ICON (ICX) price spikes with news of Bithumb, Upbit listing, KRW pair

Posted: 22 March 2018 1:11 pm
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ICON has scored a strong win with Korean won trading on South Korea's two largest exchanges.

Cryptocurrency is a borderless technology, but ICON (ICX) is still much more tightly geographically bound than most, with an initial goal of "hyperconnecting" individuals, businesses and entire industries around South Korea.

Despite this, it's previously suffered from a lack of fiat currency trading pairs and no listings on Korean exchanges. According to CoinMarketCap, over 90% of the daily trade volume has typically been on Binance with BTC (about 80%) and ETH (about 14%).

Now news has broken of its first fiat pairings, with confirmed listings and Korean won pairings on South Korea's two largest exchanges by volume, Upbit and Bithumb. Prices rallied in the week leading up to the announcements, as rumours swirled, followed by a pronounced leap in the hour following the official announcements.

Over the last week its prices have leapt by about 80%, with around half of that being in the last day since the announcement.

These listings might be an essential part of the coin's 2018 goals, which include widespread adoption as an actual spendable cryptocurrency, blockchain network tool for businesses, and governance token that aims to lay the groundwork for nationwide connectivity.

The price rally might come as a relief to speculators, who may have been concerned with the coins lagging prices and slipping down the charts. The price rally has seen it catapult up the coin market cap rankings, and it's reached number 19 at the time of writing from a previous position in the mid 20s.

Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, BTC, NANO

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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