- Internet Computer (ICP) has surged almost 50% in the last 24 hours.
- The token is currently trading at $44.30 with a $695,971,349 24-hour trading volume.
- However, can ICP reach $100 soon?
Based on the chart above, on May 19, ICP dipped but managed to recover by 136% over the following days. In fact, candlesticks reached $225.10 in a span of 24 hours. The token is showing a similar pattern now that ICP is outperforming the market and could reach $100 if the trend continues. However, the crypto market is very unpredictable. As such, if the market turns on ICP the crypto could also tumble and join the crypto winter.
To clarify, ICP is a blockchain that runs at web speed with unlimited capacity. It is in fact the first blockchain of its kind, with a blockchain computer that scales smart contract computation and data. In addition, ICP processes and stores data efficiently, providing developers with a powerful software framework.
As such, the blockchain is disrupting tokenized internet services, pan-industry platforms, decentralized finance (DeFi) systems, traditional enterprises, and websites.
Dominic Williams founded the project in 2016 with an aim to extend the public internet. Thus making it the world’s computing platform. ICP’s Key Chain Technology integrates Consensus, Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (NNS), Internet Identity, and more. Thus enabling the protocol to have a single public key instead of a set of different protocols.
As a result, ICP can power multiple devices like smart watches and smart phones. The Chain Key Technology also enables ICP to add new nodes to form new subnets with infinite scalability. The system can also seamlessly replace faulty nodes with new ones. These factors make the blockchain virtually unstoppable.
From the start, the project drew a lot of attention. Even raising $121 million from a funding round with participants like Andreessen Horowitz, Polychain Capital, SV Angel, and others.
ICP went on to conduct its first airdrop to over 50,000 participants in 2018. After that, the ICP alpha mainnet launched at the end of 2020. The blockchain has since become a public domain by making the blockchain’s source code public.
Further, the protocol continues to make moves towards making the blockchain fully decentralized. This includes a recent announcement that ICP will soon release the source code for its ICP self-custody protocol, Quill. In addition, ICP designer and software engineer Andreas Rossberg recently won the 2021 SIGPLAN Programming Languages Software Award.
As such, ICP has strong fundamentals and is surrounded by positive sentiment. These factors could push ICP price higher leading it to reach the $100 mark.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.