Internet Computer Surges with 37% Transaction Spike: Is $20 Next for ICP?

ICP Internet Computer

Internet Computer, a layer 1 blockchain for decentralized cloud 3.0, has witnessed an impressive 180% price surge in the last 30 days, surpassing $13 on December 31. During this period, transactions on the ICP protocol surged by over 37%, with daily volume peaking at $802 million.

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In the last 24 hours, the price of Internet Computer (ICP) surged by over 36%, riding on a wave of increased transaction activity on the blockchain platform. Currently, the ICP price is above $13.30, marking a remarkable 184% increase in the past 30 days, reaching intraday highs of $14.00 on December 31.

ICP Dominates Transactions on December 31

On December 31, XRP, TRON, Stellar, and EOS took the lead in transaction counts, recording 6.8 million, 4.3 million, 2.2 million, and 1.4 million, respectively. However, Internet Computer (ICP) stole the spotlight as the top gainer in overall 24-hour change.

Data from CoinGecko reveals a significant surge in ICP’s 24-hour trading volume, soaring by more than 363% to surpass $802 million on Sunday. According to TradingView data, ICP’s total transactions experienced a notable 37% spike. The distributed computing and storage, smart contracts-enabled network witnessed heightened user activity, solidifying its position as a top performer in the crypto market on December 31.

Internet Computer (ICP) Eyes Bullish Momentum and Regulatory Compliance

The recent price surge of Internet Computer (ICP) is signaling a bullish outlook, setting the stage for a weekly candle close above $10 for the first time since May 2022. Should this positive trend continue, and a potential rally in the coming weeks includes a retest of support above $15.71, analysts anticipate ICP could target $20, with a potential hurdle around $23.57.

Internet Computer (ICP) price on the weekly chart. Source: TradingView

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Analysts, optimistic about the prospects of the decentralized cloud 3.0 protocol, highlight its strengths, including the potential for dominance in the crypto cloud market. Notably, the Internet Computer stands out for being fully on-chain, scalable, and offering fast and cost-effective transactions.

A significant development for ICP occurred on December 18, as the Swiss not-for-profit DFINITY Foundation, overseeing the ICP blockchain, announced the launch of a European subnet. This move aims to facilitate the development and deployment of decentralized applications (dApps) aligning with the European Union’s General Data Protection Regulation (GDPR), further positioning ICP for success in 2024.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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