Will ICP Reach $10000, $1000, $100?
The Current Price of the ICP coin is
- Transactions: 3,492 (90-day peak: 10,369)
- Canisters: 334,058
- Cycle Burn Rate: 3’886’780’666 Cycle/s
- Total Node Machines: 1,188
Will ICP Reach $10000? What is ICP?
The Internet Computer (IC) is a decentralized blockchain aspiring to replace the centralized Internet with a “world computer”. It aims to mitigate common Internet issues like monopolization, poor security, and data misuse. Its infrastructure includes independent data centers, nodes, subnets, and smart contracts (“canisters”), and it employs rapid transaction processing and Proof-of-Stake consensus. Developers can use canisters to build high-performance web applications directly on the Internet.
IC uses its native token, ICP, for transactions, participation incentives, and network governance. The token can also be staked for rewards and used for computational resources, gas fees, and decentralization investments. Currently, IC presents a moderate investment case with a DeFi Total Value Locked (TVL) of $1.36m.
Will ICP reach $100?
ICP must rise by 25 times to reach $100. At $100, ICP’s Market Cap would be $45 Billion. ICP reached $45 Billion soon after its launch in 2021. It trended lower until the end of 2022 before recovering 25% from late December till July 2023
ICP is unlikely to reach $100 because the performance trend over the last 12 months illustrates the fact that ICP is not competitive. For example, let us compare ICP with 3 blockchains that are closest to ICP in terms of Market Cap
- Ethereum Classic has a market cap of $2.1B and has fallen nearly 60% in the last 12 months
- Hedera has a market cap of $1.6B and has fallen 21%
- VeChain is $1.1B Market Cap and has fallen 32%
- ICP has a market cap of $1.2B and has fallen 55% over the year.
Let us look at the performance in 2023
- Ethereum Class has fallen by 4%
- HBAR has risen 40%
- VeChain VET has fallen by 3%
- ICP has fallen by 26%
At this moment, there is no point in carrying out a simulation because it appears ICP is not competitive to start with and therefore will not reach $100. Should there be improvements in the tech and an aggressive burn program, things could change.
Will ICP reach $1000?
ICP must rise 250 times to reach $1000. Also, its price was at its highest when it was launched and the price is decreasing since then. However, from June 2021 to September 2021, it has shown a growth of 2.58 times (from a price level of $30.39 to $78.38). Thus, it grew by nearly 0.85 times in one month.
Hence, to reach a price level of $1000, the ICP coin needs at least 205 months (slightly more than 17 years).
However, given that ICP is currently not competitive, we don’t see any possibility of it reaching $1000
Will ICP Reach $10,000?
Considering that reaching $1000 is not much feasible for the ICP coin, reaching $10,000 becomes even more difficult. Let us also analyze this mathematically. To reach $10,000, the ICP coin needs to grow by 2500 times,
Given the past track record of growing 0.85 times in a month, the ICP coin certainly needs a minimum of 2,059 months or 171 years, which is not at all practical.
So, there is no possibility of ICP reaching $10000 as the time required is impractical and ICP is not at all competitive at the moment.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.