2021 was a mixed year for Internet Computer Coin, with the token reaching its all-time high and plunging into a dip that threatened to liquidate the token in the same year. They survived, though, and have announced that plans are in place to ensure that years to come are better.
ICP Overview
How can a project founded in October 2016 by Dominic Williams attract much interest from the crypto environment? More so, how can it raise a total of $121 million from contributors like Andreessen Horowitz, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, Polychain Capital, SV Angel, and Multicoin Capital, and several notable early Ethereum investors?
On May 10, 2021, DFINITY Foundation — founded by Dominic Williams– released the Internet Computer into the public domain, a major milestone that indicates that the Internet Computer currently functions as a decentralized global computer as mentioned by the release of all of the Internet Computer’s source code into the public domain.
DFINITY claims that its Internet Computer is highly scalable and runs at web speed, with some functions taking only milliseconds. The network is governed by an open autonomous algorithmic software system called the Network Nervous System (NNS), and its native utility token is ICP (previously known as DFN).
So, let’s begin the exploration into ICP.
What is Internet Computer (ICP)?
Internet Computer is developed by a non-profit organization or NGO called DFINITY. DFINITY is one of the most successful foundations that attracted a lot of funds from investors during its initial stages. To understand what the Internet Computer does, you need to dive deeper into the technicalities of DFINITY, and the goals of its founder, Dominic Williams.
DFINITY was founded by Williams in October 2016. It attracted a lot of attention for its new implementation of blockchain technology. The Internet Computer on the other hand was launched in the year 2021, in the month of May by the Foundation.
The contributors to the DFINITY Foundation include Polychain Capital, ZeroEx, Aspect Ventures, and many more firms, including notable Ethereum supporters, in the early stages. The Foundation works on discovering more possibilities in the blockchain industry. There are a number of experts working under the Foundation. With their collective efforts, the Foundation has published 100,000 citations along with 200 patents.
Significance of ICP
In addition to Bitcoin and Ethereum, this is the third significant innovation in blockchain technology. The blockchain-based computer distributes and scales smart contract computation and the data gathered after computation, all at web speed. Furthermore, it facilitates the execution and storage of data with great efficiency and provides dynamic software frameworks to the developers of the ICP community.
To summarize, the ICP blockchain protocol will help to build better and more efficient platforms, decentralized applications, websites, and produce a more tokenized version of these systems. Therefore, Internet Computer protocol is a step further into the blockchain world.
Latest developments
Since the end of 2021, ICP has been making development after development, and it is becoming quite challenging to track them. One of such developments is the smart contracts running on ICP, passing the 16,500 mark, its highest ever; this signifies the growing developer activity on the network. The official Twitter page recorded the milestone on 4 January 2021 while writing this article.
One of the latest developments of ICP was announcing a Ledger Internet Computer app launch. It was announced on 3 December 2021, and it would allow for the Ledger wallet to be compatible with the Internet Computer token. Basically, the Ledger wallet now supports ICP tokens.
Also, 4 November 2021 was another day of development for Internet computers. They announced a partnership with Esports to launch an internet computer gaming program. A gaming program that is based on blockchain technology.
ICP price data and analysis
At the time of writing, the Internet Computer price today is 55.14 USD. The past few days have been bullish for the ICP price while August has been quite bullish for Internet Computer coin as well as other altcoins too. The Internet Computer came into existence in 2021.
Considering the initial price of the coin, we can see in the chart below that the prices are down by more than 1400% from the all-time high at 737.20 made in the month of May 2021. For deeper analysis, you can have a look at the historical price data provided by CoinMarketCap.
Furthermore, looking at the above chart, it is clear that since its inception, the price of the token has been trading in the zone of $40-$80. Therefore, for 2021, the coin hasn’t performed well but, looking at the technology behind ICP, our forecast system predicts a bullish trend for the coin. The current market cap of the coin stands at 9.1 billion USD, up by 12.43 USD.
A deep price analysis of these digital coins predicts that the smart contracts platform will soon find itself in a bullish movement. Looking at our price ICP coin price analysis in the short term, it is clear that the price has been quite bullish since August.
On 7th August, the price of the coin rose by 7.07%, by 14.66% the following day, and by 27.72% the day after. This made ICP a highly profitable investment for investors. On 9th August, the price rose by 16.25%, while the very next day, the prices went up by 11.44%.
On 4th September, the price went up by 18.96% while on 7th September, the ICP token fell by 23.03%. On 29th September, the price of the coin surged by 8.64% whereas, on 1st October, the prices surged by 14.62%. Hence overall, the price action has been bullish in nature.
ICP Price technical analysis
For today, the one-day trading volume of the coin stands at 527 million USD, up by 122.72%. The cryptocurrency Internet Computer price has surged by 12.3% today according to the 1-day chart below. The current price stands at $54.98.
The price action has surged above the 100-day Moving Average but the prices are still below the 50-day Moving Average. Internet Computer (ICP) price prediction in the short term will turn bullish if these key Moving Averages are taken under control.
Considering the price movement in the Bollinger Bands, the price action is moving into the upper end of these bands which will make the price action turn bullish. A breakout is imminent once the resistance at 58.64 is broken. The highest price today was 56.05 USD.
ICP price prediction by TradingBeasts
Now the Internet Computer price is $31.370, but by the end of 2022, the average Internet Computer price is expected to be $97.242. By the end of 2023, the average Internet Computer price is expected to be $124.620. A highly bullish trend is predicted for 2022 with the price almost doubling by year’s end. The trend continues for successive years topped by a 354.62% increase by end of 2025. That’s discounting the various increases in prices throughout the years.
ICP price forecast by PricePrediction
A bullish trend is also predicted by PricePrediction with a projected ICP price of $1789.83 in 10 years.
Source: PricePrediction
ICP price prediction by WalletInvestor
According to WalletInvestor, ICP can be a bad, high-risk 1-year investment option. The ICP price is $31.370 14 January 2022 but your current investment may be devalued in the future. The ICP price may drop from 31.370 USD to 6.304 USD. The change will be -79.9042%. Furthermore, the likelihood of a price crash is likely to happen according to WalletInvestor.
Source: Walletinvestor
ICP price prediction by CoinPriceForecast
According to CoinPriceForecast, the ICP price will be at $34.67 by end of 2022 for an increase of 8%. states a price of 64.67 USD for the end of 2022. Furthermore, as ICP generates interest, a 35% increase is expected by end of 2023 giving the price at $43.38. According to the latest long-term forecast, the ICP price will hit $50 by the middle of 2024 and then $75 by the middle of 2027. Internet Computer will rise to $100 within the year 2033. This makes ICP one of the most important virtual currencies in the crypto space with its current circulating supply above 160 million tokens.
If you buy $100 worth of the coin and hold on to them for 12 years, your investment will gain 221% for a total value of $321 in 2033.
Final Verdict
Internet Computer ICP price prediction for the long term is bullish overall. Considering the current performance of the coin, it is possible that we will cross the 100 USD mark by the end of 2021. But, before investing in the coin, it is important to do your own research on the price of Internet Computer.
The current price of the coin is above 50 USD and Bitcoin has been progressing as well. It is possible for the entire crypto market to see newer heights in the month of October. Other forecasts show that it is less possibility for the current investment in the coin to go down. The resistance level has been broken and new highs can be seen.
DFINITY’s Internet Computer is a public blockchain network designed to replace the traditional IT stack and disintermediate commercial cloud services companies. With this perspective, we envision DeFi platforms to enterprise IT systems being hosted on the Internet Computer. A network of sub-blockchains governed by an ownerless master blockchain will indeed enhance the Internet with an innovative form of serverless cloud functionality. We can see a bright future for the ICP token.
FAQs
Is ICP a good investment?
Taking the short-term price action of the token, ICP has shown good potential. But, considering the huge drop from the all-time high, the coin hasn’t performed in the long term. Although, a lot of projects are being integrated on ICP protocol and therefore, we will see increased interest from the general public, making ICP a good investment in the future.
Will ICP break above $100 in 2021?
Considering the price movement from $30 USD in July 2021 to $80 in September 2021, we have a clear view that the coin price has a lot of potentials. Therefore, as the crypto environment turns bullish, we will see ICP break above 100 USD by the end of the above.
Will ICP reach $500 again?
ICP will likely reach $500 again, but it might take some time. Recovering from the dip will not be that easy. We project that the full recovery will take place around 2029.
What will be the price of ICP in 2025?
ICP in 2025 will likely be trading between $100 and $130.
What will be the price of Internet Computer Coin in 2030?
In 2030, we expect that ICP will likely trade at a price range of $750-$800
Source: https://www.cryptopolitan.com/icp-price-prediction/