The financial world seems to have a bottomless hunger for cryptocurrencies. Even though there is already a multitude of them, new projects seem to be finding success faster than the pioneers like Bitcoin did.
The latest addition to the crypto space is Internet Computer, a cryptocurrency that quickly became popular and highly valuable. Just within a month of its debut, ICP shot into the top ten to join ranks with mainstream coins like Bitcoin and Ethereum.
After three days of launching, ICP was already trading at $289 with a market value of $35.8 billion.
One of the reasons why Internet Computer became popular so quickly is because of its unique model. The crypto is vastly different from the majority of what we are used to, making it not only unique but also in demand.
But what exactly is Internet Computer, and why did it become popular so quickly? In this guide, we are going to go through some expert ICP price predictions in order to understand its future price movement and whether you should invest in it.
- What is Internet Computer?
- Internet Computer in 2021: Everything You Should Know
- Internet Computer (ICP) Price History
- ICP Price Predictions in 2021
- Internet Computer Price Predictions for 2022 to 2023
- Internet Computer Price Predictions for 2024 to 2025 and Beyond
- The Future of Internet Computer: Will the Price Rise Again?
- Conclusion: Is Internet Computer a Good Investment?
What is Internet Computer?
Internet Computer (ICP) is an open-source cryptocurrency protocol for creating websites, apps and a series of other web-based services. The project is developed by Dfinity and has the backing of high-profile venture capital firms like Polychain Capital and Andreesen Horowitz.
According to its founders, Internet Computer aims to create a more decentralized version of the web and make it easier for people to create software without depending on hosting providers like Google and Amazon Web Services (AWS).
So instead of hosting, say your website, on an AWS server, Internet Computer allows you to develop and host it on a network of computers around the world.
Today’s internet is controlled by a few major companies, which means that large amounts of data are entrusted to a few entities. Internet Computers tries to phase out this crisis by decentralizing web services.
The Interner Computer protocol boasts of limitless scalability potential, which means that it can host a large number of applications without crumbling.
But how exactly does it work?
Well, the project is built on its own protocol known as Internet Computer Protocol (ICP). This protocol combines the computing powers of a network of computer nodes to create a unified computing platform that can support a limitless number of applications.
These include websites, DeFi projects, or even tokenized social media.
Like most modern crypto projects, ICP uses smart contracts to automatically execute commands and seamlessly interact with end-users.
Internet Computer in 2021: Everything You Should Know
Although Internet Computer has its roots a few years back, it was officially launched last month and quickly picked up momentum to become one of the most valuable cryptocurrencies.
Although ICP saw a huge drop after jumping to its current all-time high, it seems to be recovering and might soon be on an uptrend.
Already there are a number of technical developments to make the platform more efficient. Recently, DFINITY Foundation reported that it was launching an open-source ledger and governance toolkit known as Quill.
The toolkit is intended to make ICP more secure and also help users conveniently manage their wallets.
Apart from these technical advancements, ICP has also had a dramatic price movement in 2021. The token started trading around May and quickly went above $500 within the first few days.
However, after the initial bull run, the price dropped and has encountered major resistance leading to a majorly drudgy growth.
Hopefully, according to several price analysts, the ICP price will look up again, especially if it comes across an effective catalyst. From the predictions we have seen, there is a good possibility that the token be trading at a much higher price by the end of 2021
To get a good picture of exactly where Internet Computer has come from, let’s quickly review its price history.
Internet Computer (ICP) Price History
ICP is a fourth-generation cryptocurrency that was launched merely two months ago. For this reason, we will not be looking at a long history of price data like we usually do with the more established cryptocurrencies.
But even with its short stay in the market, Internet Computer has had an interesting price movement as is shown on the graph below.
From the graph, we can see that the first few days were pretty busy for Internet Computer. The token surprisingly shot from as low as $0.00000001 to over $600 on the first day. This was an exciting surge, and most price analysts were watching carefully to see where the price would go next.
Of course, several analysts predicted a drop based on the histories of other cryptocurrencies that had huge first-day leaps. True to their word, the price fell by more than half within a few hours of going over $600.
Just as quickly, Internet Computer recovered and went over $500. However, the recovery was short-lived, and soon another correction came and send it below $300 again.
As you can see from the graph, the first few days were laden with wild price swings. After that, there has been a long consolidation period with the price showing little action.
Between May 13th and 17th, ICP played between $200 and $350, then dipped below $200 on May 18th, 2021. From there, the downtrend continued, and by May 20th, the token was trading below $130. For the rest of the month, ICP bounced between $100 and $150, with little action along the way.
June was even duller. Although Internet Computer started trading at above $100 in June, it recorded a slow but persistent drop. On June 7th, it went below $100 per token and was trading at around $93 in the early hours of the morning.
The downtrend continued, and by June 9th, ICP was playing below $80. And even though most analysts predicted that the price would rise again, it stuck to the bearish momentum and is currently trading at around $36, according to CoinMarketCap.
ICP Price Predictions in 2021
As we mentioned, June has mostly been dull for Internet Computer. Following the persistent downtrend from May to date, most investors have lost interest, and price analysts seem to be giving price predictions bordering a bearish movement.
We think ICP’s timing was a bit off since it came at a time when the crypto market was concluding its late 2020 and early 2021 bull run. The bull run that started in September 2020 ended towards the end of May.
That is why ICP had a huge first-day spike, then just as quickly, the price bottomed out at below $50. The drop was mostly a result of investors panic-selling their tokens towards the end of the market-wide bull run in late May and early June.
According to several predictions, we might still see a slight rise this year but a bull run is unlikely.
Ans while some price analysts resort to sugar-coating their predictions to keep investor hopes alive, Long Forecast predicts a further slump in July. According to the site, ICP might end June at around $30, which is lower than the current price.
In July, it will drop to $26, then further to $25 in August. However, it might rise again to $29 in September, $34 in October and $39 in November. In December, Long Forecast predicts a slight drop to $36.
As you can see, these numbers are soul-crushing, especially for investors who are hoping for a rebound.
For these investors, Wallet Investor would usually offer a much-need consolation. However, the site doesn’t seem to be too enthusiastic about ICP as it predicts a huge drop to $11 at the start of July 2021. Wallet Investor believes that Internet Computer will mostly trade between $2 and $5 from July to the end of 2021.
This is really disheartening for hodlers who bought ICP in the first days while the price was still high. While day traders might enjoy a few gains, the dormant price action predicted by Wallet Investor is not in their favour either.
Although Digital Coin Price is a tad more hopeful than Wallet Investor and Long Forecast, it still predicts a less-than $60 price by the end of 2021. While this is a bit encouraging, it is still too low, and we hope that ICP does better than that. However, Trading Beasts seems to agree with Digital Coin Price as it also predicts ICP to be worth $55 by the end of 2021.
Coin Price Forecast brings a grain of consolation with its $71 per token prediction for the end of 2021. This is the highest price we have seen, and based on it, ICP might even go above $100 by the end of the year.
Internet Computer Price Predictions for 2022 to 2023
Most price analysts are still not enthusiastic about the future of Internet Computer ICP, even in 2022 or 2023. Wallet Investor, for instance, continues with its bearish prediction in 2022. The price analyst still believes that ICP will trade at the $2 level from January to early April 2022.
In April, Internet Computer will go to $3, then resume $2 again at the end of the month. Then from May to the end of the year, the price will mostly bounce between $2 and $3. That means not going below $2 or to $4 for the rest of 2022.
The predictions are even worse in 2023, where Wallet Investor predicts the price of Internet Computer to be between $1 and $2.99 throughout the year.
Although Long Forecast doesn’t see much growth in 2022, it brings a fresh breath of relief from Wallet Investor’s disappointing predictions. The site starts off 2022 at $37.9 followed by a linear uptrend to $54 by May. The Internet Computer token will then start dropping with minor fluctuations along the way to close the year at $36.61.
According to Long Forecast, 2023 will be much more hopeful. Although the 2022 downtrend might continue until February 2023, the price will start looking up again in March and go as high as $63 by August. There will then be another drop, bringing ICP to $48.62 by the end of 2023.
Digital Coin Price is, as usual, more hopeful and predicts that Internet Computer will trade at $62.7 and $75.84 by the end of 2022 and 2023, respectively. However, Trading Beasts which aligned with DCP’s prediction for 2021, is far ahead in 2022. The price tracker predicts that ICP will start trading at $66 in January 2022 then steadily grow to be worth $110 by the end of the year.
That is more than what DCP predicts for the end of 2023, meaning Trading Beasts is even more hopeful in 2023. Internet Computer starts the year at a high price of $112. The price will then grow with slight fluctuations along the way to close 2023 at a decent $130.001.
Coin Price Forecast seems to be in agreement with Trading Beasts, although it gives slightly lower numbers. It predicts that Internet Computer will be worth $105.53 by the end of 2022 and $112.85 by the end of 2023.
Internet Computer Price Predictions for 2024 to 2025 and Beyond
Internet Computer has previously shown high levels of volatility, and this can be shown by the widely differing price predictions. While we have a shot at predicting some close numbers for the rest of 2021, 2024 and 2025 might be a bit tricky.
However, for the sake of giving you an idea of price direction, we are going to share some of the predictions we have seen for 2024 and 2025.
Wallet Investor is still not shying away from its highly bearish predictions. The site still predicts that Internet Computer ICP will trade below $4 throughout 2024, with most of the months being between $1 to $3. There will be a grain of hope in 2025, although we still think the figures are quite disheartening.
Wallet Investor predicts that Internet Computer ICP will start 2025 at $2.59 and grow gradually to reach $3 around Mid-February and $4 towards the end of March.
In April, it will mostly bounce between $3 and $4.99 before finally going to $5 in mid-June. This would be the first time ICP would have gone above $5 since July 2021. Unless Internet Computer encounters some really tough resistance, we expect the growth to be much more flexible than this.
From June, Wallet Investor opens up its predictions a bit, and we see some gradual rise from month to month. For instance, the token will reach $6 in early July, $7 in Mid-July, then $8 and $9 towards the end of July.
From there, we see some fluctuations between $6 and $10 until the end of 2025. Wallet Investor also expects another drop in 2026 that will see the price of ICP drop to $6 by the end of that year.
Long Forecast predicts a drop in 2024 from its 2023 predictions. The Internet Computer token will start 2024 at $44 from $48 in December 2023. There will be a slight rise to $51 in February, then the drop will continue to $30 by August. It will then start rising again to $47 in November then drop to $43.6 in December 2024.
In 2025, Long Forecast predicts another slow uptrend that starts at $50.58 in January 2025 to $91.90 in July, where the site’s predictions end. Following this trajectory, we can assume that Long Forecast expects ICP to end 2025 at above $100.
If that is the case, then Digital Coin Price agrees. The crypto price analyst and tracker predicts that Internet Computer will end 2024 at $91.91 and 2025 at $107.88. The token might then go as high as $130 in 2026 and $144 in 2027.
Trading Beasts is a bit more bullish and predicts that Internet Computer ICP will trade at around $131 at the start of 2024 and then take on an upward momentum to $142 by the end of 2024.
On the other hand, Coin Price Forecast believes that Internet Computer will be worth $136.21 by the end of 2024 but might drop to $116 by December 2025.
The Future of Internet Computer: Will the Price Rise Again?
While the future of Internet Computer might look bleak from the perspective of its price movement and volatility, there is a real demand for its underlying technology.
First of all, to understand whether or not the price of Internet Computer ICP will rise again, it is important to first understand what is causing the price to fall.
As you already know, ICP’s first days of trading were glamorous, with the price shooting above $600 on the first day. However, since the start of June, the price has been falling and is now humbling below $40.
But what exactly is causing this unfortunate slump? You might want to read this carefully.
You see, while ICP started trading in May this year, the protocol had been in development since 2016. So, before ICP was opened up to the general public, some investors were already investing in the project.
So, when the token was released, there was already a demand for it. This, coupled with market hype, and investor enthusiasm, caused the price to shoot above $600 on the first day of trading.
Now, here is the most interesting part:
When ICP was released to the public, half of the tokens in supply were kept by the creators, while a good chunk was also given to its early investors. Each month, there is a fixed supply of ICP tokens that are released into the market.
So, every month, the supply increase, which consequently dilutes demand, causing the price to go down.
But will the value of ICP rise again? That is the most common question investors are asking right now.
Well, as we have seen from the predictions above, there is hope that the price of ICP might rise again. While we can’t pinpoint the exact number or where the current downtrend will break, we are confident that we might see a much higher number by the end of the year and the years to follow.
The team behind ICP is also working tirelessly to ensure that they return back to their glory days and win back investor interest. We are hopeful that things will finally look up, but all we can do now is sit back and wait.
In the meantime, we have to ask ourselves one of the most important questions; is ICP still a good investment despite all these challenges?
Conclusion: Is Internet Computer a Good Investment?
The recent Internet Computer ICP slump bashed the hopes of investors, and now many people are wondering if it is a good investment. Internet Computer’s underlying technology is a great concept and might have a great future in the cryptocurrency industry.
However, the price has recently run into a troublesome trajectory, and most predictions have turned pessimistic. So, should you still invest in ICP?
There are two ways to look at this:
One, if you are looking for direct monetary value; that is, if you want to hold or trade, you might have to be a bit patient. This is especially true for people who are looking to hodl. With the price going down, you might want to wait just in case it slumps any further and then buy and hope that the market looks up again.
Hodling will only work out if the price rises again after you buy. You can see that people who bought when the price was, say, above $400, are now holding their breaths and hoping for an uptrend soon enough.
You might have a better shot at trading since you can take advantage of both price drops and uptrends with CFD trading.
The second way to benefit from Internet Computer is by investing in its underlying technology; the Internet Computer Protocol. From this perspective, ICP seems to have a brighter future since the concept it presents is actually in demand now after many years of people trying to decentralize the web.
So, depending on how you want to go about it, Internet Computer can be profitable right now or not. If you are want to hold, you can buy now, but you might have to wait for several years before you can sell.
Bottom line, take some time and weigh your options before you start investing in Internet Computer. Cryptocurrency investing is very risky, and you want might want to be careful about it. Do enough research and ensure that you don’t invest more than you can afford to lose.
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