Cryptocurrencies developed by South Korean blockchain startups are continuing to rally.
For example, Upbit announced on Feb. 9 that ICON was traded at around 800 won on Feb. 4 after standing at around 130 won in early January this year. Trading at that level in that cryptocurrency exchange was for the first time since October 2018.
The cryptocurrency continued to rise for more than 10 days after Jan. 20. Especially, the price jumped more than 10 percent each day from Jan. 29.
Other domestically developed cryptocurrencies, including TTC, Carry Protocol and Aergo, are continuing to rise this year, too. For instance, the price of TTC rose from 27 won to 46 won between early January and Feb. 6. Aergo and Carry Protocol gained 70 percent and 66 percent during the period, respectively. Each of MovieBloc, Contents Protocol Token and MediBloc already gained more than 30 percent as well.
According to industry sources, the rally has to do with the Wuhan coronavirus, which is highlighting the value of cryptocurrencies as safe digital assets, and the fact that the total deposits of blockchain-based financial services recently topped one trillion won to result in higher expectations for blockchain commercialization.