Should you buy Internet Computer (ICP) at $80?

ICP token

Internet Computer ICP/USD is an innovation in blockchain technology. It was founded in October of 2017 by Dominic Williams and rose to prominence in the market cap rankings. 

ICP is designed to scale smart contracts and data computation, run them at web speed and process as well as store data safely. 

To do this, it utilizes several technologies, such as Chain Key Technology, Non-Interactive Distributed Key Generation (NIDKG), Network Nervous System (NNS), and Internet Identity.

Chain Key Technology can allow the Internet Computer to run at web speed, which means that the calls are executed in milliseconds, and update calls take between one to two seconds to finalize.

ICP Adoption Analysis

At Genesis, the Internet Computer has a block rate of 2.5 blocks per second or BPs. It is anticipated to reach over 10 BPs, with a goal of 1,000 BPs by the end of 2021.

ICP is responsible for facilitating the network governance, production of cycles for the computer, and rewarding the participants.

In May of 2018, DFINITY announced plans to distribute 35 million Swiss Francs worth of DFINITY tokens in an airdrop. The alpha mainnet was launched on December 18th of 2019, and there was a maximum of 469,213,710 ICP tokens at Genesis.

On May 18th, the Swiss Sygnum Bank announced its plans to offer options trading for the ICP token at a later date.

Switzerland-based cryptocurrency bank Sygnum announced that they would launch custody and banking services for Internet Computer (ICP) utility tokens. The company also mentioned that it is the first bank to offer storage for ICP utility tokens, which debuted trading on May 11.

On May 26, the DFINITY Foundation launched a fund of $223 million with the intention of supporting the development of its decentralized Internet Computer Network.

The Zurich-based DFINITY Foundation has announced a fund worth CHF 200 million ($223 million) to support development.

As of June 9, ICP has a value of $81.95.

Should you buy ICP?

Ever since its launch on May 10, the ICP has started climbing the cryptocurrency prices by market cap ladder on many exchanges. In fact, it currently has a market cap of over $10 billion. 

When we take all of the previously mentioned things, such as the Swiss Sygnum Bank’s plans to allow options trading for ICP, as well as the $223 million development grants by the DFINITY Foundation, we can make the assumption that there is a bright future for ICP’s value. On May 10th, it had a value of $460, and it got up to $580 on May 11th. 

Since then, its value has been sitting around the $100 mark, with it recently going down to $81.95 At this price point, it might be worth considering because there is a lot of money is on the line for development teams that decide to use the ICP blockchain, as well as the potential for mass adoption due to the bank support. If it, however, drops to under $70, it might be a worrisome development because key support levels failed to hold and sellers are in complete control.

The post Should you buy Internet Computer (ICP) at $80? appeared first on Invezz.

Publication date: 
06/09/2021 - 16:38
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.