When the United States Securities and Exchange Commission announced it was suing the Binance and Coinbase crypto exchanges, the market, which had barely recovered from the disasters of 2022, was shaken.
Things were even worse for the 61 cryptos named in the legal papers. One of these was Internet Computer (ICP), which suffered as investors, concerned about the implications of legal action, got rid of their coins.
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 15 June 2023.
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 was 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.
The Internet Computer Protocol is operated by computers called nodes clustered into groups called centers, with the idea being 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).
In terms of the ICP coin itself, it is used to reward people who operate nodes and it can be bought, sold and traded on exchanges. People who hold ICP can also vote on proposals relating to the network.
Let’s now cast our eyes over some of the Internet Computer price history . While past performance should never be taken as any indication of future results, knowing what the coin has done in the past can help give us some useful context when it comes to making or interpreting an Internet Computer price prediction.
When ICP first hit the open market in May 2021, it was a hot property, with it soaring to what still stands as an all-time high of $750.73 on the day of its official launch, 10 May.
A combination of factors, including a market that turned bearish, saw its formerly high price evaporate away and, by 10 June, it was worth about $75. Its decline continued, with it falling to around $30 in August, but the market picked up and it reached $84.75 on 6 September. It fell away after this, though and it 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 and 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 and it closed the year at $3.93, down nearly 85% year-on-year.
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 things have been going downhill since the end of April and, on 15 June 2023, it was worth about $3.70.
At that time, there were 437 million ICP in circulation out of a total supply of 499.5 million. This gave it a market cap of about $1.6 billion, making it the 30th largest crypto by that metric.
The news of the SEC’s lawsuits hit the market and ICP. On 5 June, before the Binance case was announced, ICP was worth $4.79 but, over the next five days, it fell nearly 30% to $3.36. While it has recovered by 10% since then, it is still down by more than 20% from pre-crash levels.
Let’s now take a look at some of the Internet Computer price predictions that were being made as of 15 June 2023. Please remember that price predictions, especially when they are for something as potentially volatile as crypto, are very often wrong.
Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means they can change at any time.
First, CoinCodex made a short-term Internet Computer price prediction for 2023 which said that the coin should move slightly to $3.75 by 20 June before making more of a climb to $5.51 by 16 July.
Perhaps surprisingly, considering the forecast’s broad short-term optimism, the site’s technical analysis was bearish, with 25 indicators sending downbeat signals compared to just four making bullish ones.
Regarding other Internet Computer crypto price predictions for this year, Bitnation said the crypto could reach $5.58, while PricePrediction.net suggested it would hit $4.62. DigitalCoinPrice , on the other hand, claimed that it would trade at $7.68.
In terms of making an Internet Computer price prediction for 2025, DigitalCoinPrice was the most bullish, with its ICP price prediction coming in at $12.99. PricePrediction.net, on the other hand, said it would just miss hitting $10 that year, settling at an average of $9.96, while Bitnation’s forecast was just a little bit lower at $9.93.
As far as a more long-term Internet Computer price prediction for 2030 went, Bitnation argued for a future ICP price of $31.64, while DigitalCoinPrice claimed it would trade a little higher at $38.26. PricePrediction.net was even more optimistic, saying it would trade at an average of $72.43.
Internet Computer is an interesting idea. There have been concerns about how big tech companies are able to access people’s data, and the principles of decentralization seem to be a good fit for the internet.
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 being put 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.
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.
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 Ethereum (ETH) and Bitcoin (BTC). 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.
On 15 June 2023, there were 437 million ICP in circulation out of a total supply of 499.5 million.
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 claims that it could happen 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.
ICP destroys, or burns , coins in an attempt to resist the impact of inflation.
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.