Internet Computer pumps as transactions spike 37%: Is $20 next for ICP?

on Dec 31, 2023
  • The Internet Computer is a layer 1 blockchain for decentralised cloud 3.0.
  • ICP price has spiked more than 180% in the past 30 days, breaking above $13 on December 31.
  • Transactions on the ICP protocol jumped more than 37% as daily volume reached $802 million.

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The price of Internet Computer (ICP) has jumped more than 36% in the past 24 hours as the blockchain platform’s transaction activity soared. At the time of writing, ICP price was hovering above $13.30. The surge above $13 has ICP up 184% in the past 30 days, with intraday highs of $14.00 on December 31.

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ICP among coins with highest spike in transactions

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While XRP, TRON, Stellar and EOS topped the transactions count on December 31 with 6.8 million, 4.3 million, 2.2 million and 1.4 million respectively, Internet Computer’s overall 24-hour change led the top gainers.

According to data from CoinGecko, the 24-hour trading volume for ICP rose more than 363% to over $802 million on Sunday. Per TradingView data, the total transactions for ICP had spiked 37% as the distributed computing & storage, smart contracts-enabled network saw increased user activity.

Is $20 next for ICP price?

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Today’s price gain for the Internet Computer is bullish for ICP as upward momentum has the cryptocurrency set for a weekly candle close above $10 for the first time since May 2022.

If the outlook holds and a rally in coming weeks includes a retest for support above $15.71, ICP price could target $20. The immediate hurdle above this level could be around $23.57.

Internet Computer (ICP) price on the weekly chart. Source: TradingView

Analysts upbeat on the decentralised cloud 3.0 protocol are pointing to its strengths in the space. Apart for a potential path towards dominance in the crypto cloud market, the Internet Computer is fully on-chain, scalable, fast and cheap in terms of transaction costs.

On December 18, the Swiss not-for-profit DFINITY Foundation, which is overseeing the ICP blockchain, made a major announcement likely to boost ICP going into 2024.

According to DFINITY, the launch of a European subnet on the Internet Computer provides for the development and deployment of decentralised applications (dApps) that align with European Union’s General Data Protection Regulation (GDPR).

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