The Internet Computer price kept rising on Monday morning with the increase in cryptocurrencies demand. ICP rose to $23, the highest since February 22. It’s also 58% from its lowest this year hence the over $4.8 billion total market cap.
The Internet Computer, a popular project developed by Swiss-based Dfinity, was launched in May 2021. It became so successful that it became one of the top ten largest cryptocurrencies globally in its first few days.
After that, the ICP price has been uneven, moving from the top ten to thirty-six. Concurrently, the hype it had before died down.
Yet, Dfinity is still creating the project and achieving its goals, like its current Chromium part that involves several network upgrades.
For instance, they aspire to provide features allowing them to merge with Bitcoin, the largest cryptocurrency globally. This upgrade makes powerful, intelligent contract functionality for BTC transactions and allows BTC transactions with fast finality and low transaction costs.
Upgrades developed using Chromium are signing the ECDSA threshold, implementing ICOS boundary nodes, and allowing simple API for ledger transactions. Analysts hope the upgrades will cause a significant improvement in the network.
Still, a significant issue for Internet Computers is whether developers will embrace the network. While some have already adopted it, its usage is still substantially low.
Majorly the Internet computer is challenged by if developers will embrace it since others have but with significantly low usage.
Internet Computer price prediction
The four-hour chart shows that the ICP price has been in a strong bullish trend in the past few weeks. And during the weekend, it managed to move above the key resistance at $20.75, which was the highest point in March. It is now approaching the 38.2% Fibonacci retracement level while the price has moved above the 25-day and 50-day moving averages.
Therefore, there is a possibility that the coin will keep rising as bulls target the 50% Fibonacci retracement level at $26.40.