The Internet Computer (ICP) token has grown by around 20% in the past 24 hours. With this has also come a rise in market cap as it now has around $6.8 billion in market cap pushing it into the top 30 crypto assets by market cap.
Internet Computer Protocol Value Rises by 20% in 24 Hours
The digital asset, ICP, is the native token of the Internet Computer blockchain. This public network provides smart contracts with limitless power that’ll enable them to operate at web speed and scale while reducing computing costs.
Created by Dfinity, the blockchain claims to be the third iteration after Bitcoin, the flagship digital asset and Ethereum, which powers DeFi.
According to the founder, Dominic Williams, Internet Computer blockchain will be the next big thing for Web 3.0. It will reduce the dominance of big tech companies while creating a free and open internet with limitless capabilities.
But the network is yet to live up to its promise since its launch in 2016 and has also had its fair share of controversies.
In May 2021, its token reached an all-time high of $750.73, but it would later plunge, losing more than 90% of its value within days. Many community members accused the Dfinity team of wrongdoing, claiming that they were complicit in the rapid drop in price.
This led to a hard fork in the Internet Computer Protocol to create the Internet Computer Reboot (ICPR), which is more decentralized and seeks to ensure early contributors and seed investor allocation of tokens based on their initial contributions.
ICP Bold Moves in Recent Times
Notwithstanding the massive drop in value that had the ICP token trading under $50 by late June last year, the project has continued to soldier on and even announced some developments in late 2021.
Last year’s September, it announced an integration with Bitcoin that’ll make it possible for its smart contracts to operate directly on Bitcoin balances. In November, Origyn Foundation, an NFT project on ICP, raised $20 million in a funding round, and in December, it integrated with the hardware wallet, Ledger.
It appears all those developments are now paying off as the price has recorded some level of progress in recent days. Per data on Coingecko, its value has increased by over 18% in the last 30 days and by 55% within the last 14 days.
As of press time, the token is currently trading at $36 on Coingecko, which is still far from its ATH but still some good news for those that are bullish about the project.