{"id":247641,"date":"2021-05-12T13:42:16","date_gmt":"2021-05-12T10:42:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-did-internet-computer-icp-become-a-top-10-cryptocurrency-overnight\/"},"modified":"2021-05-12T13:42:16","modified_gmt":"2021-05-12T10:42:16","slug":"how-did-internet-computer-icp-become-a-top-10-cryptocurrency-overnight","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-did-internet-computer-icp-become-a-top-10-cryptocurrency-overnight\/","title":{"rendered":"# How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f07b7a2c54\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f07b7a2c54\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/how-did-internet-computer-icp-become-a-top-10-cryptocurrency-overnight\/#Why_ICP_price_rallied\" >Why ICP price rallied?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/how-did-internet-computer-icp-become-a-top-10-cryptocurrency-overnight\/#What_is_Internet_Protocol\" >What is Internet Protocol?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/how-did-internet-computer-icp-become-a-top-10-cryptocurrency-overnight\/#Growth_prospects_for_ICP\" >Growth prospects for ICP<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># How did Internet Computer (ICP) become a top-10 cryptocurrency overnight? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Traders valued Internet Computer (ICP) at $630 in its debut on Coinbase on Monday. On Binance, however, the dollar bids for the token surged to as high as $3,093 as of Tuesday. Meanwhile, HitBTC reported ICP at the peak of roughly $407.<\/p>\n<p>The huge price differences across multiple cryptocurrency exchanges showed a berserk trading sentiment in the Internet Computer market, landing ICP in the list of top-ten cryptocurrencies by market capitalization, surpassing even veterans like XRP, Dogecoin (DOGE), and Cardano (ADA) and reaching as high as the fourth spot.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/743152a9-96f4-4005-a864-90dbbcd476e8.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>ICP 1-hour candle close across multiple crypto exchanges. Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>Major price corrections followed on profit-taking sentiment. Entering the Wednesday trading session, the ICP\/USD exchange rate on Coinbase and Binance was about $338. On HitBTC, it was $14 higher. The downside move prompted ICP to slip in crypto ranks \u2014 from fourth to eighth.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_ICP_price_rallied\"><\/span>Why ICP price rallied?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The sudden arrival of ICP among the top-ranking cryptocurrencies caught many crypto traders and analysts off guard. A quick look into the token&#8217;s issuing authority, Internet Computer, described it as a &#8220;blockchain-based cloud computing project&#8221; that proposes to build an open, public network.<\/p>\n<p>But the biggest takeaway for traders was the involvement of high-profile institutional players in the project. That included the US-based angel investor Andreessen Horowitz, known for backing <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> at its early stage, and Polychain Capital, a crypto-focused hedge fund in New York, helmed by\u00a0Olaf Carlson-Wee, who earlier served as the Head of Risk at Coinbase.<\/p>\n<p>Meanwhile, the ICP token gained listing on top cryptocurrency exchanges right after its launch last Friday. That reflected a carefully structured strategy by\u00a0DFINITY, the Zurich-based nonprofit backing Internet Computer, that landed ICP tokens right into the con<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a> of everyday traders.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Major exchanges listing <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ICP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ICP<\/a> all at once, never h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened before. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/kJfz6bwJEf\">pic.twitter.com\/kJfz6bwJEf<\/a><\/p>\n<p>\u2014 Fatah Kasmaran \u221e (@fatahkas) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/fatahkas\/status\/1391783932757086211?ref_src=twsrc%5Etfw\">May 10, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Internet_Protocol\"><\/span>What is Internet Protocol?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In retrospect, DFINITY aims to develop a blockchain-based infrastructure, one in which the internet itself supports software applications instead of cloud hosting providers. Its Internet Computer protocol proposes to host online services such as social media, messaging, search, storage, and peer-to-peer digital interactions, atop its public Web 3.0 cloud-like computing protocol.<\/p>\n<p>The aim involves relying more on large data centers and high-end node machines (aka validators) with a capacity much larger than that provided by the leading blockchain Ethereum. <\/p>\n<p>In short, DFINITY hopes that it would offer the first truly global blockchain network that runs at the top web speed with unlimited scaling features to support any volume smart contracts computation.<\/p>\n<blockquote><p>&#8220;If the IC succeeds at replacing legacy IT, there would be no need for centralized DNS services, anti-virus, firewalls, database systems, cloud services, and VPNs either,&#8221; noted Mira Christanto, researcher at crypto analytics platform Messari.<\/p><\/blockquote>\n<p>DFINITY proposes <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dfinity.org\">decentralization by introducing a unique\u00a0consensus model<\/a> dubbed as Threshold Relay, coupled with its Blockchain Nervous System to ensure\u00a0algorithmic governance.\u00a0<\/p>\n<p>Meanwhile, ICP serves as a native asset to the Internet Computer. Its role within the platform involves staking that allows users to participate in the Blockchain Nervous System and security deposits that allow private entities, including client software and cloud networks, to connect to the Internet Computer&#8217;s public network.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Growth_prospects_for_ICP\"><\/span>Growth prospects for ICP<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>DFINITY earlier raised $163 million via private funding rounds. Meanwhile, the nonprofit organization also received $4.1 million in Bitcoin and Ethereum tokens in February 2017. In May 2018, it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/dfinity\/how-to-access-seed-and-airdrop-icp-tokens-and-participate-in-the-internet-computer-network-e6cd663a0c3c\">airdropped $35 million worth of ICP tokens<\/a> (formerly known as DFN) among its early supporters. That marked 0.8% of the initial ICP supply.<\/p>\n<p>The airdrop participants received the IOU versions of their ICP holdings in September 2020. They were able to transfer them back to ICP on May 10, a day before the token&#8217;s debut on Coinbase.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/3cbeef2c-a1a3-40e4-bbd7-2adf470b84fb.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>ICP crashes by 89% after its bid crossed $3,000 on Binance. Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>Dfinity aims to expand its network of data centers and developers. As of now, the nonprofit is running seven subnets with 68 nodes across 12 independent data centers. The goal is to reach\u00a0123 data centers hosting 4,300 nodes by the end of 2021.<\/p>\n<p>Similar to Bitcoin and Ethereum, the prospects of infrastructural growth in the Internet Computer ecosystem could allow speculators to raise their long-term bids on ICP-enabled pairs. It would receive a further boost as investors continue to seek protection against their fears of macroeconomic inflation.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/how-did-internet-computer-icp-become-a-top-10-cryptocurrency-overnight\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# How did Internet Computer (ICP) become a top-10 cryptocurrency overnight? &#8221; Traders valued Internet Computer (ICP) at $630 in its debut on Coinbase on Monday. On Binance, however, the dollar bids for the token surged to as high as $3,093 as of Tuesday. Meanwhile, HitBTC reported ICP at the peak of roughly $407. The&#8230;<\/p>\n","protected":false},"author":1,"featured_media":247642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvNDUxNjViOGMtNDU0MS00NmNiLWE2ZWItOTcwODE3NzMzY2JiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,79806,74894,74956,74863,78168,74983,74939,75434,73711,73785,71407],"class_list":["post-247641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-analysis","tag-blockchain","tag-coinbase","tag-cryptocurrencies","tag-dapps","tag-decentralization","tag-market-analysis","tag-smart-contracts","tag-investments","tag-markets","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/247641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=247641"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/247641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/247642"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=247641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=247641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=247641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}