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.
Today’s ICON price today is $0.379845 with a 24-hour trading volume of $7,341,715. ICON is up 0.92% in the last 24 hours. The current CoinMarketCap ranking is #101, with a live market cap of $349,260,692. It has a circulating supply of 919,483,096 ICX coins and the max. supply is not available.
Two 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.
Read also: ICON price analysis: ICX price flashes up to $1.91 gaining 22 percent overnight
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
ICON Overview
| Coin | Symbol | Price | Marketcap | Change | Last 24h | Supply | Volume (24h) |
|---|---|---|---|---|---|---|---|
 | ICX | $ 0.381902 | $ 297.47 M | 0.04% | 777.41 M | $ 6.79 M |
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 will 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 stable coin; $bnUSD. The stable coin is said to be minted on Balanced DAO and will need ICX to mint. The stable coin 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
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 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
ICX current price sits above its 50-day and 100-day MA. The coin shows signs of a bearish trend, meaning that the coins may move at its current momentum in a few days. A further dip in ICX could see its move down to a support zone at $0.31488. ICX technical indicators point to the sell zone, asking investors to sell.
However, on 30th May, the ICON price analysis was bullish as the coin raced high despite a strong bearish market overall. The price has been advancing at a slow pace but quite steadily over the past few weeks of May, as the bulls have been successfully maintaining their lead, and an upward trend has been following for the ICX. But today, the bullish momentum escalated, and a record increase in price was recorded a few hours back, as the price function managed to break through the $1.77 resistance and turned it into support. We assume the ICX will retest $2 after correcting for some time more.
ICON Price Prediction by Authority Sites
Wallet Investor
Wallet Investor predicts that ICX is a bad long-term investment. They predict that the coin will decrease in one year. According to Wallet Investor, ICX is expected to be $0.257 in one year. In 5-years, they also predict that the coin will also devalue by 95%, making it a bad choice to make if you think of investing in it.
Trading Beasts
Trading Beasts sees ICX as a good investment. They predict that in one year, ICX could experience a price rise. ICON price rise could be in 2022 could help see the coin have a maximum price value of $0.66441. The coin could also have an average price of $0.5315. The lowest price the coin will have by the end of 2022 could be $0.4518.
ICX is also expected to have a maximum price of $0.7595 and an average price of $0.6076 in 2023. Its minimum price by that time would be $0.5164.
In 2024, Trading Beasts expects ICX to have a maximum price of $0.8470, a minimum price of $ 0.5760, and an average price of $0.6776. In 2025, ICX is also predicted to have a minimum price of $0.6878.
PricePrediction.net
PricePrediction.net also sees ICON to be a very good investment. According to their ICON price forecast, they predict that the ICX coin will have a minimum price of $0.43 and a maximum price of $0.48 in 2022. The average price the coin will have by that time is $0.44.
In 2027, ICX is expected to experience a higher surge in price. The coin is predicted to have a maximum price of $3.22 with a minimum price of $2.66. ICX’s average price will be $2.73.
In 2030, PricePrediction.net is predicted to be $9.50 at maximum. Its minimum price would be $7.68, and the average price would be $7.91.
Cryptopolitan
| Year | Minimum Price | Average Price | Maximum Price |
| 2022 | $0.46 | $0.49 | $0.52 |
| 2023 | $0.50 | $0.55 | $0.62 |
| 2024 | $0.46 | $0.53 | $0.62 |
| 2025 | $0.65 | $0.74 | $0.83 |
| 2026 | $0.61 | $0.67 | $0.75 |
| 2027 | $0.72 | $0.95 | $1.05 |
| 2028 | $1.10 | $1.23 | $1.32 |
| 2029 | $1.48 | $1.54 | $1.61 |
| 2030 | $1.66 | $1.98 | $1.78 |
ICON Price Prediction 2022
We predict that the ICX coin will have a minimum price of $0.46 in 2022. The coin is also expected to have a maximum price of $0.52 with an average price of $0.49.
ICON Price Prediction 2023
In 2023, we predict that ICON can break through the $0.62 barrier and hold the market by the end of 2023. The lowest ICON price will be between $0.50 to $0.62, and the most likely ICON price will be steady at around $0.55 by the end of 2023.
ICON Price Prediction 2024
ICON can break through the $0.62 barrier and hold the market by the end of 2023. The lowest ICON price will be between $0.50 to $0.62, and the most likely ICON price will be steady at around $0.55 by the end of 2023.
ICON Price Prediction 2025
There is also a good chance that ICON’s price will double in price in 2025. We predict that the coin will have a maximum price of $0.83 with a minimum price of $0.65. It is essential to also know that ICON will have an average price of $0.75.
ICON Price Prediction 2026
ICON has great potential to achieve new heights in 2026. We expect the coin’s price to surge better in 2026. ICON (ICX) is expected to surpass $0.75 in 2026. It has been predicted that ICON will reach the maximum price of $0.75 and the minimum price is expected to be around $0.61 in the next five years from 2026.
ICON Price Prediction 2027
We predict that ICON will cross a price level of $0.95 in 2027. Meanwhile, ICON is expected to reach a minimum price of $0.72 this year. The maximum price may reach $1.05.
ICON Price Prediction 2028
By the beginning of 2028, we predict that the cost of ICON will reach $1.23, and the price of ICX should reach $1.23 by the end of the year. In addition, ICX can reach up to $1.10 in price. From 2024 to 2028 time gap will bring significant years for ICON growth.
ICON Price Prediction 2029
In 2029, ICON By the beginning of 2028, we predict that the cost of ICON will reach $1.23, and the price of ICX should reach $1.23 by the end of the year. In addition, ICX can reach up to $1.10 in price. From 2024 to 2028 time gap will bring significant years for ICON growth.
ICON Price Prediction 2030
ICON is estimated to reach $1.66 by 2030, at minimum. With an average trading price of $1.73 throughout 2030, ICON’s value could come to $1.78 at its highest. We expect the maximum price to be trading around $1.73.
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
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.
Source: https://www.cryptopolitan.com/icon-price-prediction/