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.
Internet Computer is the first cryptocurrency backed by a protocol and so, many crypto experts believe that ICP is a good investment and could grow further and with new developments, could get better. ICP, the native token of the Internet Computer network, is mainly used for processing the network’s power. The maximum supply of ICP tokens is 487.71m, of which 253.67m were in circulation, as of 10 August, giving the cryptocurrency a market capitalisation of $1.98bn.
Limiting the influence of Big Tech firms like Google and Facebook by changing the Internet might be a farfetched dream but not impossible. We all want to establish a global web 3.0 that is “open and free” by banding together connected by a protocol in millions of computers. Let’s find out if ICP is a good investment and make resurgence possible.
Today’s Internet Computer price is $5.99 with a 24-hour trading volume of $46,840,302. Internet Computer is down 0.82% in the last 24 hours. The current CoinMarketCap ranking is #36, with a live market cap of $1,568,161,103. It has a circulating supply of 261,901,939 ICP coins and the max. supply is not available.
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).
After Bitcoin which serves as digital gold ad Ethereum driving the decentralized finance revolution, the project claims to be the third greatest breakthrough. Let’s see why that is.
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, the Internet Computer protocol is a step further into the blockchain world.
Latest ICP 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 based on blockchain technology.
2022 was a new slate for ICP. It raced from $25.36 on 1 January 2022 to $36.55 five days later. This came after the launch of the Terabithia bridge, a function designed to improve interoperability between Internet Computer and Ethereum. Terabithia is a cross-chain communication protocol and asset mirroring protocol. Users will be able to use any ETH tokens fungible or nonfungible on the Internet Computer blockchain. This makes ICP a layer-two scaling solution.
Terabithia could be the next step for Internet Computer to scale. This bridge allows smart contracts to operate between the two blockchains, meaning assets can be created that function on both Ethereum and Internet Computer. For example, ERC-20 tokens can exist on the Internet Computer blockchain.
After a correction on 6 January to below the $30 mark, on 28 February, the coin was trading at roughly $17.53. Will ICP start climbing again?
ICP Technical Analysis
The short-term price analysis shows that Investors have accepted lower prices over time to get out of Internet Computer (ICP). The token is in a falling trend channel. This signals increasing pessimism among investors and indicates a further decline in the valuation of ICP. A head and shoulders formation is under development. A decisive break of the support at $5.53, ideally with an increase in volume, signals a further fall.
ICP has marginally broken up through resistance at $6.16. An established break predicts a further rise. The RSI curve shows a falling trend, which supports the negative trend. Overall, ICP is assessed as technically neutral for short-term investments.
Internet Computer (ICP) has broken the ceiling of the falling trend in the long term, which indicates a slower initial falling rate. The token is testing support at $6.00. This could give a positive reaction, but a downward breakthrough of the $6.00 mark means a negative signal. ICP is assessed as technically neutral for the long term.
ICP Price Predictions by Cryptopolitan
|Year||Minimum Price ($)||Average Price ($)||Maximum Price ($)|
ICP Price Prediction 2022
Despite the bearish run in the past few months, our ICP price prediction 2022 indicates that ICP will gather momentum, leading to a maximum price of $8.18. Investors could also expect a minimum price of $7.21 and an average price of $7.60.
Such price levels could result from the recent integration of Internet Computer with the Bitcoin network. With this feature, smart contract canisters on Internet Computer can transact Bitcoin directly without needing third parties or bridges.
Internet Computer (ICP) Price Prediction 2023
According to our ICP price prediction 2023, Internet Computer tokens will trade at a maximum price of $14.05, an average price of $13.26, and a minimum price of $12.46.
With the implementation of the ICOS boundary nodes, Internet Computer is one step closer to decentralization as this feature eliminates any manual intervention by DFINITY foundation employees on the network. Decentralization is an attractive network attribute that could drive investors to the Internet Computer network.
ICP Price Prediction 2024
Per the ICP price prediction 2024, we expect ICP to attain a maximum market price of $19.24 if the bulls look to the token. On average, ICP could be trading at a market price of $18.33 and a minimum price of $17.21.
Internet Computer Price Prediction 2025
ICP token will attain a maximum price of $25.89, per our Internet Computer price prediction 2025. The token is also expected to trade at a minimum and average price of $22.43 and $24.22, respectively.
The deployment of Service Nervous Systems (SNS) on the Internet Computer protocol will allow the development of dapps with decentralized, token-based governance systems, which could positively affect the adoption of ICP in the coming years.
ICP Price Prediction 2026
According to our ICP price prediction 2026, the token is expected to trade at a maximum price of $21.75. However, ICP will record little market losses leading to a minimum price of $19.52 and an average price of $20.61. These price declination could result from reduced adoption of ICP due to growing market competition.
Internet Computer (ICP) Price Prediction 2027
Our ICP price prediction 2027 expects ICP to rebound from the previous year, hitting a maximum price of $30.25, representing a plausible 372.25% gain on Internet Computer price today. The token’s expected minimum and average market price are $27.71, and $28.89, respectively.
ICP Price Prediction 2028
Internet Computer token will record steady price gains per our ICP price prediction 2028, leading to a maximum market price of $42.14. The coin is expected to trade at an average market price of $40.50, with its minimum price being $39.48.
With the ongoing development of a “Community Fund,” Internet Computer looks to invest in projects built on its blockchain. This will serve as an incentive to developers and could cause an increase in the adoption levels of ICP in the coming years.
ICP Price Prediction 2029
According to our ICP price prediction 2029, ICP will cross the $50 market to reach a maximum price of $60.10. We also anticipate an average trading price of $58.64 and a minimum price of $57.10.
Internet Computer (ICP) Price Prediction 2030
Per our ICP price prediction 2030, the Internet Computer token is expected to reach a maximum price of $83.42. The forecasted minimum price is $80.60, with an average market price of $82.13.
With the consistent introduction of network features that improve developers’ experience, the Internet Computer project could be an attractive platform for developing dApps, thus, boosting the adoption of ICP.
ICP Price Prediction 2031
Based on our ICP price prediction 2031, the Internet Computer token is expected to grow massively, reaching a maximum price of $112.20. We predict the token to trade at a minimum price of $109.91 and an average price of $110.79.
Wallet Investor ICP Price Prediction
Wallet Investor predicts the price of ICP to fall to $0.666 in 2023, depicting the token as a poor asset for long-term investment. In the coming days, they expect a minimal depreciation in the price of ICP, predicting a market price of $5.867.
TradingBeasts ICP Price Prediction
According to TradingBeasts, ICP will close 2022 on a bullish note, with a maximum price of $10.183, an average price of $8.509, and a minimum market value of $6.925. In 2023, they predict the token to maintain its upward trajectory, trading as high as $13.645 by July, with an average price of $11.286.
By January 2024, TradingBeasts predicts that ICP will have minimum and maximum prices of $11.271 and $16.575, respectively. ICP is expected to keep rising for the remainder of 2024, attaining an average market price of $15.996 by the end of the year.
Going into 2025, TradingBeasts anticipates the ICP market to record steady profits throughout the year, closing its yearly trade at a minimum price of $15.495, a maximum price of $22.786, and an average market price of $18.229.
Longforecast ICP Price Prediction
According to Longforecast, ICP will trade between $4.26-$5.29 by the end of 2022, and its annual market will close at $4.94. In 2023, they predict that ICP will experience several market losses leading to a closing market price of $1.64 by the end of the year.
Going into 2024, Longforecast’s predictions indicate that the ICP coin will make a market recovery from the previous year. They anticipate the token to trade as high as $3.02 in November 2024 and end the year with minimum and maximum prices of $2.20 and $2.82, respectively.
In 2025, Longforecast expects ICP to start the year with a bearish run, trading as low as $1.60 in August. After that, they expect the coin to embark on an uptrend, closing its yearly trade at $2.88. In 2026, Longforecast predicts ICP to undergo a significant devaluation leading to a minimum price of $1.79 by October, with the maximum and closing market price set at $2.29 and $1.92, respectively.
ICP Price Prediction by Market Experts
According to Moon333, the price region of $6.02 to $6.45 could be a good position to buy Internet Computer ICP tokens, with possible profit points between $7.73 and $9.08.
DFINITY’s Internet Computer project is a public blockchain network that aims to disintermediate commercial cloud service providers by replacing the existing IT stack. We envisage DeFi platforms to enterprise IT systems being hosted on the Internet Computer. A unique type of serverless cloud capability will be added to the Internet thanks to a network of sub-blockchains overseen by an ownerless master blockchain. The ICP token has a bright future ahead of it.
Following the successful integration with the Bitcoin network, plans are underway to implement a direct integration of the Internet Computer protocol with the Ethereum blockchain. This will allow the Internet Computer to be compatible with Ethereum-based smart contracts, among other benefits.
The long-term price projection for Internet Computer ICP price is optimistic. Given the coin’s current market price, it’s feasible that we’ll reach the expected milestones. However, before purchasing the coin, you should do your own research into the pricing of the Internet Computer token (ICP).