Internet Computer Price Surges: Here’s Why ICP Is Rising Today

Key Insights:

• Internet Computer price pulls off an impressive 20% plus uptick over the last 24 hours.
• Korean crypto exchange Upbit announces the listing of the ICP token.
• ICP could be making its way back into the mainstream thanks to ICP cloud engines.

The Internet Computer Price (ICP) is showing signs of price excitement after low volatility over the last 2 weeks. A deeper dive into the reasons behind the latest price move reveals some interesting details that point to an improved long-term outlook.

Internet Computer Price Surges 20% as ICP Momentum Returns

Like most top cryptocurrencies, the Internet Computer price action remained largely sideways. A reflection of the overall uncertain market conditions over the last few months.

Internet Computer price was also heavily discounted after months of bearish suppression. Moreover, it did not offer much to investors to boost excitement and attract demand. However, that appears to be changing this month and for numerous reasons.

ICP price jumped by over 20% on Tuesday morning, pushing as high as $2.9, from its $2.38 opening price for the day. The cryptocurrency exchanged hands at $2.77 at press time after a slight retreat.

Internet Computer Price Action | Source: TradingView

This marks ICP’s strongest upside move since late January. At press time, the token was nearing overbought territory after breaking above the $2.7 resistance.

Internet Computer Price Responds to Listing on Korea’s Upbit Exchange

The ICP price rally over the last 24 hours was largely driven by a fresh listing announcement. A typical response when a cryptocurrency is listed on a major exchange.

Upbit is the largest crypto exchange in South Korea, with daily trading volumes exceeding $1 billion. The exchange revealed on its official page that ICP would be available under multiple pairs. They include the local currency (KRW), a BTC pair, and a USDT pair.

Additionally, South Korea is currently one of the top crypto hubs in East Asia. It was thus not surprising that a sizable surge in demand for ICP crypto was observed on the same day of the listing.

The market’s reaction confirmed the presence of demand for the cryptocurrency. It was also worth noting that this latest upside was not an isolated event.

The cryptocurrency saw surges in daily demand on 6 February and 25 February. The volumes associated with the large daily upticks were synonymous with accumulation by large buyers. These often occur when whales or institutions position for long-term upside.

The ICP Price Rally Could Push the Token Back Into the Mainstream

The Internet Computer made quite the debut with its ambitious goal underscored by its name. However, critics doubted it right off the bat, especially after its heavy discount after launch.

For reference, the protocol’s native coin dropped from its historic high above $2,800. There was little hope that the Internet Computer price could ever retest those levels. Moreover, ICP price action demonstrated further weakness since then, as it failed to secure a proper demand footing.

Aside from the price action, the protocol itself barely managed to gain traction in terms of mainstream adoption. However, that may soon change courtesy of recent developments.

The DFINITY Foundation, the organization behind the Internet Computer, recently launched ICP Cloud Engines. The key innovation here is that it will allow cloud infrastructure services such as Google Cloud, Amazon Web Services, Oracle Cloud, and Microsoft Azure to deploy smart contracts.

Moreover, those smart contracts can be deployed on the existing services. This is without needing to build new Web3-based infrastructure from the ground up.

In other words, the Internet Computer protocol is building appeal with its latest offering. Additionally, it aims to improve key internet infrastructure. If it succeeds, then it could cement its digital footprint while becoming a critical part of the existing internet infrastructure.

These efforts may attract investors back into ICP. This could potentially have a positive impact on the Internet Computer price in the future.

The post Internet Computer Price Surges: Here’s Why ICP Is Rising Today appeared first on The Coin Republic.