ICP Price Prediction: Will Internet Computing Ever Recover?
Internet Computer is a blockchain project developed by Dfinity, a Swiss-based non-profit organization. Internet Computer’s goal is relatively simple. It is to allow developers to create high-quality decentralized applications without having to go through big tech companies like Google and Amazon. The goal is also to be a viable alternative to Ethereum because transactions on that blockchain are slow and expensive.
The price of the cryptocurrency Internet Computer (ICP) is in an ongoing downtrend. It is currently at an all-time low of $16.50. That’s about 99% below the coin’s all-time high. As a result, the total market capitalization has dropped to about $3.4 billion. In the ranking of the best cryptocurrencies by capitalization, ICP has crashed from top 10 to 36th place.
If you want to find more details about the cryptocurrency Internet Computer and to read the latest market updates, download for free our companion app. The born2Invest mobile app keeps its readers up to date with the most important business news from a variety of markets, such as the crypto one.
What is ICP and why did the coin crash?
Internet Computer is a blockchain project developed by Dfinity, a Swiss-based non-profit organization.
The platform, funded by venture capital funds, launched in May 2021 with much fanfare. On its first day of trading, ICP rose to become one of the 10 largest coins in the world.
Internet Computer’s goal is relatively simple. It is to allow developers to create high-quality decentralized applications without having to go through big tech companies like Google and Amazon. The goal is also to be a viable alternative to Ethereum because transactions on that blockchain are slow and expensive.
However, in recent months, the price of ICP has fallen faster than other cryptocurrencies. While Ethereum has fallen by about 40% from its all-time high, Internet Computer has crashed by over 99%.
This is mainly due to the fact that many developers have opted for other blockchain projects that offer more benefits. Some of the fastest-growing blockchain projects that have overtaken Internet Computer are Terra, Avalanche, and Fantom.
At the same time, on-chain data shows that transaction volume on Internet Computer’s platform is trending sharply downward. This is simply due to the fact that many of these applications are not that popular in their industry. Some of the applications on the platform include Fleek, Plug, DSCVR, District, and Origyn.
ICP Price Forecast
The daily chart shows that the ICP price has been in a strong downward trend over the last few months. During this period, the coin price remained well below the exponential moving averages of the 25- and 50-day lines.
The price formed a descending channel, which is shown in black. At the moment, it is within this channel. At the same time, the width of the Bollinger bands has decreased sharply, which is a sign that volatility is decreasing.
Therefore, there is a probability that the price of Internet Computer will continue to fall, simply because there are not enough buyers on the market.
(Featured image by xresch via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Fintech Companies in Colombia Have Seen Significant Growth
Regarding financial inclusion in Colombia, Liza Villabona, vice president of digital transformation at Crezcamos, believes that informal credit continues to...
Infinityhub Launches Crowdfunding Campaigns to Finance Redevelopment of Student Housing in Naples
YCare Napoli-Porta Nolana, a project of InfinityHub and ICS House, has launched a simultaneous equity crowdfunding campaign on Ecomill and...
Inditex Studies the Creation of a Sustainable Fund to Invest in Startups
Following the elimination of plastic bags in its stores, Inditex began charging for paper bags and envelopes in 2021 with...
Don’t Get Scammed on Flippa — Here’s What to Look Out For
If you’ve seen the name Flippa, then you’ve probably also seen the word scam next to it. But is the...
Can Blockchain Games Provide Sustainable Income?
While the concept of earning a living by playing blockchain games is still in its infancy, industry experts remain optimistic...
Featured1 week ago
Peridot Solar Takes Over a 135 MW Agrivoltaic Project in Sicily from Iqony Solar Energy Solutions Italia
Biotech1 day ago
Better Opens a Subsidiary in Spain and Projects 5 Million Revenues Before 2025
Featured1 week ago
Self-Consumption Revolution in Spain Plunges Electricity Demand to a 20-Year Low
Featured2 weeks ago
P&G SGR and UpsideTown Launch Energy Town Fund Dedicated to Renewables