One thing we all like to do is speculate on the price of your favorite cryptocurrency. Today, we’ll have a look at ICON, a decentralized network that aims to create a functioning network that creates the possibility for multiple Blockchains to interact with one another. The project was released after the summer of 2017 and like many others it caught the right timing. More recently, the price has been steadily decreasing and popularity seems to be decreasing. Let’s see what the future holds for this project and how we can anticipate this.
What is ICON (ICX)?
When researching this project one thing that struck me what their official website. It’s not that pretty and it makes you do more digging than supposed to when researching a project. Anyhow, ICON is a project that’s governed by the ICONLOOP foundation, previously known as theloop. This Seoul-based company has been actively working on the project ever since the ICO back in 2017 that raised 42,7 Million USD allowing the team a runway for the upcoming years. The roadmap they used to promote their funding round with didn’t go any further than the end of 2018 but on their Medium channel ICON has been steadily updating their community with the latest work.
Since the start, the team has been present for their community which can be tough at times as we have seen happen to many projects. The project did manage to get their mainnet up and running and has recently launched the opportunity to stake coins in order to get some annual returns. With the mainnet comes the ICON Tracker that allows you to see any transaction that’s happening on the mainnet. So far, more than 70 million transactions have occurred over the ICON mainnet. On top of the mainnet, you also have the ‘DID’ a decentralized identification that takes it into your own control. With the use of DPass, you can verify your identity that’s registered on the public ICON Blockchain.
As a smart way of covering up the hassle of entering complicated wallet addresses, the ICON team has created the ICONick system. It allows you to use nothing more than a nickname to start receiving and sending ICX Tokens easily. With all of these projects and more to come, ICX is an impressive company, yet the token price has been steadily declining over the past year. Today we’ll zoom in on the previous happenings to the project and what we can expect for the future.
ICON (ICX) Price Prediction 2018
Last year was an incredible year for ICX, especially for the price of ICX. It was their first year after the ICO and it showed incredible returns for investors that took their chances. Whenever you invested in the ICO for a token price of 0.11 USD per token, you could have gotten enormous returns if you managed to have sold at the all-time high $12,64 USD. Back then during the bullrun the price went up higher and higher and expectations flew with it. One thing that led to a good increase in price was the fact that ICONLOOP, the company behind the project managed to sign a contract with Samsung, the tech-giant everyone knows.
Speculations on the details of the partnership went all around but not many were delivered. Sad enough for the team, after the gigantic spike in price, it was hard to recover. Expectations rose to sky-high proportions and the team could only keep working on their set plan. They had not anticipated this bubble that was created back in 2018, they could not keep up with all the expectations. The team was said to have failed in communicating properly, not meeting deadlines and whatnot. That being said, it’s fairer to look at the future for this project, instead of looking back.
ICON (ICX) Price Prediction 2020
Next year will be a year of performance for ICX, they have the chance to make up for all the missed communication and all the missed deliveries. At this very moment, there’s quite something going on and there are lots of products that have been released. With more products on the line and the development of the current products, ICX is going places.
Whenever they manage to keep up with the set roadmap and the overall market turns around a little, there could be some pretty price movements for this project. One noticeable partnership is the fact that the Korean government is behind the project, that’s a big plus for the company and for the token itself.
Technical analysts have a wild graph to use their magic on as the price has been up and down like a rollercoaster and thereafter pretty stagnant for the past year. Now, the fundamental analysts are in there for the long run. ‘What other company has an entire government plus its biggest companies behind it?’ This big statement is, in fact, a quite big statement that could become reality for the project and could actually be in fact the reason why there is long-term value in this project. As the ICX is part of the network, the fuel for the network and allowing an opportunity to stake for returns, the token has actual utility. What kind of prices we might expect is hard to tell, but moving across the 1$ border is possible for sure. In the future, that could become even more than that.
ICON (ICX) Price Prediction 2021
After a couple of years from now, we can see where the project has brought itself. When we see what the company has managed to do in the past two/three years it’s quite impressive and many products and plans were realized. With this, it’s all a matter of time until the actual adoption of Blockchain technology picks up. That will be the moment for ICX to turn around and see it’s actual value. With the Korean government behind them and a big company like Samsung, it’s essential that the real adoption happens. If this does not happen, it’s hard to tell whether this project has any value. There are no ‘real-world’ use cases at this point, so moving it into the physical real world is harder for now.
When we look at some of the statistics for the ICX token, we could speculate a little on the price. Total supply of 800.460.000 million US dollars is a potential winner in many investor’s eyes. It’s quite high in comparison to other projects but it’s not in the billions. At this point, the price is at 16 dollar cents, with a market cap close to one hundred million dollars. The entire market cap for the industry is 220 billion at this stage if we follow the patterns there are some opportunities here. Whenever the entire market cap manages to increase, we could see the market cap for ICX picking up with it. In my eyes, 1$ is easily doable, that would already be a strong increase from where we are now. Let’s see what happens in the coming years.
ICON (ICX) Price Prediction 2025
After the predictions for the years that are a little closer to where we are now, let’s have a look at the long-term future. Looking at the technical analysis for that does not make any sense, but the fundamentals are strong here. Whenever we assume governments to remain focused on integrating Blockchain technology and its surroundings into their bureaucratic systems, ICON could just be one to lead the way for many others. The partnerships are already there, it’s just a matter of getting them into the right place. For now, let’s have a look at some other tech-sector to speculate on the growth for ICX.
- If ICON has the average YoY growth that the Internet went through by amount of users (in its adoption phase 1995 / march 2017 = $0.7732
- If ICON has the average YoY growth that Facebook went through (in its adoption phase 2004 / 2016) = $19.90
- If ICON has the average YoY growth that the Mobile Phone went through (in its adoption phase 1993 / 2013) = $0.7348
ICON has a partnership with Samsung, they are known for their Mobile Phones, so that could be one of the patterns it might follow. The price would increase then, but it’s not as incredible and gigantic as it could be. That would be happening whenever it manages to follow Facebook for example. That would mean huge returns for ICX investors reaching well above the all-time high and further into the moon. Because don’t we all love the moon?
Originally published at https://changenow.io on October 1, 2019.