The cryptocurrency Internet Computer (ICP) takes the 5th position in the market one day after its launch.How is it possible?
Just one day after its launch, the Internet Computer (ICP) cryptocurrency left everyone in the crypto market in awe, after it managed to climb to the top 5, beating market giants like Polkadot, Ripple, and even Tether.
At the time of this writing, ICP is trading at $ 377.95, and accumulates a loss of 9.71% in the last 24 hours, falling back after reaching a historical maximum of $ 737.20 according to data from CoinMarketCap.
As we see in the image below, the pullback made this cryptocurrency fall a bit in the market ranking. It is now ranked 8.
However, even the market capitalization that it maintains ($ 46,241 million) continues to leave us with our mouths open to more than one.
But, how was it possible? What is this project about? Where is it headed? Discover the answers to these questions below.
About Internet Computer (ICP)
A project developed for more than 5 years, it was finally opened to the public yesterday.
The Genesis phase of ICP was launched yesterday, and the attention it is attracting is only matched by the rollout of the Polkadot network.
Internet Computer is a blockchain network with which anyone, software developer or content creator, can publish whatever they want on the Internet, without having to go through the services of Amazon, Facebook, or any cloud service provider.
The main purpose is to avoid the walled borders that corporations create, while reducing costs.
According to the founder of ICP, users could create social networks and other services that can compete with the titans of the Internet.
To do this, the network executes smart contracts and software programs that execute tasks, thus competing directly with other infrastructures such as Ethereum or Polkadot.
If you want more information, I invite you to visit the official website of the project. In case you prefer audiovisual material, this recent Bloomberg interview with Dominic will be very helpful.
Where is the ICP token headed?
After a vertiginous rise as a result of the exposure of the token after being listed in the main exchanges (Coinbase, Okex, Binance, among others), the price of the Internet Computer token has been falling strongly, losing more than 50% within hours.
However, the project is only hours into its Genesis phase. The positivism is just beginning, so the odds are high that we will see the price rise further in the coming days.
Already with such a large market capitalization it is difficult to think that the gains will be too surprising next, but if we saw Doge rise to the top 4 with hardly any fundamentals, which makes it impossible for ICP to do the same.
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