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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

ICP Rallies By 17%, Emerges As Biggest Gainer In Top 50 Cryptocurrencies

Semilore Faleti
Semilore Faleti
Last Updated: June 11, 2024 8:36 am
3 mins read
ICP

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Internet Computer (ICP) is currently on an impressive bullish run following the crypto market upturn, which saw many assets show signs of recovery. In the last week, ICP has taken center stage, recording the biggest gains among the major coins in the market. 

ICP Shows Its Mettle In Crypto Ranking

According to data from CoinMarketCap, the Internet Computer token recorded an 18.25% gain over the last seven days, outperforming every other token in the top 50 crypto rankings within the same period.

The web-affiliated altcoin initially began the week trading around $5.6 on Sunday. ICP showed no significant price action in the early days of the week but soon followed the Bitcoin price rally gaining by about 20.3% in the last two days.

In this month of April, the Internet Computer token has been a focal point of investor’s interest, surging by about 24% to trade above $7 for the first time since February. Although it has fallen from such heights, the altcoin appears to have resumed its bullish trajectory following last week’s stunning performance.

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At the time of writing, the ICP coin is trading at $6.32, having gone up by 5.16% in the last 24 hours. During this period, the Internet Computer coin has also recorded a 40.14% jump in its trading volume, hitting a value of $93.88 million. 

However, it must be said a lot is still desired from the ICP token, as its current market price represents a staggering 58.2% decline from its year-to-date (YTD) value, according to data from Coingecko.

ICP

ICP Trading at $6.34 | Source: ICPUSD Chart on Tradingview.com

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ICP’s ckBTC Gains Ground, As Plans To Launch ckETH, Others Are Revealed

Aside from the Bitcoin market-led surge, Internet Computer’s rise has also been driven by the announcement of the Chain-key Bitcoin (ckBTC), an ICRC-1- compliant token backed by Bitcoin 1:1. 

According to DFINITY, developers of ICP, the ckBTC token acts as a bitcoin twin enabling users to conduct fast, secure, and low-fee bitcoin transactions on the Internet Computer blockchain. 

The ckBTC distinguishes itself from other cross-chain derivatives tokens as its operation requires no centralized custodians, bridges, or traditional cloud providers operating a fully decentralized system. 

So far, this innovation has received much reception as 61.2628 ckBTC tokens (worth $1.795 million) have been minted on the ICP blockchain following the launch of the token four weeks ago. 

ICP

Source: Internet Computer Dashboard

Moreover, ICPSwap, an affiliate account of the Internet Computer, has announced the upcoming integration of Ethereum and all ERC-20 tokens with the Internet Computer ecosystem. 

Upon successful implementation, this integration will lead to the creation of ckETH and similar ERC-20 assets such as ckUSDT, ckUSDC, etc. 

Featured Image: Market Realist, chart from TradingView.

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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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