How can a project founded in October 2016 by Dominic Williams attract much interest from the crypto environment? More so, how can it raise a total of $121 million from contributors like Andreessen Horowitz, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, Polychain Capital, SV Angel, and Multicoin Capital, and several notable early Ethereum investors?
On May 10, 2021, DFINITY Foundation — founded by Dominic Williams– released the Internet Computer into the public domain, a major milestone that indicates that the Internet Computer currently functions as a decentralized global computer as mentioned by the release of all of the Internet Computer’s source code into the public domain.
DFINITY claims that its Internet Computer is highly scalable and runs at web speed, with some functions taking only milliseconds. The network is governed by an open autonomous algorithmic software system called the Network Nervous System (NNS), and its native utility token is ICP (previously known as DFN).
So, let’s begin the exploration into ICP.
What is Internet Computer (ICP)?
Internet Computer is developed by a non-profit organization or NGO called DFINITY. DFINITY is one of the most successful foundations that attracted a lot of funds from investors during its initial stages. To understand what the Internet Computer does, you need to dive deeper into the technicalities of DFINITY, and the goals of its founder, Dominic Williams.
DFINITY was founded by Williams in October 2016. It attracted a lot of attention for its new implementation of blockchain technology. The Internet Computer on the other hand was launched in the year 2021, in the month of May by the Foundation.
The contributors to the DFINITY Foundation include Polychain Capital, ZeroEx, Aspect Ventures, and many more firms, including notable Ethereum supporters, in the early stages. The Foundation works on discovering more possibilities in the blockchain industry. There are a number of experts working under the Foundation. With their collective efforts, the Foundation has published 100,000 citations along with 200 patents.
In addition to Bitcoin and Ethereum, this is the third significant innovation in blockchain technology. The blockchain-based computer distributes and scales smart contract computation and the data gathered after computation, all at web speed. Furthermore, it facilitates the execution and storage of data with great efficiency and provides dynamic software frameworks to the developers of the ICP community.
To summarize, the ICP blockchain protocol will help to build better and more efficient platforms, decentralized applications, websites, and produced a more tokenized version of these systems. Therefore, Internet Computer protocol is a step further into the blockchain world.
Internet Computer ICP price data and analysis
At the time of writing, the Internet Computer price today is 55.14 USD. The past few days have been bullish for the ICP price while August has been quite bullish for Internet Computer coin as well as other altcoins too. The Internet Computer came into existence in 2021.
Considering the initial price of the coin, we can see in the chart below that the prices are down by more than 1400% from the all-time high at 737.20 made in the month of May 2021. For deeper analysis, you can have a look at the historical price data provided by CoinMarketCap.
Furthermore, looking at the above chart, it is clear that since its inception, the price of the token has been trading in the zone of $40-$80. Therefore, for 2021, the coin hasn’t performed well but, looking at the technology behind ICP, our forecast system predicts a bullish trend for the coin. The current market cap of the coin stands at 9.1 billion USD, up by 12.43 USD.
A deep price analysis of these digital coins predicts that the smart contracts platform will soon find itself in a bullish movement. Looking at our price ICP coin price analysis in the short term, it is clear that the price has been quite bullish since August.
On 7th August, the price of the coin rose by 7.07%, by 14.66% the following day, and by 27.72% the day after. This made ICP a highly profitable investment for investors. On 9th August, the price rose by 16.25%, while the very next day, the prices went up by 11.44%.
On 4th September, the price went up by 18.96% while on 7th September, the ICP token fell by 23.03%. On 29th September, the price of the coin surged by 8.64% whereas, on 1st October, the prices surged by 14.62%. Hence overall, the price action has been bullish in nature.
Technical analysis of the price of Internet Computer
For today, the one-day trading volume of the coin stands at 527 million USD, up by 122.72%. The cryptocurrency Internet Computer price has surged by 12.3% today according to the 1-day chart below. The current price stands at $54.98.
The price action has surged above the 100-day Moving Average but the prices are still below the 50-day Moving Average. Internet Computer (ICP) price prediction in the short term will turn bullish if these key Moving Averages are taken under control.
Considering the price movement in the Bollinger Bands, the price action is moving into the upper end of these bands which will make the price action turn bullish. A breakout is imminent once the resistance at 58.64 is broken. The highest price today was 56.05 USD.
Internet Computer price prediction
In this section, we will discuss Internet Computer price predictions. The adoption of Internet Computer Network plays a major role in the price momentum of a price. Therefore, we will be concluding the price predictions made by the biggest websites like WalletInvestor, DigitalCoinPrice, and many others.
ICP’s price will also be influenced by Bitcoin’s movement in the crypto market. The crypto community sees Bitcoin above $100K while the long-term price predictions put BTC at a million dollars.
Internet Computer price forecast by WalletInvestor
According to the website, the Internet Computer project will reach the price of $6.240 in a matter of 1 year. This means that the Wallet Investors don’t believe Internet Computer to be a good investment in the long term. Therefore, the website advises the investors to sell Internet Computer when possible.
According to their Internet Computer forecast, the earnings will be reduced by more than 88 percent of an investor in Internet Computer cryptocurrency by October 2022.
Therefore, it can be concluded that the ICP token will see a bearish trend in the near future. The price prediction (Internet Computer) believes that to push ICP higher, fundamental changes need to be made.
ICP price prediction for 2021
The maximum price for ICP/USD at November end is kept at 7.303 USD, the minimum at $2.434 USD. This makes the price prediction heavily bearish for November.
Considering the predictions for the month of December, the maximum price of ICP/USD is kept is 6.155 USD, and the minimum is at 2.052 USD.
Internet Computer price prediction for 2022
The internet computer price equal to a max of 4.970 USD for January end, and a min of 1.657 USD. Furthermore, the max price for Feb end is 5.261 USD, while the min is $1.754.
The average, minimum, and maximum prices for the first 21 days of October 2022 are given in the image below.
The ICP price prediction for November stands at a min of 1.393 USD, max of 4.178 USD while for December, the min is 1.692 USD, and the max is 5.077 USD.
ICP price prediction 2025
The ICP price prediction for January end is put at a minimum of 0.431 USD, and a maximum of 1.295 USD. Another price prediction for February end states the Internet Computer ICP price will be a min of 0.453 USD and a maximum of 1.360 USD.
Internet Computer ICP price analysis for the first 21 days of October states the following prediction:
By November end, the min price of ICP will be 0.711 USD while the maximum is expected at 2.134 USD. For December end, the minimum price is at 0.640 USD, and the maximum is at 1.919 USD.
Internet Computer price prediction by DigitalCoinPrice
DigitalCoin predicts a price of 84.91 USD for 2021, 95.51 USD for 2022, and 115.53 USD for 2023. This makes the Internet Computer price prediction for ICP tokens quite bullish as compared to Wallet Investor’s prediction.
The Internet Computer ICP price for the year 2024 will be 140 USD, for 2025 at 164.32 USD, and for 2026, a price of 199.09 USD can be expected. The Internet Computer ICP price for 2027 and 2028 can be expected to be 219.59 USD and 240.16 USD.
CoinPriceForecast Internet Computer Forecast
According to the Internet Computer forecast provided by CoinPriceForecast states a price of 64.67 USD for the end of 2021. This brings a 17 percent price change for investors. Furthermore, the mid-year price of Internet Computer cryptocurrency is at 81.64 USD as the currency generates interest with its internet services and public internet. The year-end price for 2022 will be 93.54 USD.
Internet Computer’s bullish trend continues in the cryptocurrency market as the mid-year value of the currency for 2023 will be 114.59 USD according to the website. For the year-end, the expected price is 135.22 USD. It seems that ICP will be one of the most important virtual currencies in the crypto space with its current circulating supply above 160 million tokens.
Here is the deeper analysis for Internet Computer:
Internet Computer ICP price prediction for the long term is bullish overall. Considering the current performance of the coin, it is possible that we will cross the 100 USD mark by the end of 2021. But, before investing in the coin, it is important to do your own research on the price of Internet Computer.
The current price of the coin is above 50 USD and Bitcoin has been progressing as well. It is possible for the entire crypto market to see newer heights in the month of October. Other forecasts show that it is less possibility for the current investment in the coin to go down. The resistance level has been broken and new highs can be seen.
DFINITY’s Internet Computer is a public blockchain network designed to replace the traditional IT stack and disintermediate commercial cloud services companies. With this perspective, we envision DeFi platforms to enterprise IT systems being hosted on the Internet Computer. A network of sub-blockchains governed by an ownerless master blockchain will indeed enhance the Internet with an innovative form of serverless cloud functionality. We can see a bright future for the ICP token.
Is ICP a good investment?
Taking the short-term price action of the token, ICP has shown good potential. But, considering the huge drop from the all-time high, the coin hasn’t performed in the long term. Although, a lot of projects are being integrated on ICP protocol and therefore, we will see increased interest from the general public, making ICP a good investment in the future.
Will ICP break above $100 in 2021?
Considering the price movement from $30 USD in July 2021 to $80 in September 2021, we have a clear view that the coin price has a lot of potentials. Therefore, as the crypto environment turns bullish, we will see ICP break above 100 USD by the end of the above.