Cryptocurrency
Altcoin Returns to ICO Price After 11,100% Run: Bitcoin Dominates Crypto Market
As reported by NewsBTC, “If you were around in the crypto markets in 2017, you likely know the altcoin ICON (ICX). Two years ago, this cryptocurrency was literally all the rage, with many calling ICON the ‘Ethereum of Korea’ amongst other optimistic titles. “At the time, this made sense. The cryptocurrency had embarked on a […]
As reported by NewsBTC, “If you were around in the crypto markets in 2017, you likely know the altcoin ICON (ICX). Two years ago, this cryptocurrency was literally all the rage, with many calling ICON the ‘Ethereum of Korea’ amongst other optimistic titles.
“At the time, this made sense. The cryptocurrency had embarked on a parabolic run that made other altcoins pale in comparison. Also, you had individuals like the chief executive of prominent blockchain venture fund Dan Morehead, purportedly remarking that ICX was its biggest altcoin position in an interview with Bloomberg.
“Near the peak of the altcoin bull run, ICX had rallied to an all-time high of $12.22 — 11,100% higher than its initial coin offering price of $0.11. What’s crazy is that some individuals expected for the cryptocurrency to continue to gain traction, with this writer recalling that some investors hoped ICON would surpass altcoin incumbents Ethereum and XRP.
“Though, much has changed since then. In fact, as noted by a partner at Doggie Tail Crypto Capital, Spencer Noon, ICX has just completed ‘a full round trip back to its ICO price after its 111x gains.’ This means that ‘$10,000 invested in the ICO would have been worth $1m+ at ATHs and today it’s right back at your cost basis.’ Ouch.