Internet Computer (ICP) led altcoins with 16% in 24H

ICP's revival drives the future of alternative cryptocurrencies in an ever-changing financial world.

The Internet Computer (ICP) cryptocurrency caught the market's attention by registering an impressive 15.98% increase this Friday, trading at USD 12.39. This remarkable resurgence is accompanied by a significant trading volume that reached USD 308.16 million, which predicts an encouraging outlook for investors. ICP led altcoins and Coinmarketcap's Top100 with the best gains on the day.

ICP marked a close above the EMA50, rekindling medium-term bullish sentiment after breaking above the dynamic resistance of $10.98 / TradingView

An optimistic horizon

The recent collaboration between the DFINITY Foundation and the ETH Zurich Artificial Intelligence Center strengthens not only the development of ICP, but also the ecosystem of both institutions. This agreement promises to provide access to cutting-edge research resources and outstanding technical talent, elevating Internet Computer's innovative capacity.

Technical Support and Market Analysis

ICP closed above the EMA50, reviving the medium-term bullish sentiment after breaking through the dynamic resistance at $10.98. Moreover, the current price remains significantly above the EMA200, suggesting that the positive trend could persist in the long term. During December, the market correction was due to a drop in trading volume, indicating the weakness of sellers in this context. In contrast, the current rally, supported by an increase in trading volume, surpassed the average of the last 25 days on Binance, establishing a new fixed resistance at $15.50.

Over the past three months, ICP has accumulated an impressive gain of 79.71%, standing out as one of the most profitable altcoins within the Coinmarketcap ranking. There it occupies the 27th place with a market capitalization of $5.9 billion.

Interestingly, only 1.4% of the total ICP supply is currently locked. This implies a gradual decrease in supply and could push the price towards new highs.

Macroeconomic context

The recent explosion in the price of ICP occurs in a broader context of recovery of altcoins, which now reach a total capitalization of USD 1.55 trillion. This resurgence is attributable to a climate of renewed confidence in risk assets. This is driven by recent comments from the president of the Richmond Federal Reserve, Thomas Barkin, suggesting a more permissive stance regarding monetary policies. Barkin's comments weakened the dollar on the day and benefited cryptocurrencies.

The Future of ICP

Internet Computer is positioned as a disruptive force in the blockchain field. It promises a decentralized system that can revolutionize the creation of online services. As interest in this cryptocurrency grows, investors will be keeping an eye on how these joint innovations with ETH Zurich develop, and how they will impact ICP’s long-term trajectory.

Disclaimer: This news is for informational purposes only and does not constitute financial advice. Additional research is recommended before investing in cryptocurrencies.