Internet Computer (ICP) price bounces as Canister smart contract count surpasses 2,000

There is much debate taking place regarding the future of Internet Computer (ICP). On a technology level, it remains one of the more revolutionary ideas in the blockchain space today. However, even though the ICP price is recovering somewhat, there is still much behind-the-scenes work before things can improve.

ICP Price Shows Signs of Recovery

For traders and speculators, the current ICP price momentum will be relatively promising. Although Internet Computer’s native asset is still well below $50, it has seemingly regained the 0.001 BTC level. Again, an essential step on the road to recovery, and ICP still holds a market cap of over $5.7 billion.  Interestingly, its fully diluted valuation puts Internet Computer at $19.7 billion, which is rather interesting given the current circumstances.

Those who hope to see ICP return to $700 – the current all-time high for this currency – that may take a while. One has to consider ICP hit an all-time low 11 days ago at $27.4.. That may be the support level now, although one should not expect explosive price gains right away. At that value, the people who bought in are already looking at a 50% profit and may keep prices subdued for a little while. 

Similar to other currencies, the ICP market has gone through a lot of turmoil. Many people blame the recent 95% drop on the Dfinity team members. Some research even suggests that may indeed be the case, although there are always two sides to every story. The team may have made some mistakes with its vesting periods, particularly for people who invested in 2018. Even so, the outcome is what it is, and it doesn’t diminish the project’s technical potential. 

The Technology Becomes More Accessible

As broad and bold as the Internet Computer vision, it remains crucial to bring its technology to the masses. With the help of Fleek, one of the many dApps building on this technology streamlines the process of building and deploying decentralized applications and websites for this ecosystem. A more than welcome addition, as websites will remain the lifeblood of the internet for some time to come. Moreover, dApps play a crucial role in Web3 development.

So far, there are close to 1,000 website deployments on Internet Computer through Fleek. It is a small drop in a large bucket, but the effort has to start somewhere. Hosting a static front end is easy enough through this solution, and it seems a matter of time until more complex projects will go live through these methods. Fleeks’ hosting, storage, gateways, domains, and other services are a valuable addition to the broader ICP ecosystem and its future potential. 

A different metric confirms there are more Canister smart contracts on the Internet Computer protocol than ever before. Throughout the past few weeks, this number has increased from 58 to 2,022. Remarkable growth, indicating there is a lot of activity taking place. This contributes to the ICP value, as a more active and fleshed-out network has more utility and value. 

Whether that means the ICP price will skyrocket again in the second half of 2021 remains unclear. The cryptocurrency markets are still in an awkward state. Current gains seem promising, but the true support levels remain a guessing game. There is a lot to look forward to with ICP, though, but there is even more work ahead. 

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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