This year has been bearish and there is a high probability the trend will continue in 2019. However, investing is not going to stop but investors are now tasked with the need to carry out extensive research of the coins and altcoins before diving all in. It is important to note that there is a possibility that only a handful of the digital assets will be able to recover to their all-time highs. In this article I will take you through what you need to when assessing the best coins to invest in and later we will shift the focus to ICON (ICX); the largest blockchain in South Korea.
The cryptocurrency market has transformed a great deal in the last four years. In 2014 the crypto market had a total market capitalization of around $2 billion. At this time, very few in the world were aware of Bitcoin, let alone the rest of the cryptocurrencies in the market. However, after the crazy parabolic rally towards the end of 2017, it launched the crypto market to a wider population around the world. Currently, almost the entire world has heardd of Bitcoin and the cryptocurrency market.
Most of the profit last year was a result of “You pump my bags, I’ll pump yours.” Ether holders, meaningless crypto projects and promoters made the most in 2017. While this worked then, the crypto space has changed and this calls for due diligence when investing in the market.
How to assess digital assets with the potential to beat the bear pressure in the market?
The crypto project being considered must have a strong vibrant community. The community is the driving force of a cryptocurrency project. In addition to that, there has to be a real product that has a product-market fit. The market is ever changing, what is working could be obsolete in ten years. Therefore, the team behind the coin must be elite in terms of qualifications and experience and have a vision for the project. It is vital that the project is fully capitalized, a crypto that stores its value in say ETH could suffer harshly considering ETH is down 60 – 80% since the rally in December 2017. Sometimes, it is good to consider the projects that have been in the market for the longest time and their resilience in a bear market; do they have the potential to recover?
This is one of the cryptocurrencies that launched in 2017. The platform is working on hyperconnecting the world using the blockchain technology. The network connects different communities through frictionless exchange of value and by so doing maximize the total utility of society. But do not be mistaken, ICON goes beyond the real communities, it also connects as well as communicate with other blockchains, thereby creating one of the most robust network that has the ability to scale without limits.
ICX is the token that fuels the network while the project is managed by ICON Foundation. They have more than 111,000 active followers on Twitter, in addition to other community channels such as Telegram and Facebook. The community behind ICON has been very vibrant and supportive, however, the real strength lies with the well-capable team. Constant updates and upgrades are things that the ICON community is used to.
Recently, ICON Foundation announced that they will be buying back $5 million of ICX tokens currently in circulation. This shows that the team’s confidence the project. They have also announced a partnership with South Korea’s largest insurance firm.
ICON is trading at $0.89 at the time of writing, although the crypto defied the bear pressure in the market and exchanged hands above $0.95. ICON is the 27th largest digital asset in the market with a market cap of $387 million. It has a total coin supply of 800,460,000 ICX while 387,431,340 are in circulation.