Internet Computer (ICP) Rockets 72%: Is a Top 10 Spot in Sight?

• Internet Computer (ICP) has posted mixed indicators as bears and bulls battle for control of the digital asset.
• Up by 55% in the last 7 days, bulls have been in control as they aspire to push the altcoin to a top 10 spot in the market.

Internet Computer (ICP) investors are celebrating record gains in the new year. The altcoin has seen its value jump by 72% in the last 7 days. However, the token has experienced a retracement in the last 24 hours, this has seen the coin drop by around 6% to trade for $14.56.

The weekly performance has seen its market cap rise to a record $6.6 billion to climb to be the 16th-ranked coin in the market. The remarkable performance has coincided with an uptick in trading volume which was up by more than 100%. This is regarded as a bullish sign in the crypto market.

In the long term, investors will be keen to see the coin climb to the top ten spot. Coins holding this position, enjoy great attention from investors and command price trends for the wider crypto market. Furthermore, as crypto ETFs near approval, the top ten coins are likely to preside in their approval and launch. This will further accelerate the growth of the token and its project.

As expected, with the price increase, the token’s social dominance has risen in recent days as more investors take an interest in the altcoin. However, there are a few concerning signs for investors. Development activity has dipped in recent days, raising concerns about the long-term prospects. In addition, Weighted Sentiment has taken a dip, signaling bearish sentiments.

Analysis shows that Internet Computer’s Open Interest is on the rise, a bullish sign that points to sustained upward price momentum. But ICP’s Relative Strength Index (RSI) shows that the token is overbought which could lead to investors selling as they take profit.

Internet Computer (ICP)

The project has always taken pride in the research and development of the blockchain. This has accelerated the success of the blockchain from testnet to mainnet. Because of this forefront thinking, the blockchain celebrated the first step towards digital sovereignty in Europe last month. As the bloc looks to introduce digital identities, ICP is a leading candidate as it is already equipped with Internet Identity (II). Ultimately, the project aims to be the first “World Computer” blockchain that allows the creation of diverse online systems, including robust social media, without relying on traditional IT or cloud services, enabling full decentralization.

Despite the recent rally achievements, the token is a long way from its all-time high of $700.65 reached 2 years ago. At current prices, this marks a nearly 98% drop. For the long term, the token offers investors a unique opportunity for a low-risk high-reward investment.