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Internet Computer (ICP) price rockets as ckBTC assets jump

By:
on Feb 19, 2024
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  • Internet Computer’s token price is nearing its YTD high.
  • There are signs that ckBTC is seeing more demand.
  • Data shows that the ckBTC total value locked (TVL) has jumped to over $13 million.

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Internet Computer (ICP) price was one of the best-performing cryptocurrencies on Monday as the crypto industry rose. The token jumped to a high of $14.86 on Monday, its highest point since January 3rd. It is also approaching the year-to-date high of $16.25, which is about 12.5% above the current level.

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ckBTC assets jump

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Internet Computer price has done modestly well since the developers launched the ckBTC token, which is a Bitcoin twin. This is an important part of the ecosystem as demand for Bitcoin-focused assets jump.

The most recent data shows that demand for ckBTC is growing. According to DeFi Llama, the total value locked (TVL) in the ecosystem has jumped to more than $13 million, making it the sixth biggest player in the Bitcoin ecosystem. The other notable parts of this ecosystem are Merlins Seal, Lightning Network, and B2 Network. 

ckBTC’s TVL has grown gradually in the past few months as it moved from $570k in December last year to over $13 million today. This trend will likely continue in the coming months as demand for Bitcoin’s ecosystem rises. 

ckBTC provides a better alternative to Bitcoin in a number of ways. For one, it makes it possible for Internet Computer’s developers to incorporate BTC in their ecosystems. This is important because Bitcoin is the safest cryptocurrency in the world with a 15-year track record. ckBTC is also faster than Bitcoin because it has a 1-2 second finality and lower fees. 

Demand for Bitcoin in key industries has been growing in the past few months. Data shows that the total value locked (TVL) in its ecosystem has soared to over $1.6 billion, making it the sixth biggest player in the DeFi industry.

Bitcoin has also become a major player in the Non-Fungible Token (NFT) industry, where its Ordinals are dominating. 

Internet Computer price forecast

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Internet Computer price

ICP chart by TradingView

The daily chart shows that the ICP price has made a strong comeback after plunging to $9.50 in January.  This rally happened as the number of ICP transactions rise. It has moved above the 50-day and 25-day Exponential Moving Averages (EMA). Further, the coin’s Percentage Price Oscillator (PPO) has remained above the neutral point. The Relative Strength Index (RSI) is also approaching the overbought point at 70.

Therefore, the outlook for the ICP price is bullish, with the next level to watch being the YTD high of $16.25. A break above that level will invalidate the double-top pattern that has formed recently and open the possibility of it jumping to $20.

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