The Internet Computer price popped to the highest level since October 7 as interest in the cryptocurrency jumped. The ICP price rose to $51.82, which was about 30% above the lowest level this month. It has a market capitalization of more than $8.5 billion, making it the 25th biggest cryptocurrency in the world.
ICP fundamental analysis
Internet Computer is a relatively controversial blockchain project that was launched in May this year. The network enables developers to build decentralized applications without going through mainstream platforms like Google and Microsoft. ICP is the native token for the Internet Computer ecosystem.
ICP was developed by Dfinity, a company that is based in Switzerland. The developers raised more than $166 million in funding from companies like Aspect Ventures and Village Global.
ICP was launched during the craze that was happening in May. As a result, because of its exciting claims, more investors piled in, pushing its total market capitalization to more than $20 billion. This made it among the top-10 biggest coin in the world. The current price is still more than 90% below its all-time high.
Still, the number of applications being built on Internet Computer have kept rising. Some of the most popular apps that have been built include Plug, an app built by Fleek, Distrikt, and Internet Identity, among others.
This trend has pushed activity within the network substantially higher. For example, the total number of blocks developed has jumped to more than 279 million. It processes about 24 blocks per second while the size of these blocks has jumped to more than 331GB.
The four-hour chart shows that the ICP price found a strong floor at $40.25 this month. It struggled to move above this level several times before. Since then, the coin has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been in an upward trend.
Therefore, with interest in cryptocurrencies rising, there is a likelihood that the Internet Computer price will keep rising.
