The past week has been interesting for fans of Internet Computer (ICP). Even though the price is still meager compared to the all-time high, there is positive market momentum. Of course, sustaining any growth is always tricky in the cryptocurrency industry, making it enjoyable to see where the ICP price heads next.
ICP Price Momentum Has Promise
Long-term hodlers of Internet Computer (ICP) may not be too happy with the way the value of this token has evolved. The all-time high of over $700 is still miles away despite the recent weekly price surge. Overcoming that 98.7% gap will pose challenges across the board, although nothing seems impossible in the cryptocurrency industry these days. Markets can recover when people least expect it, giving rise to some high-risk opportunities.
Despite the odds, the value of ICP has now doubled again. It started the week at $29.05 and currently trades for $76.06. A solid price increase for Internet Computer, which seems primarily fueled by a high trading volume. That volume mainly originates from Binance, which controls the majority of trades. Huobi Global and Coinbase Exchange also contribute decent volume for ICP, although the latter platform has a USD trading pair rather than a USDT one.
A Potential Uniswap Clone
A rise in ICP price has to come from somewhere. Several behind-the-scenes developments can spark some market excitement for Internet Computer. A recent podcast called The Internet Computer Weekly confirms plans to build a Uniswap clone on this technology. Dubbed InfinitySwap, it should facilitate trades at much lower fees and higher throughput than the Ethereum-based counterpart.
There is currently no release date for InfinitySwap, although the concept has tremendous potential. Bringing more decentralized exchange opportunities to the industry can facilitate access to assets and their trading. Cryptocurrencies are still somewhat difficult to approach for onlookers, yet a solution like InfinitySwap may help lower the barriers.
Toniq Labs NFT Marketplace
While not many people may be aware, it appears there is a budding NFT ecosystem on the Internet Computer technology stack. More specifically, the New Zealand parent company Toniq Labs has noted over $100,000 in sales through its NFT marketplace. What makes this development remarkable is how it took less than seven days to reach this volume. A significant milestone for a new project.
WOW! Not even 7 days in, and we have just crossed $100k USD in vol. thru our NFT Marketplace – the 1st DEFI solution on the #InternetComputer! 2606 ICP @ $38.97 at time of writing! 🔥🔥 https://t.co/uKLeRSVW7C
Big thanks to the community and our great team behind the scenes! 🚀 https://t.co/k5VSs6xOt5
— ToniqLabs (@toniqlabs) August 4, 2021
As this is the first NFT marketplace and DeFi solution on Internet Computer, it will be exciting to see what comes next. If NFTs prove popular in this ecosystem, other creators will have ample opportunities to explore the market. Furthermore, non-fungible tokens are a crucial part of the cryptocurrency and blockchain ecosystem. Therefore, efficient blockchain solutions will always have a competitive advantage in this space.
The distrikt Social Network
For the longest time, people have claimed how blockchains will put an end to traditional social networks. Despite launching several attempts, these projects usually do not last long. Whether distrikt will fare any better remains unclear. However, the community-owned social network is live on the Internet Computer. That may help bring value to ICP, although it is not a guarantee.
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