The Internet Computer (ICP) digital currency has seen a meteoric rise recently, assignment an impressive daily increase of 33.4%, with the price now hovering around $13.22.
This rapid rise has propelled ICP into the spotlight, with a market capitalization reaching $6 billion.
This cryptocurrency is rapidly gaining ground and is poised to eclipse the popular Shiba Inu coin (SHIB) in the market rankings.
Rise above Litecoin (LTC)
Internet Computer is a pioneering blockchain network designed to operate at web speeds, directly extending the capabilities of the Internet. The goal of the project is to facilitate a fully decentralized digital environment, providing a scalable and secure alternative to traditional cloud services.
ICP has carved out a place above Litecoin (LTC) in the cryptocurrency rankings. It currently sits just below SHIB, which is in 18th place with a market cap of $6.23 billion, and ahead of Uniswap (UNI) in 20th place, with a market valuation of $5.72 billion.
The cryptocurrency also narrowed the gap with other major assets like Wrapped Bitcoin (WBTC) and Toncoin (TON), ranked 17th and 16th with market caps of $6.75 billion and $8.04 billion , respectively, and Chainlink (LINK), which currently holds 15th. spot with a market capitalization of $8.54 billion.
Cryptocurrency analyst Tom Crown has identified which appears to be a retracement due to ineffective price action for ICP on the monthly chart.
According to Crown, ICP price is crossing previous areas of weak trading, suggesting the possibility of a rapid rise to $20.
This analysis is based on the belief that prices tend to move quickly through ranges that were previously ignored due to low trading volume, known as “inefficient” zones.
Crown’s prediction, if accurate, could see ICP appreciate significantly in the coming months.