In a bleeding market that has seen Bitcoin drop to a low of $6,100 on some exchanges, ICON (ICX) is performing comparatively well. The bearish momentum being witness is making it tough for rapid developments to be made in the cryptocurrency world in general. However, some tokens have punched above their weight to migrate to new blockchains such as Tron (TRX) and VeChain (VEN).
Having positives in a bearish market ensures a green bar on price more often than not. The positive news surrounding the ICON development team such as the main net launch and partnership with a social trading blockchain network, Carboneum. Read on to understand the impact of these announcements that pushed ICX above the $2 mark, representing a 15% 24 hour gain.
“ICON is an interchain blockchain that connects various blockchains such as Bitcoin, Ethereum, and Qtum. First, ICX is used as an intermediary cryptocurrency. ICX enables transactions among different cryptocurrencies by determining the exchange rate through DEX Reserve. Second, ICX can be used as for DApp tokens U-coin, which is a DAPP developed by our blockchain team for Korean University Consortium, can be one of these use cases already in development.”- Binance Cryptocurrency Exchange
A Binance announcement is a touch of gold.
This Wednesday, Binance Media team announced that it will support the launch and migration of ICX to its main net. The move will see Binance freeze all deposits and withdrawals if the ICX token from 20th June 2018 0:00 AM (GMT). Users on the platform don’t need to worry about the migration of their tokens as Binance will carry out the process themselves. The announcement is not at all a small achievement as Binance holds the largest ICX trading pairs with a domination of three quarters of the total trades. The support shown by Binance shows its belief in the long term goal of ICON moving to its main net.
Notwithstanding, Binance announced they will also add the ICX/USDT pair for trading on the platform. The rules of trade are set at 0.01 ICX as the minimum amount to exchange to USDT while the reverse trade stands at 1 USDT as the minimum order value.
One of the positives seen in the past 7 days is the partnership ICON (ICX) has made with Carboneum. The news was not fully appreciated as it was shadowed by the falling prices in the market. The light of the partnership will see Carboneum build its decentralized applications (dApps) on the ICON blockchain. Carboneum is a decentralized infrastructure and protocol for social trading, leveraging blockchain to promote transparency, automation and a fair fee mechanism, which are missing in social trading systems today.
This is a strategic and technical partnership that will see the Carboneum dApp developers build their projects at a low cost and deal with the lack of scalability issues. ICON blockchain will be introduced to a new market that deals with Carboneum at the moment. At time of press, the social trading blockchain is
This collaboration brings ICON as Carboneum’s technical and strategic partner and it will proactively help Carboneum with its technical development on ICON blockchain and strategically support the project’s further expansion.
The recent events still show the overall interest the stakeholders in the cryptocurrency arena still have in developments of the blockchains. The 15% daily increase in price of ICX and the highest trading volume at $80 million USD worth of ICON (ICX) traded since the start of June is heavily influenced by the Binance announcement and Carboneum partnership. ICX is currently trading at $2.14 USD with a total market capitalization of $828,086,476 USD placing it 22nd on the Coinmarketcap rankings.