.
The price predictions for 2023 shows that ICX could potentially reach above $4.3. The minimum trading value in 2023 could as well be below $2.95.
The average year-end price of this coin is $3.51. If ICX continues with its run from 2023, the coin is forecasted to reach above 5 USD. Its average opening price for the year is $4.18, and by December 2024, an average price of $4.31 is forecasted for the asset.
By 2025, an average trading price range of $4.69 – $5.91 is expected for ICX. Based on the average pricing of this coin, its maximum value is predicted to exceed $6.
Cryptopolitan ICX price prediction
ICON price prediction 2021
ICON is ambitious in its quest to facilitate the smooth interoperability of blockchains. If this feat is considerably achieved, the entire ecosystem will experience significant growth, including the value of ICX. We expect a trading range of about $2.5 to $3 by December 2021. Investors looking to rake in short-term profits should be on the lookout for near-perfect entry and exit points.
ICON price prediction 2022
Based on the use cases of the ICON blockchain, its prospect for the future, we expect it to continue its momentum from 2021. ICX could be set for a push above the $3.4 mark if investors keep faith in the coin.
ICON price forecast 2023
A bullish run is also expected in 2023. ICX is expected to approach a maximum price of $5. In addition, a minimum price of $3.6 is forecast.
ICON price prediction 2024
With continued developments in the ICON community, the crypto may be set to attain a trading range of $4.5 to $6.
ICON price prediction 2025
By 2025, we expect a maximum price of up to $7, an average market price of $6.2, and a minimum of $5.3.
The price predictions above are pretty optimistic about the future price of ICX. With the constant developments, announcements, and breakthroughs in the ecosystem, the coin could be set to break all its resistance levels and attain new heights soon.
However, it is essential to keep in mind that the crypto space is eruptive, and no indicator can accurately tell the future value of any digital asset. Investors must consult with financial advisors if need be before investing. However, if a DIY approach is preferred, always do due diligence by engaging fundamental analysis, technical analysis, and other relevant market indicators.
What is ICON price today?
The current price of ICON is 1.73 USD.
Will ICON price rise?
According to the predictions, the price of ICX will rise.
Is ICX coin a worthwhile investment in 2021?
If investors find ICX a good investment, it could be worth having it in your portfolio. Note that this is not investment advice. Do your research, and invest with only what you can afford to lose.
What wallets supports ICON cryptocurrency?
ICX can be held on a variety of wallets, including those available on exchanges. You could use the MyIcon Wallet on Android, Web, or iOS. Also, there are the ICONex and Hana Wallet extensions for chrome browsers. Other available options include Ledger Wallet and Atomix Wallet.