Internet Computer Price Prediction 2024: Can ICP Keep Up Its Momentum?
What's next for Internet Computer?
Key Takeaways
- The Internet Computer (ICP) coin is trading at its best price since early May 2022.
- ICP was accused of being an unregistered security by the SEC.
- Can ICP continue to grow?
- One ICP price prediction says it can reach $67.77 in 2025
Internet Computer’s ICP coin rallied recently, following the news that it was to integrate with Bitcoin (BTC).
The news came after the crypto, which fell after it was dubbed as an unregistered security by the United States Securities and Exchange Commission earlier this year, had been on a moderate upturn.
A bullish crypto market saw it make gains in late 2023 and early 2024 and, on January 2, 2024, ICP was worth about $13.50. But it jumped in the following two months and, on March 28, 2024, it’s worth $17.81.
Internet Computer did not immediately respond to a request for comment.
But what is Internet Computer (ICP)? How does Internet Computer work? Let’s take a look and see what we can find out, and also examine some of the Internet Computer price predictions that were being made on March 28, 2024.
Internet Computer Coin Price Prediction
Let’s examine some of the Internet Computer price predictions being made on March 28, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $49.94 | $67.77 | $156.95 |
| Prediction #2 | $31.52 | $47.81 | $323.69 |
| Prediction #3 | $39.46 | $46.74 | $134.08 |
First, CoinCodex made a short-term Internet Computer price prediction which said that the coin would go to $17.50 by April 5 before jumping to $18.16 by April 27. The site’s technical analysis was bullish, with 27 indicators sending positive signals and four making bearish ones.
Internet Computer Price Prediction for 2024
Bitnation said ICP could reach $49.94 this year, while PricePrediction.net suggested it would hit $31.52. DigitalCoinPrice , on the other hand, claimed that it would trade at $39.46 in 2024.
Internet Computer Price Prediction for 2025
Bitnation’s Internet Computer price forecast said the coin could reach $67.77 in 2025, while PricePrediction.net had it at $47.81 that year. DigitalCoinPrice said it would trade at $46.74 next year.
Internet Computer Price Prediction for 2030
As far as a more long-term Internet Computer price prediction went, Bitnation said ICP could reach $156.95 in 2030. PricePrediction.net thought it could trade at $323.69 then. DigitalCoinPrice’s ICP price prediction had it reach $134.08 at the start of the next decade.
Google BardAI Price Prediction for Internet Computer (as of March 28)
Google’s BardAI platform gave the following price prediction for Internet Computer on March 28. Please remember that price predictions are very often wrong, and that artificial intelligence should not be trusted.
Short Term (Next 3 months):
- Reasons for potential decrease:
- Bearish market sentiment: The overall cryptocurrency market seems to be trending bearish, which could drag down ICP along with other coins.
- Technical indicators: Some technical indicators like moving averages suggest a potential downward trend in the near future.
- Reasons for potential increase:
- Mainnet upgrades: Several key upgrades are planned for the Internet Computer mainnet in the coming months, potentially boosting interest and driving price appreciation.
- Positive news: If there are any positive developments or partnerships around Internet Computer, it could trigger a short-term price spike.
Prediction: The ICP price could see moderate fluctuations in the next 3 months, possibly ranging between $8 and $15.
Medium Term (Next 6 months):
- Reasons for potential decrease:
- Macroeconomic factors: General economic conditions and global events could negatively impact the broader crypto market, affecting ICP as well.
- Competition: Increasing competition from other blockchain platforms offering similar functionalities could hinder ICP’s growth.
- Reasons for potential increase:
- Adoption and ecosystem growth: Increased adoption of Internet Computer for DApps and projects could drive demand for ICP.
- Community initiatives: Strong community efforts and successful marketing campaigns could propel ICP’s visibility and attract new users.
Prediction: The ICP price could experience greater volatility in the next 6 months, potentially reaching a range of $10 to $25.
Long Term (Next 5 years):
- Reasons for potential decrease:
- Technological advancements: New and more scalable blockchain technologies could emerge, challenging Internet Computer’s position.
- Regulatory hurdles: Increased government regulations on the crypto industry could stifle innovation and adoption.
- Reasons for potential increase:
- Network effect: As the Internet Computer network grows and attracts more users and developers, the value of ICP could increase significantly.
- Real-world use cases: If Internet Computer successfully establishes itself as a platform for real-world applications, it could lead to substantial long-term growth.
It added: “In the long term, the ICP price could see significant fluctuations depending on the success of the project and future developments in the blockchain space. A range of $20 to $100 or even higher is possible, but remember, this is a highly speculative prediction.
“Remember: Cryptocurrencies are highly volatile and risky investments. This information is for educational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.”
Recent Updates from Internet Computer
On March 24, 2024, founder Dominic Williams said : “Earlier this weekend, the Internet Computer #ICP passed 3 billion blocks It’s probably now processed substantially more blocks than all the other blockchains combined (?) It’s a beast.”
ICP Price History
Let’s now cast our eyes over the Internet Computer price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret an Internet Computer price prediction.
When ICP first hit the open market in May 2021, it was a hot property. It soared to what is still an all-time high of $750.73 on its official launch day, May 10.
A combination of factors, including a market that turned bearish, saw its formerly high price evaporate away. B June 10, it was worth about $75. Its decline continued, with it falling to around $30 in August. The market picked up and ICP reached $84.75 on September 6. It fell away after this, though, and the coin closed the year at a little over $25.
While 2021 was not exactly a great year for ICP, 2022 was even worse. A series of market crashes left the crypto struggling. It fell below $10 in May and below $5 the following month.
Although it recovered to close to $9 in August, the collapse of the FTX exchange saw it below $4 in November. ICP closed the year at $3.93, down nearly 85% year-on-year.
Internet Computer in 2023 and 2024
The coin made something of a recovery in the new year, with its price briefly topping $7 in February. There were some peaks and troughs over the next few months, but it went downhill from April. On June 12, it was worth $3.58. ICP made something of a recovery, reaching $4.55 on July 3, but then it slumped again. On September 22, it was worth $2.86. The coin then made a recovery and reached $4.91 on November 13. ICP broke past $5 on December 4 and, on December 16, it reached $11.79, its best price in more than 18 months. By December 18, it was worth about $9.30.
The crypto then rallied to close the year at $13.32, an annual price rise of nearly 240%. The coin was worth $17.81 on March 28, 2024.
At that time, there were 461.3 million ICP in circulation, out of a total supply of 516.3 million. This gave it a market cap of about $8.20 billion, making it the 18th largest crypto by that metric.
Internet Computer Price Analysis
ICP fell to a low of $2.70 on September 18 last year after a long-lasting bear market phase. In December, however, it started a new bull cycle.
On March 28, it reached a high of $21, its best price since April 2022. Judging from the wave structure analysis, this high could have marked the end of the first uptrend in a more significant bullish cycle. This is also implied by the daily chart Relative Strength Index (RSI) signaling overbought conditions.
There are now some signs of weakness, with ICP falling back by 15%, leaving a wick on the daily chart. Should we see a reversal, the price could continue downward to $10.
However, ICP still has the potential to continue its upward journey and reach new highs.
Is Internet Computer a Good Investment?
Internet Computer is an interesting idea. There have been concerns about how big tech companies can access people’s data. Also, the principles of decentralization seem to be a good fit for the internet. Its recent performance is encouraging, although we don’t know if it is just a spike or something more sustainable.
However, the devil is in the details. There is the risk that Dominic Williams’ vision could lead to a lot of harmful and illegal material getting online with nowhere for the buck to stop.
Furthermore, the ICP coin itself has come nowhere near the heights it enjoyed when it was first launched. Combined with the bearish atmosphere surrounding crypto in the wake of the SEC’s lawsuits, this means that, right now, ICP raises as many questions as it provides answers. It is vital that you make sure to do your own research.
Will Internet Computer go up or down?
No one really knows right now. While a lot of the longer-term ICP price predictions are bullish, price predictions have a much-deserved reputation for being wrong. Remember, too, that prices can, and do, go down as well as up.
Should I invest in Internet Computer?
Before you decide whether or not to invest in Internet Computer, you will need to carry out your own research, not only on ICP but on other crypto coins, such as Solana (SOL) and Cardano (ADA). Ultimately, though, you will need to decide for yourself. Before you do so, you will have to remember that you should never invest more money than you can afford to lose.
Who is the Founder of Internet Computer?
Computer scientist Dominic Williams, founder of the DFINITY foundation, set up Internet Computer in 2016.
Who Owns the Most Internet Computer (ICP) Coins?
On March 28, 2024, one wallet held 5.29% of the supply of ICP.
Richest ICP Wallet Addresses
As of March 28, 2024, the five wallets with the most ICP were
- 609d3e1e45103a82adc97d4f88c51f78dedb25701e8e51e8c4fec53448aadc29. This wallet held 27,002,991 ICP, or 5.29% of the supply.
- 27bbe9b4f0b00e4b6fe3fb39328358cf82031e82014e0cd0ae60983cc92008f5. This wallet held 7,377,365 ICP, or 1.45% of the supply.
- cd328886ccadc1b5d7dd517d1b00ebde83bb073d39cc303994356c3b9702d048. This wallet held 6,000,000 ICP, or 1.18% of the supply.
- 9a60a7bcf722217debea223fb83e28d3686b79e65d8f785c33b11466c9fdf0fb. This wallet held 4,999.999 ICP, or 0.98% of the supply.
- fae073332cb8c6722b6b9a824ec42323d87d07d388f6b0db85b1e521ea0b85e2. This wallet also held 4,999.999 ICP, or 0.98% of the supply.
Fact Box
| Supply and Distribution | Figures |
|---|---|
| Total supply (as of January 2, 2024) | 516,342,603 |
| Circulating supply (as of January 2, 2024) | 461,320,645 (88% of total supply) |
| Holder distribution | Top 10 holders owned 14.65% of total supply, as of December 18, 2023. |
From the Whitepaper
In its technical documentation, or whitepaper , Internet Computer says that it is “a radical new design of blockchain that unleashes the full potential of smart contracts”.
It adds: “The IC consists of a set of cryptographic protocols that connects independently operated nodes into a collection of blockchains. These blockchains host and execute “canisters”, the IC’s form of smart contracts.”
Internet Computer (ICP) Explained
The blockchain is, ultimately, about decentralization. The, rather noble if not always enforced, idea is that people should be able to take back control of their money from big institutions, such as traditional banks.
This concept could equally be applied to the world of the internet in general, with so-called “big tech” companies like Google, Facebook and Amazon having a massive influence on people’s lives and significant access to personal information.
Computer scientist Dominic Williams, founder of the DFINITY foundation, set up Internet Computer in 2016. The idea behind Internet Computer is to create a decentralized version of the internet which would, it was hoped, help maintain people’s privacy, stop centralization and combat disinformation. This system was based on its own blockchain, the Internet Computer Protocol.
The Internet Computer platform has its own native cryptocurrency, known by the ticker handle of ICP.
How Internet Computer Works
The Internet Computer Protocol is operated by computers called nodes clustered into groups called centers. The idea is that the system does need to have one dedicated server to process and send data.
As well as being used as a kind of new internet, Internet Computer also allows people to build decentralized applications (DApps).
The ICP coin itself rewards node operators. People can buy, sell, and trade ICP on exchanges. ICP holders can also vote on proposals relating to the network.
Internet Computer Attention Tracker
Here is a chart for Internet Computer ICP’s Google search volume for the past 90 days. This represents how many times the term “Internet Computer ICP” has been Googled over the previous 90 days.
FAQs
Will Internet Computer reach $100?
It is unclear whether or not ICP can break past $100 but, if it does, it will not be for some time yet. PricePrediction.net and Bitnation claim it could happen in 2029 and DigitalCoinPrice says it can reach three figures in 2031.
Keep in mind that, while it has traded at more than $100 before, that was at the start of its run when it was almost certainly overvalued with, denied, claims of price-pumping and rug-pulling.
What is Internet Computer used for?
The ICP coin supports the Internet Computer platform. People can also buy, sell, and trade ICP on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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