Internet Computer (ICP) has been showing promising signs of recovery, making waves in the crypto space. Let’s dive into the latest price trends, ecosystem updates, and future predictions for ICP.
Current Market Overview
Price Today: $12.39
24-Hour Change: +15%
24-Hour Low/High: $10.80 – $12.53
Market Cap: $6 billion
Trading Volume: $315 million
ICP has gained significant traction in recent days, climbing steadily after a prolonged bearish phase.
Read Detailed ICP Price Prediction For More insights
ICP’s Historical Performance
All-Time High (ATH): $700.65 (May 10, 2021)
All-Time Low (ATL): $2.87 (September 22, 2023)
From its ATH, ICP has retraced by a massive -98.23%, but it has bounced back impressively, surging 332.71% from its ATL.
Burn Cycle and Ecosystem Growth
One of the key factors driving this recovery is the intensified burn cycle:
Annual Burn Rate Increase: +8,800%
Current Burn Rate: Over 849 billion cycles
90-Day Average: 512 billion cycles
This burn rate indicates that ICP’s token circulation is not expanding rapidly, boosting its value proposition.
Additionally, the number of smart contracts (canisters) on the Internet Computer protocol has reached an all-time high:
Total Canisters: 879,670
Year-on-Year Growth: +135% (374,000 last year)
Also Read: Near Protocol Price Prediction, Can NEAR Price To Record 2X Surge?
Challenges for ICP
Despite these positive developments, ICP’s ecosystem faces hurdles:
DeFi Applications: Only 11 live decentralized apps
Total Value Locked (TVL): $52 million (significantly smaller compared to competitors like Base and Sui)
Chain-Key Bitcoin (ckBTC): Market cap has dropped to $25.7 million from last year’s $75 million peak.
Technical Analysis and Price Prediction
Key Moving Averages (SMA):
50-Day SMA: $11.55 (indicating short-term strength)
200-Day SMA: $9.01 (suggesting long-term bullish potential)
However, bearish crossovers in short- and medium-term SMAs indicate possible short-term volatility.
Bullish Case: $14.00–$15.00 Target
If ICP breaks and holds above the critical $12.47 resistance with strong trading volume, the next target lies in the $14.00–$15.00 range. Achieving this level could attract more buyers and signal a continuation of the bullish trend.
Bearish Case: Retracement Risks
Failure to sustain above $12.47 may trigger a retracement, possibly revisiting $10.00 levels. Investors should monitor trading volumes and market sentiment closely.
Future Outlook: Predictions for 2024, 2025, and 2030
Internet Computer Price Prediction 2024: Ecosystem expansion and a growing burn rate could drive steady growth.
Internet Computer Price Prediction 2025: If ICP gains broader adoption in DeFi and smart contract use cases, its value could align with ETH’s growth trajectory.
Internet Computer Price Prediction 2030: Sustained innovation and adoption could push ICP toward reclaiming its ATH, or at least a significant portion of it.