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Internet Computer Coin (ICP) is an open-source cloud computing platform which has been introduced by DFINITY Foundation. For investors in the cryptosphere the launch of such new projects gives an unique opportunity to earn high gains. Notably, the primary purpose behind the launch of the cryptocurrency was to address some significant challenges which the traditional internet was facing. Such issues could be either monopolizing internet services, poor system security, misuse of personal information or more.
Fundamentals of the Internet Computer Coin
The blockchain ecosystem is continuing to evolve with a rapid pace. Still there are very few projects that are attracting really keen interest from the community. Internet Computer Coin (ICP) has recently become owner of the larger projects, and has proved its emergence.
The decentralized blockchain project designed by DFINITY Foundation, has been founded by Dominic Williams, the entrepreneur and cryptocurrency theoretician. ICP stands out for its ability to offer a more convenient environment for supporting smart contracts. Moreover, it enables smart contracts to operate at a speed comparable to that of the Internet.
According to experts, the high scalability and cost reduction features of the project are suitable for creating mass media services, dApps, and much more.
The blockchain project aims to compete with tech giants. According to the founder of DFINITY Foundation, although there is the internet initially and has become popular, it is still very much monopolized.
Simultaneously, we have observed that most of the hosting services are controlled by several large institutional players. Notably, these blue chip firms have the potential to restrict any se5rvices or arbitrarily change the rules of operation and platform parameters without any prior notice.
However, the project running on the proprietary protocol allows anyone to build software or even publish content on the internet. Moreover, it seems interesting that the project’ review is known to be the world’s first blockchain, running at web speed without any unbounded capacity. Now anyone can host their code on the public internet without the need for servers or any commercial cloud services.
Indeed, with its exponential potential the cryptocurrency is creating buzz and is soon to rise in the market as compared to other assets.
Is ICP crypto a good investment?
ICP was first listed on Coinbase, one of the leading cryptocurrency exchange platforms over the past year. At the time, the digital assets hit its new all time high near the level of $737.20.
However, after getting a new ATH, the price plunged significantly to less than $250. From there the price of the cryptocurrency began to rise steadily and achieved a level of $491, before starting to plunge.
After facing several roller coaster rides it corrected and stabilized between in the price range of $120 to $166. Several times sellers managed to break through the support level, and the price consolidated in the range of $102 to $120. Meanwhile, buyers began to overcome resistance levels. Until late 2021, the momentum of the ICP price faded away, the value of the cryptocurrency sunk heavily to set a new all-time low. ICP has yet to recover a significantly higher price ever since.
According to analysts in the cryptosphere, it is quite difficult to make predictions for a coin that has a short history like the Internet Computer Coin. According to data from CoinMarketCap, amid a short breakout past the $120 resistance level, the price of the digital currency returned to the $102-$120 range. The MACD indicators signaled a weak bearish sentiment. Indeed, if ICP price falls before the level of $102, let alone below the round number of $100, the next strong support level will be the all-time low.
According to some renowned investors in the cryptocurrency market, due to ICP’s novelty, many popular experts have not yet had time to make predictions regarding its future. Still, some of them are pessimistic about the coin. According to some calculations, the price of the asset will fall more and hit $3 and this year it will lightly rise and again continue to decline and will fall below $1 by 2025.
DigitalCoinPrice disagreed with the metrics and forecasted that the price of the crypto has the potential to rise. The analyst cited that the price of ICP would increase slightly over the period of this year. By the end of this year, Internet Computer Coin would potentially close at the level of $43 despite short-term ups and downs.
However, over the coming years, we would see a slow bullish trend and the price will reach $75 at the end of 2025 and $109the end of 2028.
Will the cryptocurrency project go upwards?
Although the Internet Computer Protocol is a new cryptocurrency, it is backed by an interesting and promising project that is being worked on by a large team of qualified specialists. Moreover, the project exponentially attracted the attention of the entire crypto community including some pretty serious investors.
ICP intends to solve specific and rather global problems inherent in the Internet. If the cryptocurrency partially succeeds in solving the objectives, ICP’s price value would increase significantly.
The upward trend of the project is completely based on how the project’s team is at solving the goals they set for themselves. Additionally, only less than 30% of the total supply of ICP is in circulation, and if the rest are introduced to the current circulation, that will inevitably pressure the price.
Some analysts are bullish on the crypto project, and some are speculating. But following the recent developments and market sentiments, it seems that ICP price is currently in a consolidation phase. The future of the project completely depends on how the entire market will move as a whole.
