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Internet Computer (ICP) Gains Amidst Upgrade and Integration Plans

Internet Computer (ICP) Gains Amidst Upgrade and Integration Plans

Internet Computer (ICP) has seen a recent surge in price, reaching $13.49 on May 5th, 2024. This uptick coincides with the launch of an upgraded version of the ckETH minter on the ICP mainnet, featuring support for Sepolia USDC.

 

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All About Internet Computer’s Sepolia USDC

The upgraded ckETH minter allows users to deposit Sepolia ETH and USDC to mint ckETH and ckUSDC, respectively. ckETH is not required to deposit USDC, but it is needed to withdraw ckUSDC and receive USDC back.

The project is still under development, and users may encounter bugs. DFINITY, the developer behind ICP, aims to directly integrate the Bitcoin network with ICP, bringing smart contracts to Bitcoin.

ICP Price Analysis

ICP has experienced significant volatility, with an all-time high of $750.73 in May 2021 and a current price of $13.125 (as of May 5th, 2024). The recent surge suggests a potential resurgence for ICP, fueled by factors like innovative applications on the network and a broader industry shift towards decentralized web technologies.

Technical analysis indicators suggest a balanced market sentiment with some resistance at $15.379 and support around $12.817.

Future Outlook

Internet Computer’s vision of a decentralized web (Web 3.0) has garnered attention from investors seeking long-term growth potential. ICP price predictions are mixed, with some analysts forecasting a rise to $43.04 by the end of 2024.

Continued development, community support, and a favorable regulatory landscape are crucial for ICP’s long-term viability.

Additional News

DFINITY is hosting a contest, “B3YOND THE BLOCKCHAIN,” with a trip to their headquarters in Zurich as the prize.  ICP’s price performance in 2024 has been varied, with periods of growth and decline. The average price for the year so far is $16.81.

DFINITY has ambitious plans for global adoption, including the “ICP HUBS” strategy and “ICP HOUSES” events worldwide.

Overall, Internet Computer is undergoing a period of development and innovation. The recent upgrade to the ckETH minter and plans for Bitcoin integration suggest a focus on expanding functionality.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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