Why is ICP up by more that 9% these days? Cryptocurrency gained attention as an investment model in 2009. The first crypto token to gain its global launch was Bitcoin. The working philosophy of Bitcoin including decentralized finance and blockchain gained acceptance. british-bitcoinprofit.org official website for trading.
Why is ICP up by more than 9% today?
Why is ICP up – Growth of crypto in the global market
Bitcoin became an instant hit amongst investors. The primary purpose of this token is to enable easy peer transactions. The sender and recipient can undertake a huge volume of transactions with minimal effort. The transaction costs and the time to undertake these transactions are much lesser. Also, such transactions are not possible in the traditional banking system.
Blockchain evolution in the technology industry
Yes, the concept of blockchain also became an instant hit among investors. Blockchain is nothing but a ledger that stores user transactions in the network. Such ledger accounts take a unique reference number. These transactions host in a public network accessible to everyone on the network.
Other than cryptos, the concept of blockchain technology is not used in many other fields. It ranges from gaming, shopping, and other products. Many companies are now coming forward to invest in this technology.
With the growth of blockchain technology and growing acceptance, the number of cryptos grew. Today, there is more than 14k+ crypto in the global market. Most exchanges have been able to list close to 10k+ cryptos. It also allows for easier trading on these cryptos. The market volume of these cryptos has increased by more than $3 trillion.
Crypto market performance
Yes, it is indeed true that cryptos have made people wealthier. Unlike any other investment market, cryptos have been reaping profits. Bitcoin sells at $30k per token making it a pricey token. A similar approach is exhibited by other crypto tokens as well.
But the year 2022 has not been a favorable one for crypto. The tokens have seen a substantial drop in prices. Bitcoin is trading at less than $30k per token. Other popular tokens including Ethereum, Litecoin, and Shiba are showing a declining trend.
Understanding Internet Computer token (ICP)
Internet computer tokens popularly known as ICP became an ambitious project in the crypto market. The token made its entry through the initial coin offering.
The token aims to decentralize the world of the internet. How does this work? Let us understand this in a real-world example. The articles you read online such articles are initially hosted on a central data server. From the server, the article is made available for browsing or download on your user computer. Now ICP aims to eliminate the role of the server here. It will allow the user computer to function as the server and medium of data storage.
The native utility token that will enable this service is the ICP. The token encourages users to engage in the pool of networks. It also rewards its users with data hosting services that create this decentralized network.
Internet computer is different from smart contracts and works differently. It can process a huge volume of smart contract data on the network. It can also undertake easy logarithmic computation thereby facilitating easy transactions. The solution is cost-effective and provides higher latency as compared to other cryptos.
The token was initially announced in May 2016. After years of rigorous research, the token was finally launched in May 2021. The token got its listing in Coinbase a popular exchange. It was also able to create a market volume of approximately $300 billion before the launch.
ICP crash in the global market
ICP holds to be the most fluctuating token in the market. The token traded at $750 on its opening day. But 24 hours after the market opened, the price surged to $75 per token. The reason for this is yet unknown. It took more than three years to reach a market capitalization of $300 billion. It vanished in 24 hours in the global market.
ICP performance in June 2022
Compared to other tokens, ICP is showing a steady green line since the market recovered. The token is up by 9% since the market recovered on Monday. In the past 24 hours, the token has outperformed its peers in the market. The token has also taken a safe position on being the top 50 cryptos to look out for in 2022.
Hope now you got the points on Why is ICP up by more than 9%.