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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 (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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Internet Computer (ICP) Drops From Nowhere To Storm The Top Ten

Internet Computer (ICP) enters the top ten on CoinMarketCap following its exchange debut. ICP was sitting as high as the fourth spot, but following heavy sell pressure, it’s since dropped to the seventh position, just ahead of XRP, at writing.

The CoinMarketCap rankings have seen a flurry of changes during this bull run. But it’s not often that a relatively unknown token enters the top ten. This has many wondering if ICP is a legit project.

What Is Internet Computer (ICP)?

Internet Computer launched simultaneously on several big exchanges yesterday, including Binance, Coinbase Pro, Huobi, and OKEx.

The sudden appearance of ICP in the top ten has caused a stir in that ICP has achieved a lot in a relatively short time. For example, ICP is already listed on Coinbase Pro, whereas ADA, which has been around since late 2017, only achieved this in March this year.

In reality, ICP is part of a project that has been five years in the making. Developed by Swiss-based Dfinity, the project has several prominent backers, including Silicon Valley venture capitalists Andreessen-Horowitz, and Polychain Capital.

Since 2016, Dfinity has been developing a decentralized blockchain network to expand the internet’s functionality. Research specialists Messari said Dfinity’s obscure and technically complex goals make it a highly misunderstood project.

But, as developments pick up the pace, they see more and more people becoming familiar with what the project is about.

“Dfinity is one of the most tenured and well-funded smart contract platforms in crypto. Yet it is also one of the least understood. Most of Dfinity’s obscurity is due to its technical complexity and abstract vision. The launch of their token and finally open sourcing their code will create more interest and understanding in the project.”

What’s The Use Case?

With Internet Computer, Dfinity is looking to build a decentralized, scalable cloud solution to store data, perform computational tasks, and enable community governance.

It hopes to address concerns associated with the internet in its current guise, namely the poor security and dominance of big tech oligopolies. Therefore, Dfinity is not so much focused on delivering blockchain technology. Instead, the primary goal is to build a free and open internet controlled by users.

With its network of independent data centers, apps will be able to run on the network itself. This is in contrast to the current internet, where apps run on servers, the lion’s share of which is controlled by the likes of Google, Amazon, and Facebook.

Dfinity engineering manager Stanley Jones said, instead of apps running on a dedicated Google cloud server, with Internet Computer, the software has no fixed physical address as it moves between servers run by the independent data centers. This means apps can exist that nobody owns or controls.

The ICP token comes into play as developers pay data centers for running their code. But the data is not accessible, making advertising tracking across this network hard to do.

Internet Computer hourly chart

Source: ICPUSD on TradingView.com