How do I design icons?

I'm curious to know, as a professional practitioner in the field of cryptocurrency and finance, how do you approach the design of icons in this specific domain? Icons are crucial for user experience and recognition, so it's important to get them right. Would you recommend starting with a thorough understanding of the target audience and their needs? Or perhaps, focus on creating visually appealing and memorable designs? Also, are there any specific design principles or trends that you've observed to be effective in the cryptocurrency and finance space? I'd appreciate any insights you can share on this topic.