The Internet Computer (ICP/USD) price moved sideways because the consolidation within the cryptocurrency trade continued. The token is buying and selling at $8, which is about 36% above the bottom stage final week. It stays about 98% beneath its all-time excessive, bringing its whole market cap to about $1.8 billion.
Will ICP bounce again?
Internet Computer is a blockchain challenge that was launched in 2021 by Dfinity, a Swiss-based group. The platform’s purpose is to kind a basis of net 3.0 by serving to builders construct high quality functions.
Its platform has higher options than different blockchains like Ethereum and Solana. For instance, its information storage prices are about $0.46 GB per 30 days, which is about 100,000x decrease than that of Solana. At the identical time, its decentralized functions run 100% on-chain and are owned by DAOs.
According to the builders, its ecosystem has turn into common amongst creators. Some of the most well-liked functions constructed utilizing Internet Computer are Fleek, OpenChat, Internet Identity, and Motoko Playground amongst others. They imagine that extra builders will embrace the platform sooner or later.
While exercise within the Internet Computer blockchain is rising, the ICP price has not carried out equally nicely. It has misplaced over 98% of its worth and is now the fortieth largest challenge on the earth.
There are a number of explanation why the ICP price has lagged the market. First, buyers haven’t embraced the coin after its crash that occurred shortly after its launch. Second, there are considerations concerning the aggressive nature of the trade. Some of probably the most notable gamers it’s competing with embrace Avalanche, Solana, and even Ethereum.
Further, like different cryptocurrencies, buyers are afraid of the hawkish stance of the Federal Reserve. The financial institution has dedicated to proceed mountain climbing rates of interest in its bid to struggle inflation. Further, the latest crash of Terra LUNA has not helped ICP and different cash.
Internet Computer price prediction
On the four-hour chart, we see that the ICP price has been in a sturdy downward pattern previously few weeks. It fell to a low of $5.87 throughout the Terra LUNA massacre that occurred final week. It has remained beneath the descending trendline that’s proven in purple. The coin has additionally declined beneath the 25-day and 50-day shifting averages.
Therefore, the trail of the least resistance for Internet Computer price is decrease, with the subsequent key assist stage being at $5.50.
The put up Internet Computer price prediction: Is ICP a good investment? appeared first on Coin Journal.
