The Internet Computer Protocol (ICP), the native token of the Internet Computer blockchain, surged by more than 71.43 in just 2 days (50% on Friday and an additional 22.97% today) , surpassing the $10 threshold. This sudden spike has propelled ICP back into the top 20 cryptocurrencies by market capitalization, positioning it slightly above Bitcoin Cash (BCH) and just below Dai (DAI).
Internet Computer (ICP) has surged by 78.85% in the trading volume over the past 24 hours, reaching a high of $11.66 at one point today. However, the current price of ICP is hovering around $11.12. This growth holds ICP at 19th position based on its market capitalization ($5,157,511,612)
The reason behind this rapid price increase remains unclear as there haven’t been any significant announcements or updates from the Internet Computer team. Nevertheless, the project seems to be gaining attention due to its unique value proposition.
The Internet Computer blockchain strives to become the inaugural “World Computer,” capable of powering entire online systems and services without relying on traditional IT infrastructure. This approach enables comprehensive decentralization from end to end.
One of its standout features is the significantly lower cost for data usage compared to other blockchains. For instance, 1 gigabyte of data costs only $5 on Internet Computer, in stark contrast to the $800,000 on Solana or over $15 million on Ethereum. This affordability presents a solid foundation for developing web applications.
Regarding ICP’s market indicators, its Relative Strength Index (RSI) on the daily chart has now soared to 90.99. An RSI surpassing 70 often indicates an overbought condition and a reading of 90.99 suggests that ICP may be considerably overextended in the short term. This situation could lead to a potential pullback or a period of consolidation before any significant upward movement.
Nevertheless, the distinctive capabilities of the Internet Computer and its increasingly justifiable valuation continue to draw attention. With momentum favoring its direction once again, ICP appears poised for further growth in the coming months.