ICON Price Prediction 2022-2031
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 apparent challenges, and Side Chains are one such method. Their functionality holds significant potential for enhancing the capabilities of the blockchain as we know it. However, interoperability remains a threat to the mainstream adoption of blockchain.
Three months ago, ICX’s price flashed up to $1.91, gaining 22 percent overnight. Nascent markets have certain qualities which make them volatile. In laymen’s terms, the fluctuations in new markets can be mainly attributed to the demand being more than the supply. Whether we like it or not, volatility will always define cryptocurrencies – that’s where the trading profit lies.
Today’s ICON price is $0.213595 with a 24-hour trading volume of $4,251,695. ICON is down 0.02% in the last 24 hours. The current CoinMarketCap ranking is #133, with a live market cap of $196,396,765. It has a circulating supply of 919,483,096 ICX coins and the max. supply is not available.
Also Read: ICON price analysis: ICX price flashes up to $1.91 gaining 22 percent overnight
Updates on the ICON Bridge
ICON Bridge leverages BTP’s core building blocks and offers a bridging product that can be utilized by ICON dApps and other ICON Ecosystem projects, as well as projects in connected ecosystems. ICON Bridge will therefore serve the community’s bridging needs as we continue to build the final iteration of BTP in the background.
Like BTP, ICON Bridge is chain-agnostic and able to interconnect any blockchain that supports smart contracts. It will function in a comparable manner to many other popular cross-chain bridges throughout the industry. Those who have utilized bridges on other popular chains should feel just as comfortable using ICON Bridge.
The Gas Consumption Issue
The BTP Message Verifier Contract (BMV) is the most revolutionary aspect of BTP’s technology. It is the mechanism that allows smart contracts–rather than trusted validators–to verify cross-chain transactions. ICON is looking to have all internal testing of ICON Bridge done by the end of March. They will be following up with regular roadmap updates outlining any changes.
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.
ICON Overview
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Features of the ICON blockchain
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.
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.
ICON (ICX) latest developments
On the last day of 2021, ICON announced that the ICON network would be upgraded. ICON 2.1, they called it. The developers said that there were revision proposals included in the upgrade, and the upgrade contained new developments like IISS 3.1.
A new DeFi app, Optimus DeFi, was launched on the ICON mainnet on 7 January 2021. This is a development that will maximize investment returns with minimum risk.
On 8 December 2021, the ICON ecosystem presented its own stablecoin; $bnUSD. The stablecoin is said to be minted on Balanced DAO and will need ICX to mint. The stablecoin is also sure to establish the scarcity of ICX, which will make the ICX token more valuable.
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 role 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 15 November 2021. The new architecture is designed for Decentralized Finance Apps and further enhances cross-chain interoperability.
Here are the significant 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
ICON has made several industry-changing innovations 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 following 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 9 January 2018. By 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 3 January. In about a month, ICX reached a value of $0.6031 by 4 February, signaling a bullish price movement within this period. Afterward, ICX lost momentum, and its price dropped to $0.1655 by 17 March. The coin picked momentum again in April, and by 24 August, 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. The chart shows that the ICX price movement is bearish within this period.
ICON Technical Analysis
ICON price analysis shows rising signs as the market shows massive upside potential. The bulls have regained their control of the ICON market, which will change the course of the market for the better, and ICX now expects the bullish period to take over in the next few days. However, the bears will do everything they can to regain control. As a result, the ICX price has experienced extreme increasing dynamics in the last few hours.
ICON price analysis has experienced a fluctuating movement in the last few days. However, with the volatility increasing. Moreover, as the volatility opens, it makes the value of the cryptocurrency more volatile to change. As a result, the upper limit of Bollinger’s band rests at $0.2472, serving as the most substantial resistance for ICX. Contrariwise, the lower limit of Bollinger’s band rests at $0.2114, serving as the strongest support for ICX.
The ICX/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. However, the support and resistance are opening up, indicating increasing volatility with massive chances of maintaining a positive trend. Hence, the price moves upwards towards increasing characteristics.
The Relative Strength Index (RSI) score appears to be 46, showing the cryptocurrency’s stability. It falls in the central neutral region. However, the RSI score follows an upward movement signifying an expanding market and gestures toward increasing dynamics. The increasing RSI score indicates buying activity exceeds the selling activity.
ICON price analysis shows bullish momentum and further bullish opportunities. Moreover, the bulls have shown their deterrence and might take control of the market soon for the long term as the market shows massive signs of any change. Therefore, according to this analysis, ICON is expected to have a promising future, with the bulls taking the bears completely out of the picture.
ICON Price Predictions by Cryptopolitan
ICON Price Prediction 2022
ICON coin price prediction for 2022 ranges from a maximum price of $0.25 to a minimum price of $0.23, with an average trading price of $0.24.
ICON Price Prediction 2023
ICON price prediction 2023 ranges from a maximum price of $0.41 to a minimum of $0.34, with an average forecast price of $0.35.
ICON Price Prediction 2024
ICON price prediction 2024 ranges from a maximum value of $0.58 to a minimum value of $0.5, with an average trading value of $0.52.
ICON Price Prediction 2025
ICON price forecast 2025 ranges from a maximum of $0.87 to a minimum of $0.72, with an average value of $0.7.
ICON Price Prediction 2026
ICON price prediction 2026 ranges from a maximum of $1.24 to a minimum of $1.02, with an average price of $1.05.
ICON Price Prediction 2027
ICON price prediction 2027 ranges from a maximum of $1.78 to a minimum of $1.5, with an average of $1.56.
ICON Price Prediction 2028
ICX price prediction 2028 ranges from a maximum of $2.63 to a minimum of $2.23, with an average of $2.31.
ICON Price Prediction 2029
ICON price prediction 2029 ranges from the highest price of $3.83 to a minimum future price of $3.26, with an average of $3.35.
ICON Price Prediction 2030
ICON price prediction 2030 ranges from a maximum of $5.67 to a minimum of $4.66, with ICON’s average price at $4.82.
ICON Price Prediction 2031
ICX price prediction 2031 ranges from a maximum price of $8.14 to a minimum of $7.08, with an average of $6.83.
ICON Price Prediction by CryptoNewsZ
According to CryptoNewsZ, the coin’s value should rise. According to the website, “the predicted peak price of ICX/USD would be about $1.11 as per our ICON price estimate for 2022.”
ICON Price Prediction by WalletInvestor
WalletInvestor predicts less bullish pricing for ICX in 2022, predicting that the token would drop to $0.02 in that time and calling it a “poor long-term investment.”
ICON Price Prediction by Changelly
According to Changelly, the average price of ICX will be $0.38 by December 2022, $0.58 in 2023, and $0.84 a year later. ICON’s predicted price on Changelly is $1.23 for 2025, while the site projects a $7.71 price for 2030.
ICON Price Prediction By Industry Influencers
ICON is now a force to reckon with. However, the tech behind this project powers Korea’s largest gold exchange. Many enterprises now work on ICON. Its wrapping bridge has been created, and it is only a matter of time before we see more adoption in the ICON ecosystem.
In a recent appearance of Eye on ICON, Mo provided an update on the current state of ICON Bridge and how it will accelerate BTP adoption and gave a glimpse into the technical innovations of the BTP team.
Conclusion
ICON has a very bright future, as it is one of the most promising projects in the industry. While ICON Network has established itself by working with a variety of organizations and public authorities, there are several blockchain networks that provide comparable prospects. While it appears to be one of the more popular ones today, there is still room for other systems to emerge and surpass it.
There are numerous DEXs available, but because they’re generally not built with the crypto novices in mind, uptake is easily limited to individuals with prior knowledge of cryptocurrency and, perhaps, an interest in one of the networks emerging from the network.
The price of ICON is affected by different factors such as market movements, demand, supply, etc. ICX forecasts are rather contradictory, as seen above. But we predict that the coin will do more in the future following the latest release of the ICON Bridge, which will aid complex transfers and help connect other blockchains seamlessly. In addition to this, future partnerships will also affect its price positively.
Even though we predict that ICON will do well in the future, we advise you to invest carefully. Do your research before you invest in this coin. If you have made up your mind to invest, do so with the money you can afford to lose.