Web Laptop (ICP) is at the moment one of many best-performing cryptocurrencies out there. The token has rallied by 14.9% within the final 24 hours, over 73% within the weekly charts, and over 204% within the earlier month. Furthermore, ICP has overtaken Shiba Inu’s (SHIB) market cap and is at the moment the sixteenth largest crypto challenge.
Based on CoinMarketCap knowledge, ICP’s market cap has surged by 14.48%, whereas its 24-hour commerce quantity has risen by over 102%.
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Crypto evaluation agency Santiment notes that at the moment, lengthy positions dominate ICP’s open curiosity. The agency additional acknowledged that if FOMO (Concern Of Lacking Out) stays away, the cryptocurrency might proceed to rise.
ICP had a lackluster efficiency for many of 2023, and the asset solely started to rally in mid-December.
Is ICP the subsequent huge factor for the cryptocurrency market?
Based on a latest submit by Santiment, ICP was among the many high cash when it comes to improvement exercise. The surge in developmental actions could also be behind the most recent value spike for the cryptocurrency.
Regardless of the latest good points, there’s a likelihood that ICP will face a downward correction. Based on Santiment, the cryptocurrency’s Relative Energy Index (RSI) surged from 66 on Dec. 30, 2023 to 76.7 on Jan. 3, 2024. For ICP to proceed its bullish momentum, it requires its RSI to stay beneath 65.
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Nevertheless, there’s additionally a risk that the challenge continues to surge when it comes to developmental exercise, thereby persevering with its bullish momentum. Furthermore, the asset is down by over 97% from its all-time excessive of $700.65, which it attained in Could 2021, over two years in the past. Therefore, there’s nonetheless quite a lot of room for development.