Internet Coin ICP Shines on Debut, But Comes Right Back Down

The new cryptocurrencies keep coming, with the Internet Computer coin ICP going live a few days ago. It made a sudden appearance a few days ago and surged near the top of the crypto rankings. The market cap reached $90 billion on its first day of trading.

The high is sort of different for different brokers, since the volatility was immense, but according to my broker it reached $3,100, although the consensus is for $731. Since then, several major cryptocurrency exchanges such as Huobi, OKEx, and Binance have added support to the coin, leading to massive price swings.

According to the Dfinity, ICP is: “the last original Layer 1 blockchain project is launching a revolutionary public network that provides a limitless environment for smart contracts that run at web speed, serve web, scale and reduce compute costs by a million times or more.” At the moment ICP is trading at $330s, with the 20 SMA (gray) holding it down on the H1 chart, so let’s see if it will resume the bullish momentum again soon.