- Internet Computer price has surged by over 470% from its lowest point in 2023.
- This growth accelerated after the launch of ckBTC.
- ckBTC, a digital twin to Bitcoin, promises more functionality for the network.
Internet Computer (ICP) price has done well in the past few months helped by the developer’s launch of cKBTC. The coin’s price surged from a low of $2.83 in September to a high of $16.34 earlier this month. Between its top and bottom, ICP was up by over 470%, making it one of the best performers in the industry.
Growing utility
Internet Computer is one of the most powerful players in the blockchain industry. It is a more comprehensive network for companies and developers seeking to build scalable and decentralized Web3 projects.
Unlike other popular blockchains, it offers both smart contracts and a cloud-based infrastructure networks. Its smart contracts, known as canisters, are hosted on subnets, which is the top-level architectural block of ICP.
The implication is that people can build decentralized apps that are hosted in Internet Computer. As a result, people have built products like social media platforms, DeFi, and even NFT networks that are fully decentralized.
The most important recent addition to Internet Computer’s platform was the launch of ckBTC, a digital twin of Bitcoin. The goal is to integrate Internet Computer’s ecosystem with Bitcoin without going through a bridge. It leverages the native integration with Bitcoin blockchain without going through intermediaries.
One benefit of this is the time to finality. In Bitcoin’s case, the time to finality can be as high as 60 minutes. ckBTC achieves a near-instant transaction finality with transaction confirmation within 1 to 2 seconds. It also helps to reduce fees and help Bitcoin be integrated in mainstream applications by unlocking its web3 capabilities.
Therefore, Internet Computer’s Bitcoin features are aimed at expanding Bitcoin’s ecosystem in more areas. Recently, we have seen similar networks, especially Stacks, grow as demand for Bitcoin’s network has risen. This demand surged after the success of Ordinals.
Read more: How to buy Internet Computer.
ICP price forecast
The daily chart shows that ICP price has bounced back in the past three days. This rebound happened after the token formed a long-legged doji candlestick pattern, which is one of the most popular reversal patterns in the industry. It has remained above the 50-day and 100-day Exponential Moving Averages (EMA) while the Relative Strength Index (RSI) has pointed upwards.
Therefore, the outlook for Internet Computer price is bullish as the ongoing shakeout in the crypto industry continues. Shakeout is a situation where assets drop sharply as we have seen with Bitcoin recently. As they drop, speculators exit, followed by another bull run. If this happens, the next point to watch will be $16.3, its highest point on January 3rd.
