ICP is the first blockchain to offer unlimited capacity that works at web speed.
In this guide, we answer the question is ICP crypto a good investment, cover the cryptocurrency’s performance and uses, provide ICP price predictions, and suggest where you can buy it.
Is ICP Crypto a Good Investment? Our Summary
When looking to buy cryptocurrency this year. it’s important to research the market and your preferred coin’s price performance. This crypto asset is still in its infancy in the digital currency market but made a solid debut.
So that begs the question -is ICP crypto dead or a smart investment?
Chain Key cryptography, a rapid and scalable consensus technique, lies at the heart of the ICP Crypto network. The blockchain can execute 11,500 transactions per second, with a one- or two-second finalization time.
In comparison, Ethereum can only handle roughly 15 transactions per second, and each transfer can take up to six minutes to complete if the network suffers from overload.
Furthermore, data storage on the ICP platform is only around $5 per gigabyte annually, a fraction of the $350 million you’d spend on Ethereum.
It remains to be seen whether the ICP Crypto token can ever reach its 2021 highs, which we will discuss shortly. However, if you want a speedy and low-cost digital currency, you might invest in ICP Crypto.
Cryptoassets are a highly volatile unregulated investment product.
How ICP Crypto Has Performed Since Launch
The first thing you’ll look for before you invest in cryptocurrency is how the respective token has performed.
ICP was launched by Dfinity in May 2021. As such, this cryptocurrency project is still in its infancy. We mentioned that the ICP Crypto project made a strong debut. After five years of development, ICP’s price reached over $750 when released in May 2021.
However, in June of the same year, its price plummeted by 95% to $34, and in July 2021, it dropped even more to just $28.
The Dfinity Foundation, which designed the Internet Computer blockchain, stated that the dip was likely due to the token’s launch during a crypto-wide bull run.
In the last year, ICP trading on exchanges has grown a lot thanks to a liquidity program launched in the middle of the year and multiple new integrations. These include listings on seven new exchanges, ten wallet integrations, and three major custody platform connections. More integrations are planned to roll out through 2024 to boost ICP’s availability even more.
One of the most significant achievements of the Internet Computer in 2023 was the launch of the Service Nervous System (SNS) DAO framework.
We dive into more ICP Crypto price data next.
ICP Crypto Price Prediction
Before you go ahead with an ICP Crypto investment, let’s take a closer look at the price of its token. After the aforementioned decrease in value in mid-2021, ICP’s pricing point remained fairly stable throughout the year, prompting many traders to consider this one of the underpriced cryptos.
ICP Crypto peaked at nearly $85 in August 2021 but has since varied between $20 and $83. As of now, its 24-hour high and low are $10.69 and $12.40, respectively, and if you buy ICP Crypto, you’ll pay about $11.33. It currently ranks #16 on CoinMarketCap, with a market cap of $5,522,162.
Of course, this will change due to cryptocurrencies’ generally volatile nature. That said, it should give you a clearer indication of where the crypto is compared to its debut.
Cryptoassets are a highly volatile unregulated investment product.
Given its fall from grace since the aforementioned all-time high of $750, you might wonder, ‘ Is ICP Crypto a good investment?’
Although even the best altcoins experience volatility, analysts are unsure about price projection.
- Some believe ICP Crypto is a risky long-term investment
- On the other hand, there are market commentators who have a considerably more upbeat outlook on ICP Crypto investments
- Some predictions foresee the price rising as high as $32.7 in 2024
- With that said, it’s hard to anticipate when demand will wane and prices will decrease in today’s speculative environment
Internet Computer Price Prediction 2025
The price of the broader industry may increase significantly in 2025. This could be due to developmental projects related to education, awareness, and technological advancement of the Internet Computer. As a result, the price may reach up to $26.80. However, if emerging rivals, stiffer competition, and a lack of fueling initiatives come into play, the price could drop to as low as $18.80. In that case, the average trading price for the year is expected to be around $22.8.
Internet Computer Price Prediction 2030
Our analysts predict that the ICP price for the year 2030 could range between $57.03 to $73. The average price of Internet Computer could be around $65.2
Many buyers seek to benefit from price increases rather than have a firm trust in blockchain technology’s long-term use. Regardless, we offer more information to help you decide whether to invest in ICP Crypto.
ICP Crypto Utility – Is It Investable?
We talked about speed and low fees, but let’s examine whether ICP Crypto is investable in more detail.
The Dfinity Foundation, the non-profit organization behind ICP Crypto, has outlined a 20-year plan that can culminate in an open internet larger than today’s closed ecosystems run by huge tech firms.
- On blockchains like Ethereum, the system requires users first to download a wallet and purchase all the best crypto tokens prior to using the platform’s services.
- ICP Crypto uses a reverse gas model, which means users don’t require specific tokens or wallets to access blockchain services or apps.
Furthermore, the infrastructure is free because developers pay for computer resources used by their products with the ICP token itself.
The ICP platform functions similarly to typical cloud services, in which businesses pay for infrastructure and charge customers for services and software.
Many market commentators think DeFi will be much larger than traditional finance in the coming years. ICP could be well-positioned to power a considerable percentage of the world’s information infrastructure, software systems, and services.
Unlike certain other cryptocurrencies, such as Bitcoin, there is no supply restriction on the total quantity of ICP tokens. However, if ICP succeeds in displacing huge IT companies, it might have a chance at controlling a large portion of IT spending.
This is because businesses might be in a position where they need to buy ICP tokens to power their software and services. And as a result of the increased demand, its price would rise.
As such, whether or not ICP Crypto makes a good investment for you personally will depend on your appetite for risk and your confidence in its future success.
Where to Buy ICP Crypto
As we’ve answered the question of the day, ‘ Is ICP Crypto a good investment?’, we will now review one of the most used crypto exchanges offering low-cost access to this token.
ICP is a utility token that enables users to connect and manage the Internet Computer public blockchain. Its goal is to simplify building websites, internet services, and DeFi programs by allowing users to run their existing code on the open Network. Internet Computer coin is available on several crypto exchanges, including Crypto.com, Binance, Coinbase, Huobi Global, and OKX.
Does ICP Have a Future?
After reading the majority of this guide, you might still be asking yourself what is the future of ICP coin?
It’s impossible to answer this question with a definitive answer.
However, you will see below a summary of the fundamentals of this crypto project so you can make up your own mind.
- The ICP Crypto team’s major goal is to decentralize smart contracts and make them infinitely scalable
- Moreover, developers are able to build internet services like messenger apps and websites using ICP’s technology
- In essence, it aims to outperform big technology as a middleman
- ICP software does not have a permanent physical location
- Instead of operating on a dedicated server such as Google Cloud, it moves between servers controlled by independent data centers all over the world
- ICP has also leveraged new cryptography in order to integrate with the Bitcoin network
- Essentially, Chain key cryptography enables ICP to sign transactions for blockchains such as Bitcoin and Ethereum
It is possible that Dominic Williams’ plan could result in a significant amount of harmful and illegal content being uploaded online without any accountability. Additionally, the ICP cryptocurrency has not yet reached the same level of success it had at its launch. In combination with the negative sentiment surrounding cryptocurrency due to the SEC’s legal battles, there are many uncertainties surrounding ICP. You must conduct your own research. Despite this, the innovation and team behind the token are exceptional. You may add it to your watchlist, research it, and see if it suits your portfolio.
Conclusion
In this guide, we’ve answered the question ‘is ICP Crypto a good investment?’. As we’ve explained, ICP Crypto has struggled to get anywhere near the all-time high it reached when it was first launched into the digital currency market.
ICP’s future looks bright and with benefits such as being able to run at web speed and low fees the token doesn’t lack real-world uses. However, you must do your homework before risking any funds.
Cryptoassets are a highly volatile unregulated investment product.