Dfinity backs Internet Computer crypto, Dfinity logo
Source: Dfinity Website

Internet Computer Coin (ICP) Skyrockets, Becomes Top 10 Crypto

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May. 17 2021, Published 12:39 p.m. ET

A new cryptocurrency, Internet Computer (ICP) launched on May 7. Unlike many other cryptocurrencies, ICP gained listings on several prominent crypto exchanges like Binance and Coinbase. This is probably due to its influential backers. The crypto token is backed by a non-profit company called Dfinity. What is Internet Computer Coin’s price prediction for 2021?

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So far, ICP’s ride has been very volatile, which is usually the case with other cryptocurrencies. Due to its similarities with Ethereum, investors want to know if Internet Computer could overtake Ethereum as the leading smart contract-powered blockchain. Let’s find out.

ICP’s price performance since its launch

Internet Computer (ICP) got listed on May 10 and shot straight to the top 10 cryptocurrency list with market capitalization totaling $45 billion. After reaching above $700 per token on May 10, the crypto has settled for nearly $300. Bitcoin and other cryptocurrencies have been a hot investment theme in 2021. Many altcoins like Dogecoin and Cardano have seen triple-digit gains YTD. After witnessing the stupendous rise in Bitcoin’s price, investors are looking for the next big crypto. 

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internet computer dominic williams at beyond blocks
Source: Dfinity Website

The high-profile backers for ICP, like U.S.-based angel investor Andreessen Horowitz and Polychain Capital, encouraged investors to consider the crypto. ICP founder Dominic William’s goal to improve the slow pace of blockchain and to decentralize blockchain and websites from the control of tech giants like Amazon and Alphabet might also have resounded with the investors. 

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Internet Computer Coin should rise more.

While Internet Computer launched just a few days ago, it was in the works over the last five years. Its strong potential has attracted big firms. If ICP’s claims bear fruit, it could have a huge potential. It's reimagining the face of the internet. Dfinity claims that developers can now surpass centralized services and commercial cloud services like Amazon Web Services and deploy ICP to create websites, enterprise IT services, internet services at affordable prices. 

Messari analysts Mira Christanto and Wilson Withiam said that ICP is “addressing the issues plaguing traditional internet, such as relatively low data security and an oligopoly consisting of big tech companies.” 

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In general, cryptos have been falling lately due to the general negative sentiment around them after Elon Musk suspended the use of Bitcoin as a payment for Tesla vehicles. Tesla suspended Bitcoin as payment due to its high usage of non-renewable energy, which also led to the fall in ICP. However, as the sentiment improves, ICP should rise on its own merits.

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Internet Computer coin price prediction 2021

Similar to ICP’s price movements lately, its price predictions are varied.

First, WalletInvestor, which provides AI’s based price predictions, expects ICP to reach $439 by the end of 2021 and $1,749 in five years. WalletInvestor said, “According to our Forecast System, ICP is an awesome long-term (1-year) investment.”

PickACrypto.com has a bullish price forecast for ICP and it expects the token to trade between $1,000 and $1,750 in 2021. PickACrypto.com said that this prediction is true “as long as the trend continues and the Team continues to work on their products and partnerships.”

The price forecasts by DigitalCoinPrice are more muted. The firm expects ICP to reach $228 by 2021 and $434 by 2025. 

Internet Computer coin versus Ethereum

Internet Computer is somewhat similar in its approach to Ethereum as both are base-level protocols on which applications run. They are both based on nodes and smart contracts that power applications and platforms. However, unlike Ethereum, Dfinity claims that IC blockchain is much faster and less costly. While Ethereum is decentralized, the computers running its network still rely on cloud-based computing services from tech giants like Amazon and Google. 

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Internet Computer runs entirely on dedicated hardware that's installed by independent parties around the world. On Internet Computer, users can create their own applications or websites on its blockchain. 

Only time will tell if ICP will be able to overtake Ethereum, but its potential has certainly got people interested in it. Internet Computer could keep investors hooked through its volatile ride.

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