Is It Too Late to Buy Internet Computer? ICP Price Up 20%, Bitcoin Rival Secures $8.8M Funding
The price of Internet Computer (ICP) has shot up 20% in the last 24 hours as the token underpinning the blockchain-based computing ecosystem far outpaces market leaders Bitcoin and Ethereum today.
Crypto prices are broadly rallying across the spectrum right now. Market leader Bitcoin (BTC) grew 2.6% in the last 24 hours to trade at $66,842, while its nearest contender Ethereum (ETH) grew 1.8% to trade at $3,441 as of this writing, according to CoinGecko data.
Today, ICP is the clear leader of the top 25 biggest cryptocurrencies by market capitalization, though. No other leading cryptocurrency came close in terms of gains, except NEAR Protocol (NEAR) and Toncoin (TON), which both grew by a little over 10% overnight.
The value added by ICP’s rally led to the token flipping NEAR for 21st place in the early hours of the morning GMT.
The only other cryptocurrency project enjoying a marked surge in the top 100 right now is Solana-based meme coin DogWifHat (WIF) which ballooned a blistering 21.7% to trade at $2.74.
ICP is a blockchain protocol that offers an alternative
The Internet Computer attempts to offer a decentralized alternative to the centralized cloud-based data centres powering popular web applications currently. Its easy interface means anyone can create and deploy a dApp on ICP’s public blockchain.
ICP’s trading chart reflects a bumpier February than many other cryptocurrencies. In March, ICP joined the market-wide rally, but it began to depreciate a fortnight into March and posted heavy losses by Wednesday as it bottomed out at $11. With a Relative Strength Index (RSI) of 73, ICP is currently overbought, so an imminent correction is likely to occur.
The Internet Computer Protocol is about more than a token, it’s an
