In the past 24 hours, ICP’s price surged by 12.32%, making it the talk of the day. Launched in May 2021, this token had lost 99.62% of its value by September 2023. Despite this, it still holds the 24th position on CoinMarketCap. Let’s explore why this token is so special.
ICP Helping Real World
Support to United Nations Blockchain Program
Unlike other cryptos that focus on staking rewards or governance, Internet Computer Protocol (ICP) aims to add real-world value. Just 10 days ago, ICP partnered with the United Nations Development Program (UNDP). Under this association, ICP will help UNDP develop a blockchain-based platform for Universal Trusted Credentials (UTC) in Cambodia.
Source : X (Formerly Twitter)
ICP will provide the infrastructure to secure and manage UTC for UNDP. This project also has support from other major bodies like the Monetary Authority of Singapore.
Portugal Accelerator Program
In 2024, ICP introduced the ICP Hub Accelerator Program in Portugal. This program aims to assist early-stage blockchain projects in transforming from simple concepts to market-ready solutions. The goal is to develop a robust ecosystem for blockchain innovators.
Additionally, last month, ICP launched Verified Credentials (VCs) during the Digital Identity unConference in Zurich. This walletless solution allows the sharing of personal data efficiently and securely, maintaining privacy and control.
Recently, ICP invested in an IoT based blockchain RWA project, Piggycell. Piggycell is Korea’s top power bank sharing service provider. It offers a decentralized platform that enables users to charge to earn.
The Technical Aspect
At the time of writing, Internet Computer Protocol is trading at $7.937, up 12.32% in the past 24 hours. The RSI is at 48.47 points, indicating a bullish sign. Shortly after its launch in May 2021, the crypto recorded its all-time high at $700.65. On September 13, 2023, it touched its lowest price point at $2.88. In the past 24 hours, ICP’s trading volume increased by 59.41%. The nearest resistance is currently at $8.257, and breaking this could easily push ICP to $10.
Source : TradingView
DefiLlama’s data shows a significant rise in its ROI compared to BTC and ETH in the past 24 hours. However, compared to the DeFi ecosystem, ICP still shows a loss.
Source : DefiLlama
Data derived from Coinglass shows that since the start of 2024, total Locked Value (TVL) in ICP has seen a significant rise. By the end of 2023, it was below $20M but reached $115M in 2024. Currently,it holds a TVL of $67.54M.Ś
Source : DefiLlama
Almost every big crypto exchange has recorded a high surge in trading volume. CoinEx has recorded the highest 184.04% rise in ICP trading volume in the past 24 hours.
Source : Coinglass
Looking Ahead
ICP is a project committed to providing real world value. It aims to enhance blockchain adoption and secure data. The sudden rise in its price suggests that retail investors are beginning to understand that cryptos with actual applications in the real world can offer better returns.
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