Is ICP Crypto Dead? The Rise and Fall of Internet Computer (2024)

What is ICP Crypto?

ICP is the native cryptocurrency that powers Internet Computer, a set of protocols that permit independent data facilities around the international to band in combination and be offering a decentralized alternative to the current centralized internet cloud suppliers. ICP is additionally a governance coin used for staking, as well as to protected delegated decision-making power while leveraging energy from related nodes on the community

Why Did ICP Crypto Surge in May 2023?

ICP crypto made a shocking debut on May 10, 2023, when it was indexed on main exchanges equivalent to Coinbase, Binance, and Huobi. It reached a height value of $737.20 USD on the identical day, making it the fourth-largest cryptocurrency by marketplace capitalization. The hype round ICP crypto was once pushed by way of several components, corresponding to:

• The bold vision of Internet Computer to create a “World Computer” blockchain that can host any on-line device or service, with out need for normal IT comparable to cloud computing products and services.
• The leading edge design of Internet Computer, which makes use of chain key cryptography to allow decentralization and innovation. It also provides a source of cycles, a balloting gadget, and a shop of worth for its token ICP.
• The robust backing of Internet Computer via respected traders and institutions, such as Andreessen Horowitz, Polychain Capital, DFINITY Foundation, and the Ethereum Foundation.

What Caused ICP Crypto to Plummet in June 2023?

However, the euphoria around ICP crypto didn't closing lengthy. By June 10, 2023, ICP crypto had lost more than 90% of its price, buying and selling at round $60 USD. The crash of ICP crypto was once attributed to several reasons, corresponding to:

• The lack of clarity and transparency on the tokenomics and governance of Internet Computer. Many investors and users had been confused about the function and distribution of ICP tokens, in addition to the decision-making process of the Network Nervous System (NNS), the DAO that governs the Internet Computer blockchain.
• The high volatility and pageant in the crypto market. ICP crypto faced intense force from different cryptocurrencies, especially Bitcoin and Ethereum, which recovered from their May lows and regained market dominance. ICP crypto additionally confronted festival from other DeFi platforms, similar to Solana, Polygon, and Binance Smart Chain, which offered lower fees and faster transactions.
• The unfavorable sentiment and FUD (concern, uncertainty, and doubt) round ICP crypto. Many critics and skeptics questioned the viability and security of Internet Computer, in addition to the motives and credibility of its founders and supporters. Some even accused Internet Computer of being a scam or a cult, and spread rumors and misinformation about its generation and imaginative and prescient.

Is ICP Crypto Dead or Alive?

As of December 18, 2023, ICP crypto is trading at round $9 USD, with a market capitalization of $1.2 billion USD. It ranks forty seventh among the most sensible cryptocurrencies by way of marketplace cap. While ICP crypto has misplaced most of its worth and recognition since its launch, it is not dead but. There are nonetheless some signs of lifestyles and hope for ICP crypto, such as:

• The continuous construction and development of Internet Computer. The Internet Computer workforce and neighborhood had been operating laborious to mend the insects and issues that plagued the network in its early days, as well as to add new features and functionalities that support its efficiency and usability.
• The rising adoption and innovation of Internet Computer. Despite the challenges and setbacks, Internet Computer has attracted some notable tasks and partners, reminiscent of OpenAI, Chainlink, Uniswap, and Reddit, which have constructed or integrated with Internet Computer to leverage its unique functions and advantages.
• The loyal and passionate fortify of Internet Computer. There are nonetheless many believers and enthusiasts of Internet Computer, who see its potential and vision to revolutionize the internet and the world. They had been actively taking part and contributing to the Internet Computer ecosystem, equivalent to by developing content, internet hosting events, providing feedback, and spreading consciousness.

Conclusion

ICP crypto is one of the maximum debatable and polarizing cryptocurrencies in the historical past of the crypto space. It has experienced a meteoric rise and a dramatic fall in a brief span of time, and has faced many demanding situations and criticisms alongside the method. However, ICP crypto is no longer dead but, and it nonetheless has an opportunity to recover and achieve the long run. The fate of ICP crypto depends in large part on the development and adoption of Internet Computer, as well as the sentiment and reinforce of the crypto community. Whether ICP crypto is dead or alive is ultimately a question of standpoint and opinion.

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