Crypto of the Day: Internet Computer (ICP). See Why!
Internet Computer just recently launched to the public in May 2021. Unlike SafeMoon, Shiba Inu and other new cryptocurrencies in 2021, Internet Computer has been in development for several years by some of the greatest minds in cryptography.
What is Internet Computer?
Internet Computer is an innovation upon normal blockchain technology. While other cryptocurrencies like Ethereum are focused on Proof-of-Stake technology, ICP uses neither Proof of Work or Proof of Stake. Instead, it uses queries and calls.
This revolutionary technology aims at being able to combine the high-speed data processing power of the internet with the security and trustlessness of blockchain technology. Internet Computer is made by the DFINITY foundation which has hundreds of impressive team members.
Internet Computer (ICP) is Up 30% in 24 Hours
Internet Computer has seen a massive 30% increase in price in just 24 hours. This being said, the coin has a long way to go before reaching new all-time highs. The token hit a local low of about $28 just a few days earlier and has since seen a resurgence in interest.
Why is ICP Moving?
Like other new cryptocurrencies, Internet Computer has shown higher volatility than more established digital assets like Bitcoin and Ethereum. Generally speaking, cryptocurrency assets get more stable the longer they’ve been trading, so you can expect huge price fluctuations from ICP.
On top of this, Internet Computer was hit hard during the recent correction in the cryptocurrency markets. While many other altcoins dropped by 50%, ICP has fallen over 90% from its peak.
This is due to 2 main factors: Coinbase listing hype and Seed and Presale investors with short vesting periods. Since listing on Coinbase grants cryptocurrency access to so many new investors, it’s not uncommon for crypto to pump the day it’s listed on the platform. On top of this, early accredited investors (including the likes of Andreessen Horowitz and Polychain Capital) who purchased ICP for less than $2 per coin are now able to sell their investments. This created major sell pressure for the token, but it looks like the worst may be behind us.
Where to Buy Internet Computer
Internet Computer (ICP) is available for purchase on Binance and Coinbase. Binance is the largest cryptocurrency exchange in the world, and the platform allows investors to trade a variety of altcoins.
Most U.S investors choose Coinbase for crypto investing, as it’s a publicly traded company, so you can rest easy knowing your funds are in good hands. Plus, you can sign up today and start earning free crypto with Coinbase Earn.