ICP Rallies By 17%, Emerges As Biggest Gainer In Top 50 Cryptocurrencies
April 29 2023 - 5:16AM
NEWSBTC
Internet Computer (ICP) is currently on an impressive bullish run
following the crypto market upturn, which saw many assets show
signs of recovery. In the last week, ICP has taken center stage,
recording the biggest gains among the major coins in the
market. ICP Shows Its Mettle In Crypto Ranking According to
data from CoinMarketCap, the Internet Computer token recorded an
18.25% gain over the last seven days, outperforming every other
token in the top 50 crypto rankings within the same period. The
web-affiliated altcoin initially began the week trading around $5.6
on Sunday. ICP showed no significant price action in the early days
of the week but soon followed the Bitcoin price rally gaining by
about 20.3% in the last two days. In this month of April, the
Internet Computer token has been a focal point of investor’s
interest, surging by about 24% to trade above $7 for the first time
since February. Although it has fallen from such heights, the
altcoin appears to have resumed its bullish trajectory following
last week’s stunning performance. Related Reading: XRP May Rally
Over 10% Upon Breaching Two Critical Levels At the time of writing,
the ICP coin is trading at $6.32, having gone up by 5.16% in the
last 24 hours. During this period, the Internet Computer coin has
also recorded a 40.14% jump in its trading volume, hitting a value
of $93.88 million. However, it must be said a lot is still
desired from the ICP token, as its current market price represents
a staggering 58.2% decline from its year-to-date (YTD) value,
according to data from Coingecko. ICP Trading at $6.34 | Source:
ICPUSD Chart on Tradingview.com Related Reading: Bitcoin Emerges As
the King Of Assets,10X Growth Over Gold During US Banking Crisis
ICP’s ckBTC Gains Ground, As Plans To Launch ckETH, Others Are
Revealed Aside from the Bitcoin market-led surge, Internet
Computer’s rise has also been driven by the announcement of the
Chain-key Bitcoin (ckBTC), an ICRC-1- compliant token backed by
Bitcoin 1:1. According to DFINITY, developers of ICP, the
ckBTC token acts as a bitcoin twin enabling users to conduct fast,
secure, and low-fee bitcoin transactions on the Internet Computer
blockchain. The ckBTC distinguishes itself from other
cross-chain derivatives tokens as its operation requires no
centralized custodians, bridges, or traditional cloud providers
operating a fully decentralized system. So far, this
innovation has received much reception as 61.2628 ckBTC tokens
(worth $1.795 million) have been minted on the ICP blockchain
following the launch of the token four weeks ago. Source:
Internet Computer Dashboard Moreover, ICPSwap, an affiliate account
of the Internet Computer, has announced the upcoming integration of
Ethereum and all ERC-20 tokens with the Internet Computer
ecosystem. Upon successful implementation, this integration
will lead to the creation of ckETH and similar ERC-20 assets such
as ckUSDT, ckUSDC, etc. Featured Image: Market Realist, chart
from TradingView.
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