What is Internet Computer (ICP) crypto and why is it trending?

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 What is Internet Computer (ICP) crypto and why is it trending?
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  • Internet Computer (ICP) crypto is a decentralized blockchain network.
  • The ICP token can be traded on Binance, Huobi Global, etc.
  • It returned over 11% gains in the last seven days.

The Internet Computer (ICP) crypto is catching investors’ attention on Friday. The ICP token price increased 3%, with the trading volume rising more than 238% in the last 24 hours.

In contrast, the broader crypto market retreated 1.93% to US$1.22 trillion, with volume tumbling 27.93% to US$69.66 billion in the same period.

Also Read: Why is Nexo (NEXO) crypto drawing attention despite its fall?

What is Internet Computer (ICP) crypto?

Internet Computer (ICP) crypto is a decentralized blockchain network helping in the large-scale development of smart contracts. The blockchain was launched by DFINITY Foundation in May 2021.

The project helps developers to build decentralized applications (DApps). It claims to offer network scalability and security through a system of checks.

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Internet Computer aims to create a world-class public computing platform. It provides advanced technologies for smart contract development at low computational costs.

Its native token, ICP, can be traded on Binance, Huobi Global, Coinbase, etc.

Also Read: Solana (SOL) crypto drops after outage; know more here

The project has been gaining traction since the news of its Bitcoin integration. It will add its smart contracts to Bitcoin (BTC). The process involves a Chain Key cryptography application that provides each canister with a BTC public key, combining the ICP blockchain with the BTC network.

Thus, smart contracts on the ICP blockchain can hold, send, or receive their own BTC.

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Internet Computer (ICP) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The ICP crypto was priced at US$8.37 at 8:27 am ET on June 3, up 3.36%, while its volume for the last 24 hours skyrocketed 238.43% to US$408.36 million. It has a market cap of US$1.96 billion, and its fully diluted market cap is over US$3.97 billion.

The token has a total supply of 482.27 million, and its current circulating supply stays below the 50% level of its total supply at around 234.23 million. It returned gains of 11.6% in the last seven days.

The ICP crypto saw the highest price of US$14.49 and the lowest price of US$6.07 in the last 30 days.

Also Read: Why is Celsius (CEL) crypto falling?

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