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Is Internet Computer (ICP) The Next Big Thing? 60% Jump Raises Eyebrows

In the past day, the value of Internet Computer (ICP) has increased by 20% to $15.76. ICP has grown significantly over the last week, showing an astounding increase of more than 60% from its starting value of $8.98 to its current rate.

According to data from Coingecko, its current price is a noteworthy increase, highlighting the coin’s dynamic performance in the context of recent market movements.

It’s important to remember that although the price has increased significantly, the all-time high for Internet Computer is still $700.65. This indicates a significant room for expansion, but it also emphasizes how volatile the crypto industry is by nature.

Anxiously observing these oscillations, investors and fans are speculating about Internet Computer’s future course as it negotiates the intricate terrain of digital asset appraisals.

Growing Interest In Internet Computer

ICP’s fundamentals indicate that it is not solely reliant on the volatility of Bitcoin. Rather, utilities are another factor influencing its worth. Several utilities impact its value, such as its ability to hold money and the ability to stake using its Network Nervous System.

The DAO in charge of the Internet Computer blockchain is the NNS. By staking ICP utility tokens in so-called neurons, everyone can take part in this open, permissionless governance system. Voting on proposals, which are open to submission by anybody, determines decisions.

It was therefore simple to draw the conclusion that growing interest in cryptocurrencies was the cause of the price increase.

ICP Price Analysis

Price: Over the past 24 hours, the price of Internet Computer (ICP) has fluctuated between $13.50 and $14.50. It is currently trading at $14.00, which is down slightly from its price at the start of the day. Over the past week, ICP has been more volatile, trading between $12.50 and $15.00.

Volatility: The Bollinger Bands on the chart show that volatility has been higher over the past week than it has been over the past 24 hours. This is likely due to the increase in trading volume that has been seen over the past week.

Trading volume: Trading volume for ICP has increased by 135.0% over the past week. This is a significant increase, and it suggests that there is a lot of interest in ICP at the moment.

Circulating supply: The circulating supply of ICP has also increased over the past week, by 1.08%. This means that there are more ICP tokens in circulation now than there were a week ago. This could put downward pressure on the price of ICP, as there are more tokens available to be sold.

Market cap: ICP is currently ranked #18 in terms of market capitalization, with a market cap of $6.67 billion. This is down from its market cap of $7.77 billion at the start of the week.

Overall, the chart shows that ICP has been a volatile crypto asset over the past week. The increase in trading volume and circulating supply suggests that there is a lot of interest in ICP, but it is also possible that this could put downward pressure on the price of ICP in the future.

Is ICP The Next ‘Big Thing?’

While Internet Computer’s recent 60% surge has undoubtedly raised eyebrows, declaring it the “next big thing” remains a gamble. Its price, while impressive compared to its starting point, still sits far below its all-time high, showcasing the volatility inherent in the crypto market.

Though potential for further growth undeniably exists, cautious optimism is key. ICP’s dynamic performance demands a close watch, but only time will tell if its current momentum translates into sustained success, solidifying its place among the cryptocurrency titans.

Featured image from Shutterstock

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Internet Computer Loses Grip On $10, But Still Inks 82% Rally – Details

Internet Computer (ICP) is seeing bullish activity despite the current bearish atmosphere. As of press time, ICP, its native token, has lost its hold on the crucial $10 handle, and currently trading at $9.93, following a weekly rise of more than 80%.

ICP surged by 30% over the weekend and peaked at $11.50 earlier. It has now broken into the top 20 cryptocurrencies by market capitalization. In the same time frame, the token’s trade volume increased by 73% to $730 million.

Related Reading: Shiba Inu Just Spiked 12% Overnight – What’s The Next Move?

Internet Computer, The Weekly Top Performer 

With six straight green candles in the daily time frame, Internet Computer distinguished itself as the biggest gainer of the week, defying the current market volatility.

Its price increased by around 120% from the low of $5.20 on December 12th to a new yearly high of $11.30. The price of the coin has broken through some significant resistances during this rise, giving buyers a chance to extend the rebound.

When it comes to blockchain technology, Internet Computer is among the largest and most distinctive networks. The network, which debuted in 2021, has all the functionality developers require to create decentralized apps (dApps).

Its abundance of functionality sets it apart from other layer 1 and layer 2 networks such as Ethereum, Polygon, and Cardano. Users can use its infrastructure to create and host their applications.

ICP’s price has increased as a result of its support for Bitcoin, the largest cryptocurrency globally. Because of this connection, its canister smart contracts are able to send, receive, and retain Bitcoin on the network. Stated differently, these canisters are functionally equivalent to other Bitcoin holders on the BTC network.

This means that Bitcoin smart contract functions such as decentralized swaps and trading can be handled by Internet computers. Additionally, it has ckBTC, which has a 1:1 Bitcoin backing.

Bollinger bands on the Internet Compter are shifting, indicating high levels of price volatility. In the overbought area, the Relative Strength Index (RSI) is above the average line, indicating bull dominance in the price of Internet computers.

Key Partnerships

Meanwhile, the team’s announcement of a collaboration between Internet Computer, Gaudi Knowledge, and Moon Labs is among the most notable developments in light of the recent spike in the company’s valuation.

By teaming up with the Internet Computer Project’s South Korean affiliate, the two organizations would “Recreate Gaudi’s architecture, arts, and incomplete architectural blueprints in the Metaverse on ICP.”

There is no evidence of weakening in the price behavior and a strong likelihood of a rally with the notable increase in volume. In the event that the ICP price sustains itself above the $9.5 barrier, purchasers may pursue the next possible goals, which are $11.50 to $14.50.

The 50-day and 100-day moving averages are supporting ICP. According to some observers, the coin is about to form a bullish flag and then pick up speed again. It has already shaped this flag pattern’s pole. Internet Computer is probably going to test the weekend high of $11.90 if this occurs.

Featured image from Uropong/Getty Images

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Internet Computer (ICP) Social Dominance Hits 23-Month High, Top In?

Data shows the Internet Computer (ICP) social dominance has hit a 23-month high, a sign that a local top may be here for the cryptocurrency.

Internet Computer Investors Are Showing Signs Of Euphoria

According to data from the on-chain analytics firm Santiment, a large number of investors are talking about ICP following its recent bullish momentum. A relevant indicator here is the “social volume,” which measures the total number of social media text documents that contain mentions of a given asset.

The text documents here refer to a collection of data assembled by Santiment that includes posts and messages from social media websites like Reddit, Telegram, and Twitter.

This indicator only gauges the unique mentions of the asset in question, meaning that even if a forum post includes the term several times, its contribution towards the social volume still remains one unit.

Now, “social dominance” is a metric that compares the social volume of the given cryptocurrency with that of the top 100 assets (by market cap) combined. Here, the coin of interest is Internet Computer, so what this metric tells is how much of the discussion on the Internet related to cryptocurrencies, in general, includes the topic of ICP.

Here is a chart that shows the trend in the ICP social dominance over the last year:

Internet Computer ICP Social Dominance

As shown in the above graph, the Internet Computer social dominance has observed a very sharp spike recently as the price of the asset has shown some bullish momentum.

This latest uptrend in the asset’s value has been quite extraordinary when compared to the rest of the market, as most of the cryptocurrencies have only shown a flat movement or a decline in the same period.

Rapid upwards momentum like this can bring a lot of eyes toward an asset, and so, discussions about it naturally follow on social media. Because of this reason, it’s not unexpected that the ICP social dominance has shot up during this period of bullish divergence from the rest of the sector.

From the chart, it’s visible that the metric saw a large spike of similar scale only a week or so before this latest surge, and this spike too occurred as Internet Computer enjoyed some rapid rise.

Shortly after this previous spike in social dominance took place, however, the price topped above the $7 level as the bullish momentum petered out.

Generally, whenever there is a sharp rise in discussions around an asset during price surges, it’s a sign that euphoria may be building among investors. Historically, such market conditions have led to an increased possibility for the price to form a top. Internet Computer may have hit a local high during the past spike due to this reason.

As the latest surge in discussions around ICP is even higher in value than the previous instance, it’s possible that the coin may be at risk of declining currently.

The drawdown may have in fact already begun, as the cryptocurrency’s price has gone down by more than 5% during the last 24 hours. Though, not all the gains of the recent rally are lost yet, as the asset is still up 16% in the past month.

ICP Price

At the time of writing, ICP is trading around $6, up 14% in the last week.

ICP Price Chart

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ICP Rallies By 17%, Emerges As Biggest Gainer In Top 50 Cryptocurrencies

Internet Computer (ICP) is currently on an impressive bullish run following the crypto market upturn, which saw many assets show signs of recovery. In the last week, ICP has taken center stage, recording the biggest gains among the major coins in the market. 

ICP Shows Its Mettle In Crypto Ranking

According to data from CoinMarketCap, the Internet Computer token recorded an 18.25% gain over the last seven days, outperforming every other token in the top 50 crypto rankings within the same period.

The web-affiliated altcoin initially began the week trading around $5.6 on Sunday. ICP showed no significant price action in the early days of the week but soon followed the Bitcoin price rally gaining by about 20.3% in the last two days.

In this month of April, the Internet Computer token has been a focal point of investor’s interest, surging by about 24% to trade above $7 for the first time since February. Although it has fallen from such heights, the altcoin appears to have resumed its bullish trajectory following last week’s stunning performance.

At the time of writing, the ICP coin is trading at $6.32, having gone up by 5.16% in the last 24 hours. During this period, the Internet Computer coin has also recorded a 40.14% jump in its trading volume, hitting a value of $93.88 million. 

However, it must be said a lot is still desired from the ICP token, as its current market price represents a staggering 58.2% decline from its year-to-date (YTD) value, according to data from Coingecko.

ICP

ICP’s ckBTC Gains Ground, As Plans To Launch ckETH, Others Are Revealed

Aside from the Bitcoin market-led surge, Internet Computer’s rise has also been driven by the announcement of the Chain-key Bitcoin (ckBTC), an ICRC-1- compliant token backed by Bitcoin 1:1. 

According to DFINITY, developers of ICP, the ckBTC token acts as a bitcoin twin enabling users to conduct fast, secure, and low-fee bitcoin transactions on the Internet Computer blockchain. 

The ckBTC distinguishes itself from other cross-chain derivatives tokens as its operation requires no centralized custodians, bridges, or traditional cloud providers operating a fully decentralized system. 

So far, this innovation has received much reception as 61.2628 ckBTC tokens (worth $1.795 million) have been minted on the ICP blockchain following the launch of the token four weeks ago. 

ICP

Moreover, ICPSwap, an affiliate account of the Internet Computer, has announced the upcoming integration of Ethereum and all ERC-20 tokens with the Internet Computer ecosystem. 

Upon successful implementation, this integration will lead to the creation of ckETH and similar ERC-20 assets such as ckUSDT, ckUSDC, etc. 

Featured Image: Market Realist, chart from TradingView.

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ICP Rallies By 17%, Emerges As Biggest Gainer In Top 50 Cryptocurrencies

Internet Computer (ICP) is currently on an impressive bullish run following the crypto market upturn, which saw many assets show signs of recovery. In the last week, ICP has taken center stage, recording the biggest gains among the major coins in the market. 

ICP Shows Its Mettle In Crypto Ranking

According to data from CoinMarketCap, the Internet Computer token recorded an 18.25% gain over the last seven days, outperforming every other token in the top 50 crypto rankings within the same period.

The web-affiliated altcoin initially began the week trading around $5.6 on Sunday. ICP showed no significant price action in the early days of the week but soon followed the Bitcoin price rally gaining by about 20.3% in the last two days.

In this month of April, the Internet Computer token has been a focal point of investor’s interest, surging by about 24% to trade above $7 for the first time since February. Although it has fallen from such heights, the altcoin appears to have resumed its bullish trajectory following last week’s stunning performance.

At the time of writing, the ICP coin is trading at $6.32, having gone up by 5.16% in the last 24 hours. During this period, the Internet Computer coin has also recorded a 40.14% jump in its trading volume, hitting a value of $93.88 million. 

However, it must be said a lot is still desired from the ICP token, as its current market price represents a staggering 58.2% decline from its year-to-date (YTD) value, according to data from Coingecko.

ICP

ICP’s ckBTC Gains Ground, As Plans To Launch ckETH, Others Are Revealed

Aside from the Bitcoin market-led surge, Internet Computer’s rise has also been driven by the announcement of the Chain-key Bitcoin (ckBTC), an ICRC-1- compliant token backed by Bitcoin 1:1. 

According to DFINITY, developers of ICP, the ckBTC token acts as a bitcoin twin enabling users to conduct fast, secure, and low-fee bitcoin transactions on the Internet Computer blockchain. 

The ckBTC distinguishes itself from other cross-chain derivatives tokens as its operation requires no centralized custodians, bridges, or traditional cloud providers operating a fully decentralized system. 

So far, this innovation has received much reception as 61.2628 ckBTC tokens (worth $1.795 million) have been minted on the ICP blockchain following the launch of the token four weeks ago. 

ICP

Moreover, ICPSwap, an affiliate account of the Internet Computer, has announced the upcoming integration of Ethereum and all ERC-20 tokens with the Internet Computer ecosystem. 

Upon successful implementation, this integration will lead to the creation of ckETH and similar ERC-20 assets such as ckUSDT, ckUSDC, etc. 

Featured Image: Market Realist, chart from TradingView.

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Dfinity Foundation Launches $215 Million Grant To Boost Developer Ecosystem

Dfinity Foundation is boosting its developer ecosystem with a $215 million grant. This is to help further the development of decentralized applications (DApps) on the Internet Computer blockchain. Over 115 teams have benefitted from this grant and more are expected to do so as time goes by.

NewsBTC sat down with Lomesh Dutta, Vice President of Growth at Dfinity Foundation, to talk about the Internet Computer Developer Ecosystem Program, how it’s distributed, and the impact it has had on the blockchain since inception.

NewsBTC: Why was the Developer Ecosystem Program set up?

Lomesh Dutta: The CHF 200m ($215m) Internet Computer Developer Ecosystem Program is a resource that helps developers finance the building of decentralized apps (dapps), tooling, and infrastructure on the Internet Computer.

The Internet Computer is the world’s first blockchain that runs at web speed and can scale without bound. These capabilities empower developers to design new applications and tooling without being hindered by proprietary infrastructure or the limitations of conventional blockchains. The ecosystem program is designed for entrepreneurs, developer teams, and community members, supporting the growth of a new ecosystem of dapps and services on the open, decentralized web.

NewsBTC: So far, only $2m out of the $215m grant program has been handed out. Are there plans to ramp up this figure?

Lomesh Dutta: The developer grants program is a subset of the overall ecosystem program. For instance, to supercharge gaming on the Internet Computer we just announced Achievement Unblocked — a $10 million grant pool for gaming developers in partnership with United eSports to demonstrate how blockchain gaming will progressively enter the mainstream. 

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The grant program is designed to offer non-dilutive financing in the form of developer grants to teams building on the Internet Computer. I think the best way to look at the grant program right now is not the amount funded but rather by the number and the quality of teams that have been bootstrapped by the program. All grants are awarded in tiers of $5,000, $25,000, and $100,000. These initial grants help teams build early prototypes and raise larger grants, VCs, and very soon community grants. So far, over 115 teams have received funding from the grants program.

What is super exciting is that very soon (if the community accepts the proposal), ICP holders can easily make their staked ICP available for “autonomous contribution” to decentralization auctions. ​​This is essentially a community-powered fund that could easily be in billions of dollars and would be available to the ecosystem projects that are building on the Internet Computer. In return, those contributing their staked ICP will receive governance tokens for the associated ecosystem project — allowing them to shape the direction of the project. 

Beyond financial support, our team also offers technical support to our developer partners and grantees and often offers ad-hoc help with co-marketing, design, and UX.

Moreover, the Internet Computer provides functionality and utility that many other blockchains cannot, including unbounded smart contract capacity to innovate beyond what is currently conceivable in dapp development. This means there are both technical and marketing support and revenue-generating opportunities on the Internet computer that go far beyond the initial grant.

NewsBTC: Dev activity has been ramping up on Internet Computer. What effect, if any, has this had on the blockchain?

Lomesh Dutta: The developer activity is absolutely mind-blowing. Nearly 13,000 IC smart contracts (we call them canisters) have been deployed since genesis, representing a roughly 20% week-over-week growth in developer adoption. Canisters are the next evolution of smart contracts, and unlike their predecessors, they run at web speed and can store data in memory. This gives them the unique advantage that any form of internet application we know about can be built completely on-chain

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We’re talking about services easily as large and complex as Facebook, Youtube, etc., all running on-chain. I think the world will be in complete awe with what they are about to witness once some of these projects start adding decentralized governance and token incentive mechanisms to supercharge their growth. 

NewsBTC: What would you say has been the biggest pull of Internet Computer blockchain for developers?

Lomesh Dutta: Internet Computer is the only blockchain where developers can build web-scale dapps and games completely on-chain. These dapps run at web speed and do not require end-users to have a wallet or spend tokens to interact with smart contracts. If your ambition, as an entrepreneur, is to build the next Facebook, then you wouldn’t want to settle for any of that friction. Developers are building mass-market applications that run at web scale. Once these projects start implementing decentralized governance and tokenization, we expect several unicorns will emerge out of the Internet Computer ecosystem in very short order. 

NewsBTC: One of the most popular dapps on IC is OpenChat. Given that it is competing against established messaging giants like WhatsApp and Signal, how confident are you in the project?

Lomesh Dutta: The main benefit of Openchat over Signal or Whatsapp is that Openchat runs completely on-chain, is totally decentralized, uncensorable, and is community governed. For example, WhatsApp infamously announced that their privacy policy now required users to accept that their account details, location, IP addresses, and more will be shared with Facebook. They had little choice but to accept the new policy or eventually lose all access to their account. 

ICP trading at $23 | Source: ICPUSD on TradingView.com

This could never happen on OpenChat. By its very design, neither the developers nor anyone else could modify, censor, or scrape any user data. This makes us increasingly confident in the blockchain’s future, as more users become disillusioned by the combination of data harvesting and censorship currently happening in many social media platforms.

NewsBTC: To wrap up, give us a brief run-down of how Internet Computer is doing. Any exciting projects in the pipeline?

Lomesh Dutta: For one, we’re very excited to talk about the upcoming integration with both the Bitcoin and Ethereum networks. With Bitcoin, the Internet Computer isn’t utilizing insecure and cumbersome bridging and wrapping services which effectively entrust users’ funds to a third-party smart contract. Instead, the Internet Computer will leverage its Chain Key Cryptography to integrate with Bitcoin directly. This will give each IC Smart Contract its own Bitcoin public key, enabling them to hold, send and receive their own Bitcoin natively. 

As a result, the Internet Computer smart contracts will gain access to bitcoin liquidity, and bitcoin will realize powerful new smart contract functionality — opening up the much-discussed possibilities of DeFi capabilities on bitcoin. This power, combined with IC’s native abilities and ultimately bridging to the Ethereum blockchain, will serve as a powerful means to bring together the whole of web 3.0 and the backbone of the coming Metaverse.

Lastly, to make sure that this ecosystem stays decentralized and in the hands of the people, Dfinity is instilling an ecosystem-wide tokenized governance system for apps on the IC blockchain, dubbed the Service Nervous System (SNS). The SNS upgrade will allow users to vote on the direction of any given platform — from the granular, such as user interface upgrades to the more substantial, including control over app features and user incentivization models. 

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This also means entrepreneurs and developers can bypass the need for VC funding, as the governance system will earmark an allocation of governance tokens for a given service. For example, this could break down to something like 25% to developers, 25% to the community, and 50% for a treasury reserve. Truly, whatever model is needed can be created and deployed.

We believe this places the Internet Computer at the center of the revolution that is unfolding. Not only does it solve all of the scaling issues present in legacy chains, but it also does so in a way that inclusively brings them along for the ride. This should unlock the true possibilities of web 3.0.

Featured image from CryptoSlate