Crypto News

ICON Price: Big Gains Materialize as Crypto Momentum Turns Bullish

All cryptocurrency markets have found themselves in the green once again, with the exception of Tether. This positive momentum is primarily fueled by a small gain affecting the Bitcoin price. For most altcoins the current trend looks promising, and it appears the ICON price is benefiting a lot more from this bullish pressure compared to other markets.

ICON Price Surges Full Steam Ahead

Even though most other cryptocurrency markets are up by just a few percents, things look very different when looking at the ICON price. This particular altcoin, which still sits outside the top 25 ranked by market cap, is noting some rather impressive gains over the past few hours. It seems unlikely such a steep uptrend will be sustained for long, but it makes for a good quick profit opportunity regardless.

Over the past 24 hours, the ICO price has risen by 24.31%. That is a rather surprising figure, although it shows there is plenty of life left across all altcoin markets. That situation will only remain in place as long as the Bitcoin price stays green, which may not be for much longer under the current circumstances. How that would affect the ICON price exactly, remains to be determined.

Speaking of Bitcoin, ICON has also gained a lot of ground compared to the world’s leading cryptocurrency. With a 22.9% increase in the ICX/BTC ratio over the past 24 hours, it would appear interest in this altcoin is still picking up. Sustaining the current level of growth will be challenging, though, as no cryptocurrency uptrend can go on indefinitely.

In terms of trading volume, things are still not looking all that great for the cryptocurrency industry. With just $10.21bn in volume to speak of, most markets still suffer from a lack of interest. In the case of ICON, its volume has risen to $89.827m, which should be more than sufficient to keep this momentum going for a few more hours.

As is to be expected in the altcoin world, Binance generates most of the interest for ICON right now. Its BTC and USDT markets dominate the charts, followed by KRW pairs on Upbit and Bithumb. Binance’s ETH pair completes the top five, as this exchange represents 66% of all ICX trades in the past 24 hours. Whether or not that is healthy, remains to be determined. It may very well be a sign of a brief ICON price pump-and-dump cycle.

The current momentum across all cryptocurrency markets is not awe-inspiring by any means. Small gains for most top currencies and potential pumps affecting smaller-cap coins show there is no real unified momentum to speak of just yet. Whether or not the ICO price will see its correction later today, remains difficult to predict. Anything is possible in the cryptocurrency world, especially where altcoins are concerned.

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