Some altcoins made surprising moves this week. In particular, ICON jumped 25% in the last seven days.
This is interesting because when looking at the coin leaders, their actions remained relatively flat; Bitcoin kept finding its way back to somewhere between the $6,700 and $6,750 marks, with the latter being the highest the coin achieved across the week. No major movements happened.
But at the same time, ICON (ICX) was doing this:
What is ICON?
ICON is a favorite of South Korea and is often dubbed the nation’s version of Ethereum. Over the last couple of days, it has seen gains of 25%, making it one of the best-performing altcoins out there right now.
The jump can be attributed to a medium post the ICON Foundation released whereby it announced its technology partner, ICONLOOP, has been selected to participate in a large-scale government-backed public project called ‘Cultivating Innovative Youth Talents 2018.’
>> Hollywood’s Steve Stanulis Finds Inspiration with Cryptocurrency
The aim of the project is to strengthen national competitiveness in technologies and to solve unemployment issues by developing young talent in this area. The government will be paying out around $100 million over four years to fund the project.
The news is positive for ICONLOOP and over the next six months it will be working directly with students at Baekseok University, providing a thousand hours of intensive classes.
ICX is trading 21.72% higher at $0.924 at the time of writing. A week ago, the coin was trading at $0.648, and so its current value represents a 40% jump. However, ICX is still down on the month; it was trading at $1.26 this time last month.
At its peak in January, ICX was valued at $12. So despite its victory this week, this coin is still massively undervalued and has a long climb ahead to get back to those heights.
Featured Image: Google Images/ ICON