The Internet Computer (ICP) recently underwent a significant retreat, falling from its peak of $16 to a low of $10, marking a decline of more than 36%. This downtrend occurred alongside reduced transaction volumes, hinting at a possible short-term correction rather than a reversal of the long-term trend. Yet, in the last 24 hours, the ICP price again increased. Can the ICP price reach the $25 mark? Let’s take a look at this ICP price prediction article in more detail.
How has the ICP Price moved in recent days?
As of today, the Internet Computer (ICP) is priced at $ 13.16, boasting a 24-hour trading volume of $ 996.46 million. With a market capitalization of $ 5.99 billion and a market dominance of 0.34%, the ICP price has surged by 24.01% in the past 24 hours.
The highest recorded price for Internet computers occurred on May 10, 2021, reaching an all-time high of $ 497.71. Conversely, its lowest point was noted on Sep 22, 2023, at an all-time low of $ 2.86.
The lowest price observed since the all-time high was $ 2.86 during a cycle low, while the highest ICP price since the last cycle low was $ 16.30 during a cycle high. Presently, the sentiment for Internet Computer’s price prediction is bullish, complemented by a Fear & Greed Index reading of 76, indicating extreme greed.
With a circulating supply of 455.04 million ICP out of a maximum supply of 488.51 million ICP, the current yearly supply inflation rate stands at 65.93%, resulting in the creation of 180.81 million ICP in the last year. In the Layer 1 sector, Internet Computer currently holds the 12th position based on market capitalization.
Why is ICP Price Up?
The Internet Computer positions itself at the forefront of Web3, aspiring to establish a “world computer” that ensures comprehensive decentralization for all participants. Functioning as a decentralized and serverless cloud platform, it empowers developers to construct decentralized applications within its ecosystem. These applications mimic the web experience but operate independently of traditional cloud infrastructure.
This concept is undoubtedly intriguing and aligns with an investment thesis that many find compelling. However, the project has garnered heightened attention from both long-term investors and short-term speculators following a noteworthy update provided in late December.
On December 18, the Dfinity Foundation, a key contributor to the Internet Computer, made a significant announcement. Developers now can deploy decentralized applications within the European Union while adhering to the region’s stringent regulatory framework, thanks to the tools provided.
This achievement is facilitated through a subnet launch established by a decentralized autonomous organization governing the Internet Computer. The result is that decentralized applications on the platform now possess the capacity to safeguard personal and financial data in alignment with existing regulations. This development has proven to be a game-changer, sparking considerable excitement and discussion within the crypto community.
After this pivotal announcement, the trading volumes, as indicated by the open interest in futures contracts related to ICP, have experienced a notable surge. In the past fortnight, the average daily open interest has escalated significantly, surging from approximately $15 million to $20 million per day to an impressive figure of nearly $120 million as of Thursday.
Moreover, the trading volume has mirrored this upward trend, indicating that the notable increase in Internet Computer’s valuation is fueled by robust momentum and heightened investor interest.
Is the ICP price on track to reach $25?
Significant moves fueled by high trading volumes and momentum in the cryptocurrency space often have the potential to endure over an extended period. However, it’s worth noting that investors have actively embraced this specific token for only a few consecutive trading days.
Moreover, a portion of the gains accumulated earlier in the week was retraced during Friday’s session. Consequently, the verdict is still pending on whether the recent surge in Internet Computer’s value is genuinely sustainable or not.
Despite the recent surge in network activity following Dfinity’s European subnet launch, there’s merit in adopting a prudent approach. Investors inclined towards skepticism or those prioritizing value may find reassurance in the meaningful data points supporting this rise.
As the Bitcoin ETF and Bitcoin halving both are pending, the projected trading range for Internet Computer is anticipated to be between $ 13.78 and $ 82. Should it achieve the upper price target, there is the potential for a substantial increase of more than 600%, bringing the price of ICP to $82.
How high will the ICP Price Go?
Over the past year, the ICP Price has demonstrated remarkable strength, registering a substantial increase of 211%. This performance has surpassed that of 82% of the top 100 cryptocurrencies, positioning Internet Computer as an outperformer in the market.
Notably, it has even outpaced the two leading cryptocurrencies, Bitcoin and Ethereum. The consistent upward trend is further supported by the fact that the current price is trading above the 200-day simple moving average, indicating sustained positive momentum.
In terms of its initial token sale price, Internet Computer has shown positive performance, attracting investor confidence. Analyzing the recent market activity, there have been 17 green days in the last 30 days, constituting 57% of the observed period.
This positive trend, coupled with the coin’s high liquidity based on its market capitalization, paints a favorable picture for the future, suggesting potential for continued growth and resilience in the face of market fluctuations.