The overall sentiment in the crypto ecosystem is bullish, as several assets have reached and surpassed previous all-time highs. Given this sentiment, the Internet Computer Project (ICP) was launched and received widespread acclaim.
The project’s offering, the timing of its release and introduction to the public, and the caliber of investors have all been an enormous measure to make Internet Computer (ICP) rank high.
The surge of ICP
The Internet Computer has skyrocketed to top ten cryptocurrencies globally since its release. The Internet Computer offers numerous functionalities making it highly relevant in today’s digital world.
Internet Computer is eventually reinventing the internet. The common purpose of the internet of connecting the world has some deficiencies. The usage of proprietary legacy stacks, like cloud services, firewalls, and databases, hugely impacts. Moreover, it increases the costs and complexity of the processes. With this concern, the Internet Computer allows users to process and build projects quickly without the need for proprietary legacy stacks. Users can create anything virtually without requiring AWS, CDNs, a firewall, or a database because the ICP is scalable and tamper-proof.
You can use the Internet Computer to build websites, open numerous internet services and applications. The ICP uses smart contracts known as canisters which are open-source and tamper-proof to provide users a valuable experience and value.
The Internet Computer hit the scene with $737 upon its launch. Presently it is valued at $115 with a market capitalization of $14.5 billion.
Many cryptocurrency investors have expressed concerns about ICP’s ascent to the top 10 list. With the Threshold Relay and Probabilistic Slot Consensus, its founder, Dominic Williams, has established himself as a leader in the cryptography field. His other companies include System 7, Airdocs, and Smartdrivez.
Projects Rise and Investors
The creators build Several significant projects like Enso Finance, Tacen, and Sailfish with the same protocol as Internet Computer. Social projects like Distrikt, CanCan, and Capsule make Internet Computer (ICP) useful in numerous applications.
Its meteoric rise is also credited to the project’s growing number of institutional investors—prominent investors such as Andreessen Horowitz, PolyChain Capital, Eterna Capital, and Aspect Capital. The extreme growth of the Internet Computer can also be due to the remarkable credentials of the team and growing numbers of investors and communities that are not giving up and still believing in the project.
The ICP is in ninth place, trading at $189.7 with a capitalization of $23.5 billion. Within the last 24 hours, it went down by 37.87%, contrary to what analysts predict will soar high in value.
People expects The Internet Computer ecosystem, like Ethereum and Bitcoin to grow infrastructurally. Therefore, allowing bettors and speculators to increase their bids on ICP-enabled pairs. It would persuade and encourage investors to increase their holdings as they seek protection from the threat of macroeconomic inflation.
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