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Highlights
- The Internet Computer is perhaps the first unique blockchain protocol, which operates at high speeds with unlimited capacity.
- Considered to be the third blockchain innovation after Bitcoin and Ethereum, the Internet Computer can seamlessly compute smart contracts and can process and store data efficiently.
- The token had reached its all-time high of US$460 in May, but since then it had slumped drastically under US$30 at the time of writing.
After enjoying few weeks of good run, it seems Internet Computer (ICP) has finally hit the halt button. In what looked to be a promising start for this year, the momentum spiraled down on 6 January as ICP met with resistance at the start of the day, which meant that it was down by 15.30% at the time of drafting.
The token on 4 January had appreciated over 17% in the past 24 hours. This was termed a positive start to the year for a crypto which had lost almost 90% of its value since it first became tradable in May 2021. In fact, the token had reached its all-time high of US$460 at that time, but since then it had slumped drastically under US$30 at the time of writing.
Also read: How Bitcoin will shape up in its 13th year
ICP crypto is betting big on its interoperable metaverse project, which aims to turn metaverse into a reality. The testing for its MoonWalker OGs project from next week is expected to be the next big event for ICP.
What is Internet Computer Crypto?
The Internet Computer is perhaps the first unique blockchain protocol, which operates at high speeds with unlimited capacity. Considered to be the third blockchain innovation after Bitcoin and Ethereum, the Internet Computer can seamlessly compute smart contracts and can process and store data efficiently.
Founded by Dominic Williams, the ICP crypto is revolutionizing the way tokenized internet services are built. Besides, it is also changing the way we look at how the traditional enterprise systems and websites are built for general uses.
Also read: Will Amazon launch its cryptocurrency in January?
A project of DFINITY, the Internet Computer was built on the back of the US$121 million from leading market experts such as venture capitalists Andreessen Horowitz, and the likes of Polychain Capital, Electric Capital, ZeroEx etc., besides other Ethereum supporters.
What makes Internet Computer a standout among other blockchain networks is its usage of advanced technology like Non-Interactive Distributed Key Generation, Network Nervous System (Internet Identity, etc.). This is often considered to be the backbone that enables ICP to be utilized as a single public key. One of the advantages of this is its ability to verify transactions of ICP using smart watches and mobile phones.
Is ICP is a good investment?
Internet Computer is governed by its native token ICP and is ranked 30 on CoinMarketCap. As per the data from CoinMarketCap, the ICP crypto is trading at US $29.95 USD with a trading volume of US$1,260,771,385 over a day. At the time of drafting, ICP was down by 16.14% in the past 24 hours. ICP currently has a live market cap of US$5,747,127,702 and a circulating supply of 191,882,331 ICP coins.
Conclusion
Internet Computer will hope that its ambitious metaverse testing of MoonWalker OGs is a success as it could give it an impetus to move out of the bearish phase. While the bouts of rallies are good, but investors would be hoping for a sustained rally to ensure that it can once again move to the top 20.
