It has been felt since the first day of the year that 2020 will be a good year for altcoins and the crypto market in general. Especially altcoins, with their performance, the biggest cryptocurrency is called Bitcoin, so to speak.
According to experts, the two altcoins ICON (ICX) and Tezos (XTZ), which made a surprise rally in 2020 and are expected to continue this strong uptrend. Here are the developments that show that ICON and Tezos can perform incredibly this year.
ICON’s local token, ICX, hit the all-time high of $ 13.16 in January 2018, and began to be called the Ether (ETH) of South Korea. But after the summit, ICX lost more than 99% of its value.
In the past few weeks, cryptocurrency has gained more than 200 percent and has risen above the $ 0.18 level, which is considered to be a very critical level by experts. According to analysts, ICX can rise to $ 0.28 to $ 0.30 in the short term, but if it can find support between $ 0.35 and $ 0.40, a long-term bull run may begin.
There are two reasons for the recent increase in ICON prices; First, the team behind the cryptocurrency has undertaken many developments aimed at increasing the mass adoption of ICX; The second is geopolitical developments. The South Korean government has announced that it plans to promote the growth of Blockchain technology, and ICON’s plans and focus of the project seem fully in line with the goals of the South Korean government.
The ICON team recently shared a list of products and services to improve the performance of cryptocurrency. The list includes ICONex, a multi-cryptocurrency wallet, a LoopChain patented Blockchain Core Engine, a unique wallet identifier for the ICONick wallet address, Chain ID, the world’s first Blockchain joint certification service with 26 domestic securities companies and more. According to analysts, ICON’s acceptance will increase in the light of all these important developments and the increasing acceptance will be reflected in prices.
Tezos, which was seen at its all-time low in December 2018 and declined to the 22nd place in the crypto market, did not recover during 2019. Having found support for the rise in November 2019, the crypto coin has been in the uptrend since then, making it 1000% since last year and rising to the 10th place.
Tezos has gained 200% value since the beginning of the year and has also become one of the best performing cryptocurrencies in the market. Experts have not yet been able to pinpoint the reason behind this rise, but positive feelings from many sectors seem to have a large share in this air. Tezos also rose above the $ 2.59 level in early February, and the previous resistance, which was around $ 3.1 in terms of technical analysis, has now turned into support for the XTZ price. For this reason, the uptrend is expected to continue.
The excellent rise of Tezos from the middle of last year to today has provided investors a return of just under 2000% in less than 14 months, and these figures ignited the wick, which will further increase adoption. The increase in the adoption of the cryptocurrency is considered as an indication that the rise will continue.