INTERNET Computer soared in value after its launch earlier this year – but it’s since struggled to reach similar levels.
Also known as ICP, the cryptocurrency is currently sitting at a value of $42.01, according to CoinMarketCap.
In comparison, it hit a record high of $750.73 on May 10.
The price fluctuated wildly on release though, and it had dropped to $580.38 on May 11 and to $387.60 on May 12.
If you’re thinking of investing, keep in mind it’s a risky business and you’re not guaranteed to make money.
You need to make sure you know the risks and can afford to lose the cash, and never invest in something you don’t understand.
Cryptocurrencies are also especially volatile, so the value of your investment can go down as well as up in the blink of an eye.
There’s also scant regulation for cryptocurrency firms, so you won’t be protected if and when things go wrong.
What is Internet Computer?
Internet Computer is a crypto token and blockchain innovation that launched on May 10.
It uses smart contracts, similar to the Ethereum blockchain, to power applications and platforms.
The aim is for developers to build websites and other internet services, like social media or messenger applications, using the technology.
It means they won’t need to use big companies like Amazon, Google or Facebook.
Internet Computer’s founder, the Dfinity Foundation, is aiming for the crypto to be the decentralized version of the internet.
The Dfinity Foundation is a not-for-profit scientific research organization based in Zurich, Switzerland.
On November 23, it was announced that Paris Hilton had joined a $20million funding round in the non-fungible token (NFT) project Origyn Foundation.
Origyn runs on Dfinity’s Internet Computer Project.
Internet Computer price predictions
Whether ICP will increase in value to reach previous levels is impossible to know for sure, yet crypto fans and experts have still made predictions.
For example, Coin Price Forecast is expecting a value of $50.58 by the end of the year and $68.38 by the end of next year.
However, those who are hoping for the price to return to more than $100 may have to wait until 2024, when the site predicts it’ll hit $106.32.
Similarly, Digital Coin Price expects ICP to hit $106.06 in 2024.
By the end of 2028, the cryptocurrency is then predicted to reach $181.94.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, previously told The Sun that ICP’s rapid ascent and descent within hours of launching “shows that… it’s the focus of short term speculation”.
She added: “Many buyers are hoping to profit from surges in price rather than having a fundamental belief in the long term use case of the blockchain technology.
“In this speculative world it’s almost impossible to predict when demand will subside and prices will fall.”
The value of Shiba Inu has soared recently – we explain whether it could hit a value of $0.10.
We’ve also rounded up price predictions for Bitcoin, Dogecoin, Saitama Inu, Decentraland, and Gala.
We pay for your stories!
Do you have a story for The US Sun team?