Internet Computer has the ambitious goal of changing the internet, aiming to make it a decentralised paradise. But the blockchain is haunted by its past, which saw large amounts of ICP tokens dumped in its first month of operating.
The internet currently works by sending data from large centres to devices. For example, this article is stored in a data centre and is being sent to the laptop or other device on which you are reading it. Internet Computer wants to fundamentally change this, by allowing individual computers and data centres to store the information, which would result in a decentralised network.
ICP is the native utility token designed to power this system. It encourages people to engage with the network, as it is rewarded to those hosting the data and voting in key blockchain decisions.
Nevertheless, does ICP coin have a future? Let's delve into the latest ICP price prediction.
From the ICP whitepaper
The whitepaper states: “Smart contracts are a new form of software that will revolutionise how software is written, IT systems are maintained, and applications and whole businesses are built.”
“In particular, Internet Computer can process unbounded volumes of smart contract data and computation natively because it can grow in capacity by adding more nodes to the network,” says the white paper.
The Internet Computer buzz
DFINITY gathered a lot of hype around its decentralised network. This buzz was justifiable, as the blockchain’s goal was ambitious: it wanted to fundamentally change the internet. The idea of not having to pay hosting fees to technology giants was appealing to developers, while a more equal internet was attractive to potential users.
Internet Computer also had the support of some high-status venture capital firms. It had raised $120m ($91m) from firms including Andreessen Horowitz, Aspect Ventures and Polychain Capital.
ICP’s recent price history
After ICP fell to $75 in June, it continued to drop but at a less rapid pace. By the beginning of August, it started gaining support at the $30 level and stopped falling. It briefly saw a bullish trend that month, peaking at $84.75 on 6 September.
Internet Computer was not able to sustain this price and eventually continued its downward trend. ICP performed bearishly for the rest of 2021 and by 20 December it reached its all-time low of $21.04, according to CoinGecko.
The new year was a new slate for ICP. It raced from $25.36 on 1 January 2022 to $36.55 five days later. This came after the launch of the Terabithia bridge, a function designed to improve interoperability between Internet Computer and Ethereum.
Terabithia could be the next step for Internet Computer to scale. This bridge allows smart contracts to operate between the two blockchains, meaning assets can be created that function on both Ethereum and Internet Computer. For example, ERC-20 tokens can exist on the Internet Computer blockchain.
The excitement did not last for long, however. The price of ICP corrected on 6 January to below the $30 mark, and continued on a general downtrend. By the end of February, it had dropped to the $15 level. It then saw a slight rally in March as the cryptocurrency was listed on the Kraken exchange. ICP saw this surge peak at $23.46 on 28 March.
But it was not able to sustain this price, with the token priced at $5.10 – as of 30 June 2022 – and down 9% on the previous seven days.
ICP price prediction
Things are not looking hopeful after ICP’s latest price correction.
WalletInvestor’s ICP coin price prediction says it is a bad long-term investment. It expects the coin to fall dramatically, dropping to $0.16 in a year’s time. The site forecasts that the coin will eventually rally again, fluctuating between $1 and $2 in 2024. WalletInvestor’s ICP price prediction for 2025 is worse, expecting it to fall to $0.80 by the year-end.
However, PricePrediction.net’s latest forecasts seem unaffected by ICP’s recent drop. Its Internet Computer price prediction expects a steady rise over the next decade, which will surpass the $100 mark. Its ICP price prediction for 2022 is to reach an average price of $9.86, which will race to $31.14 in 2025. Its ICP price prediction for 2030 is $181.28.
There are other optimistic ICP price predictions, although not as ambitious. DigitalCoinPrice expects a steady price growth for Internet Computer, from $6.62 in 2022 to $9.77 in 2025. Its furthest ICP price prediction forecasts the cryptocurrency to be trading at $23.28 in 2030.
The TradingBeasts ICP crypto price prediction estimates the coin to reach above $15 by 2024. Its Internet Computer price prediction for the end of December 2025 is close to $20.
Meanwhile, CryptoNewsZ said: “A bullish trend is predicted for 2022 with the price almost getting doubled in the year-end.”
Internet Computer has certainly had a rocky past, with its price fluctuations last May making it an especially volatile cryptocurrency. ICP has its work cut out if it is to start reaching these optimistic targets.
Hope this article can provide you with some brand-new ideas about ICP price prediction.
