Internet Computer Protocol Grabs Limelight With 222% ICP Price Rally

Internet Computer Protocol has been the talk of the town recently with its native ICP cryptocurrency registering 222% gains over the last month. Over the last 24 hours, the ICP price has surged by 15% shooting past $15 while its 24-hour trading volume shot by 107% to $614 million.

The ICP protocol seems to be gaining traction as the price jumped by 70% just over the last week, while flipping Shiba Inu (SHIB) as the 17th largest cryptocurrency by market cap.

Surging Interest in Internet Protocol (ICP)

ICP’s value is not solely tethered to Bitcoin’s volatility; instead, its fundamentals are influenced by various utilities. Its worth is impacted by functionalities such as its capacity to store value and the ability to stake through the Network Nervous System (NNS).

The NNS, functioning as the DAO for the Internet Computer blockchain, empowers users to engage in an open, permissionless governance system by staking ICP utility tokens in neurons. Through this system, participants can vote on proposals, submitted by anyone, to determine key decisions.

To comprehend this upward trajectory, delving into the Internet Computer’s aspirations provides crucial context. In essence, it strives to transform blockchain infrastructure into a “world computer,” facilitating decentralized operation of software and systems without dependence on conventional IT backends.

This aligns seamlessly with the broader decentralization trends of “web3.” As doubts emerge over any tangible solutions built by Internet Protocol, a renewed surge of investor interest in the internet’s long-term vision seems to be taking shape.

ICP Price Action

Volatility in ICP has risen more in the past week than in the last 24 hours, likely fueled by a 135.0% surge in trading volume. Additionally, the circulating supply of ICP has increased by 1.08% over the week, indicating more tokens are available, which may exert downward pressure on its price.

According to crypto trader Flying High, Internet Computer (ICP) has displayed a constructive “U” bottom base, a pattern traditionally associated with bullish continuation potential. The recent breakout above $14 in the weekly market structure is a positive development, with potential buying interest anticipated in the $10–11 zone during price dips.

In the early stages of its upward trajectory, ICP’s ambitious decentralization roadmap, combined with chart signals favoring bullish continuation, suggests the token might be gearing up for a more sustained upward movement. Traders are eyeing a decisive breakthrough at the crucial $20 level as the next pivotal confirmation for potential further gains.