After closing yesterday trading at $222.14, representing a change of over 34% during the day, Dfinity’s ICP price was down over 11% at the time of reporting and trading around $170 according to Binance-backed Coinmarketcap.
ICP has been dubbed the next big innovation after Bitcoin and Ethereum in the entire blockchain industry. This is ostensible because the project is taking on big tech companies including Google and Microsoft in their global market dominance.
The Dfinity Foundation-backed project attracted the cryptocurrency community’s attention after it made it in the top ten digital assets by market capitalization. According to market analytics provided by CoinGecko, the ICP token had a market capitalization of $21,218,040,931 and an average trading volume of $1,536,883,957 in the past 24 hours.
DFinity’s ICP Project and Market Perspectives
After establishing itself as a futuristic internet infrastructure, Dfinity’s ICP project has attracted a huge global community. Several notable analysts have given a buy call in ICP price by the end of the year.
According to a blog post by InvestorPlace, DigitalCoinPrice gave a price target of another $100 upward push for ICP token. TradingEducation gave a rally of up to $1000 in the years to come as the project gathers global momentum.
Furthermore, the project has attracted notable support from leading blockchain and cryptocurrency-related firms. Notably, DFinity’s ICP token has already been listed by Binance, Coinbase Pro, Sygnum, among others.
Worth noting, there are 123,993,932 units of ICP tokens in circulating supply out of the possible maximum supply of 469,213,710 units.
The Dfinity’s ICP project has already attracted key developers who have launched their applications on the ecosystem. Earlier this week, the firm announced the launch of the Distrikt app to enable decentralized governance of the ecosystem. Notably, the Distrikt app is a blockchain-based social network run 100% on blockchain technology to ensure credibility and decentralization.
Investors stashing ICP tokens are reportedly buying into a future technology that is expected to bring sanity to the internet industry. By sanity, I mean giving people back the sovereign power to govern their personal information free from big tech companies’ interference.
Dfinity’s ICP ecosystem has received monetary support from notable crypto firms including OKEx that did set aside approximately $10 million. According to the cryptocurrency exchange OKEx, the funds are expected to be used by high-quality projects building on the Internet Computer ecosystem.
The ICP project was developed by the Dfinity Foundation that describes itself as a non-profit scientific research organization based in Zurich, Switzerland.
Should Dfinity succeed in overthrowing big tech companies in the global market through the ICP project, the upside call would then remain imminent.