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ICON Recovers 100% from Sunday Low on Bithumb Listing

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ICON’s market cap is back above $1 billion after South Korea’s Bithumb announced it will begin listing the cryptocurrency, with final rollout expected by Friday.

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ICX Price Levels

ICON’s ICX token surged 40% to $3.55 per coin, bringing its total market cap to $1.4 billion. There are more than 385.6 million ICX tokens in circulation.

The surge caps off a wild two days for ISX, with prices more than doubling from Sunday’s swing low of $1.59. That was the lowest level since early December and a mere fraction of January’s record high of $12.47.

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As the world’s 20th biggest cryptocurrency by market cap, ICX is traded primarily on Binance. The Hong Kong exchange accounts for roughly 92% of the daily trade volumes, according to CoinMarketCap. The coin achieved daily volumes of nearly $222 million on Wednesday.

Bithumb Listing

News of ICON’s listing on South Korea’s Bithumb exchange has been the main catalyst for the latest rally. Beginning Wednesday, users of the premium Bithumb Pro service will be able to deposit and trade ICX directly from their account. Regular Bithumb users will be able to trade ICON by the end of the week.

By joining Bithumb, ICON is among elite company in the crypto world. The exchange currently lists 12 cryptocurrencies, including bitcoin, Ethereum and Ripple XRP.

As of Wednesday, Bithumb was the world’s sixth largest crypto exchange by volume, with more than $773 million in daily trades. The exchange offers funding in South Korean won and is one of the largest platform for XRP.

ICON Cryptocurrency

After a hugely successful token sale in September, ICON has quickly moved into the limelight of the cryptocurrency industry. The coin achieved a record market cap of $4.6 billion after the new year when speculation in altcoins hit record highs.

ICON is building one of the biggest decentralized networks in the world with the aim of connecting cryptocurrency to real-life applications. Its current network extends to financial institutions, insurance providers, healthcare providers and universities.

Earlier this month, the project announced details of its upcoming airdrop, with distributions made through mainnet ICX coins.

ICON raised 75,000 ETH through its pre-sale last September, bringing its total to 150,000 ETH. Due to the success of the pre-sale rounds, the project scrapped its scheduled Oct. 20 ICO launch.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 354 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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EOS, Tron Lead Cryptocurrency Market’s $36 Billion Rally on Tuesday

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Altcoins EOS and Tron led the cryptocurrency market higher on Tuesday, signaling the return of speculative interest in virtual currencies outside of bitcoin and Ethereum.

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EOS, Tron Surge More than 30%

Cryptocurrencies rose more than $36 billion on Tuesday, reaching a high of $435.7 billion in the early evening, according to latest available data. That’s the highest level since early March when the market peaked around $474 billion.

All major coins gained, but none more than EOS and Tron, which are currently ranked fifth and 11th by market cap, respectively.

EOS has nearly tripled in value over the past two weeks, with prices briefly approaching $16 a coin on Tuesday. At the time of writing, the cryptocurrency was trading at $15.40 for a 24-hour gain of 32%, according to CoinMarketCap. EOS is now valued at $12.6 billion with daily trading volumes approaching $3.2 billion.

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The hyped up Tron project rose by a similar amount, achieving a daily high near $0.08 a coin. TRX was last seen trading at $0.076 for a 24-hour gain of 31%. With a market cap of nearly $5 billion, Tron generated more than $1.5 billion in trading volumes on Tuesday.

 

EOS and Tron are benefiting from the influx of capital entering the cryptocurrency market as well as news of new exchange listings around the world.

On Monday, EOS confirmed that its currency was added to the eToro trading platform, which boasts more than 9 million users. Though traditionally a forex platform, eToro has expanded significantly to offering leading cryptocurrencies like bitcoin, Ethereum, Ripple XRP and Litecoin. Various news reports have also indicated that China’s Huobi also wants to start listing EOS.

Meanwhile, Tron founder Justin Sun recently confirmed that TRX will be available on Coinbene, a Malaysian exchange. Trading in TRX will go live on Wednesday.

Bitcoin Surges

The price of bitcoin surged on Tuesday as trading volumes topped $10 billion on the major exchanges. BTC/USD rose 7.4$ to $9,627 for a total market cap of $163.6 billion.

Since bottoming near $6,000 earlier this month, bitcoin has recovered more than 50% of its value. BTC trades were valued at $10.4 billion on Tuesday, easily tops among cryptocurrencies. However, the relative gain in altcoins has diminished bitcoin’s overall share of the market to 37%. That’s the lowest since mid-February.

Bitcoin hasn’t traded above $10,000 since early March. A return to those levels seems apparent given the recent shift in market sentiment.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 354 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Multi-Week Rally Continues as Cryptocurrency Market Surpasses $400 Billion; Bitcoin Cash Up 16%

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The cryptocurrency market’s jaw-dropping rally continued on Monday, with the total value of all coins surpassing $400 billion for the first time since early March.

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Bitcoin Cash Leads Market Higher

Bitcoin cash has dominated the headlines recently amid a series of oversized gains. BCH was the undisputed leader on Monday, surging 16.3% to $1,433, its highest since mid-February. The cryptocurrency added a staggering 87% over a five-day stretch, bringing its total market capitalization to $24.3 billion.

While there was no immediate catalyst for the rally, an upcoming hard fork of the BCH protocol has been cited as the most compelling force driving prices higher. BCH, the world’s fourth-largest cryptocurrency, will undergo a split on May 15. The update, known as Bitcoin ABC, will quadruple the BCH block size from eight megabytes to 32 megabytes. Advocates say this will heighten adoption in retail settings.

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By comparison, bitcoin’s block size is a mere 1 megabyte, although efforts are underway to boost scalability. (Interestingly, Satoshi Nakamoto probably conceived of a maximum block size to keep the blockchain from splitting.)

However, others have accused BCH advocates of artificially inflating the cryptocurrency. Much of the criticism has been levied at Antpool, a large mining group that is burning bitcoin cash on a daily basis, potentially reducing its total supply.

The Antpool network announced last week that it confirms more than 8% of all bitcoin cash transactions. The announcement prompted a 25% surge in BCH prices heading into the weekend.

$400 Billion

Bitcoin cash has been at the center of a much larger cryptocurrency rally that shifted into higher gear on Monday. Cryptocurrencies added more than $8 billion in market cap, bringing their total value to $401.7 billion.

The altcoin surge has diminished bitcoin’s market share to less than 38%, the lowest since mid-February. The total value of all coins not named BTC rose $7 billion on Monday to $249.8 billion. The total crypto market, including bitcoin, bottomed at almost exactly that level earlier this month.

Outside of BCH, most of the large gainers on Monday were cryptocurrencies ranked outside the top-ten by market cap. IOTA rose nearly 5% to $2.13, Dash added 7.4% to $503 and bitcoin gold gained 16.8% to reach $77.36.

Total trade volumes amounted to $22.1 billion, which is considerably lower than the most recent peak. However, volumes are up substantially compared to last month, when daily turnover was roughly half of the current level.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 354 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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EOS Remains Fifth-Largest Cryptocurrency Following Airdrop

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EOS continues to hold the fifth spot on the cryptocurrency world rankings, as the coin overcame post-airdrop fatigue en route to steady gains. The cryptocurrency has even gone as far as outshining many of its peers over the last two weeks, giving rise to further optimism about the upcoming eos.ios platform.

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EOS Price Levels

The value of EOS rose 5% on Sunday to $11.39, where it remained the world’s largest cryptocurrency by market cap. The total EOS market is valued at $9.3 billion, which is roughly $900 million higher than Litecoin, the No. 6 coin.

Trading at nearly three-month highs, EOS has rebounded 177% from its bear market low Mar. 18. Unlike other major cryptocurrencies, EOS overcame the recent swing low culminating on Apr. 6. Nevertheless, the coin has gained more than 95% since that date.

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Nearly $1 billion in EOS tokens exchanged hands on Sunday, according to data provider CoinMarketCap. That made EOS the fourth most actively traded currency worldwide, with Asian exchanges Huobi, OKEx and Bithumb processing the largest share of transactions.

Interestingly, EOS was on one side of roughly 13% of USDT trades. USDT is the native token of Tether, the so-called stablecoin that claims to be backed by U.S. dollars.

EOS, which also trades against other major cryptocurrencies, was last valued at 0.001297 BTC (-0.2%) and 0.018146 ETH (-2.8%).

Democratizing Blockchain

As an operating system, EOS is being designed to give developers the tools to build decentralized applications (DAPPs) through the delegated proof-of-stake mechanism. This system seeks to democratize the development process using a voting system that is equivalent to the number of coins each party retains. Only voted block producers can participate in the production of blocks and be rewarded by the network.

Given its proof-of-stake mechanism, EOS generated significant buzz earlier this month when it announced a lucrative airdrop event for Apr. 15. The terms of the airdrop stipulated that each EOS holder with 100 or more units would receive an equivalent number of eosDAC tokens.

eosDAC is an ERC-20 token that will migrate to the EOS platform once it is launched in early June. In time, it is probably that eosDAC tokens will also provide DAPP- and utility-based services that can be used by network members. A full ICO review of the eosDAC project can be found here.

Anticipation for the Apr. 15 event triggered a huge spike in the value of EOS, which is not uncommon when airdrops are deployed. The sustainability of the rally post-airdrop suggests EOS is generating significant interest ahead of the platform’s launch.

Brought to life by Dan Larrimer, EOS is widely considered to be Ethereum’s next big challenger. Both platforms will compete in DAPPs and infrastructure development, potentially bringing blockchain further into mainstream discourse.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 354 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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