ICON, the renowned ‘Korean Ethereum’ network, surged 59% this morning following the announcement of its listing on Korean crypto exchange, Bithumb.
After a slow month for ICON, investors will be grateful for the recent announcement as the alt-coin price rose sharply from $2.22 to $3.54 - the highest price we’ve seen for over 2 weeks. Trading volumes have risen by over 211% since the start of the bull run, from $53,143,200 to $165,506,000 - an increase in activity of $112,362,800 in a matter of hours.
Looking into the market activity, the ICX/BTC pairing on Binance equates for over 78.65% of all ICON trades today compared to only 13.92% trading in ETH; clearly demonstrating that a vast majority of the community are favouring Bitcoin at the moment in the recent trending market.
The short-lived pump has already begun to correct back down below $3.30 as the bullish support fell short of pushing the price beyond $4. This is likely due to short-term investors taking profits early and withdrawing positions into more stable assets like BTC, ETH and BNB.
We could see a second surge later on once the Bithumb community begins to move in on ICON. With over a million users on the platform and it being rated the world’s second largest exchange by daily trading volumes, the new listing spells great news for the ICON project.
That being said, with the current BTC market improving like it is it will be difficult for many alt-coins to hang on to any promising gains today.