Nanopore-based sensing of single molecules is based on a detectable change in the ionic current arising from the electrokinetic translocation of individual nanoparticles through a nanopore. In this study, we propose a continuum-based model to investigate the dynamic electrokinetic translocation of a cylindrical nanoparticle through a nanopore and the corresponding ionic current response. It is the first time to simultaneously solve the Poisson-Boltzmann equation for the ionic concentrations and the electric field contributed by the surface charges of the nanopore and the nanoparticle, the Laplace equation for the externally applied electric field, and the modified Stokes equations for the flow field using an arbitrary Lagrangian-Eulerian method. Current blockade due to the particle translocation is predicted when the electric double layers (EDLs) of the particle and the nanopore are not overlapped, which is in qualitative agreement with existing experimental observations. Effects due to the electric field intensity imposed, the EDL thickness, the nanopore's surface charge, the particle's initial orientation and lateral offset from the nanopore's centerline on the particle translocation including both translation and rotation, and the ionic current response are comprehensively investigated. Under a relatively low electric field imposed, the particle experiences a significant rotation and a lateral movement. However, the particle is aligned with its longest axis parallel to the local electric field very quickly due to the dielectrophoretic effect when the external electric field is relatively high.