featured 119094

Internet Computer Returned 35% Gains Last Week — Market Snapshot

ICP jumped 28% on Saturday after attracting 1,400 developers building on the blockchain

Although prices cooled slightly over the weekend, last week was broadly positive for the cryptocurrency market, with most tokens forming strong green weekly candles.

One of the standout performers last week was Internet Computer (ICP), which delivered a weekly gain of 35%. After breaking above the 50-day moving average on Thursday, ICP rose 15% on Friday and surged 28% on Saturday. It then pulled back, dropping about 10% on Sunday, and at the time of writing it trades at $61.93.

DFINITY launched the Internet Computer mainnet alpha in late 2020, and the network became publicly accessible in May of this year when the ICP token began trading on exchanges. Internet Computer is promoted as the third major blockchain innovation after Bitcoin and Ethereum, claiming to be the first blockchain designed to operate at web speed and web scale.

ICP attracted significant attention at launch. It debuted on Coinbase at $630 and reached as high as $2,831 USDT on its first day on Binance. That early enthusiasm faded, with prices falling below $100 within a month and reaching a low near $27 in July.

The renewed buying pressure last week—likely helped by a broader market recovery—may also have been driven by the uptick in development activity on the chain.

The DFINITY Foundation tweeted on Friday that 1,400 developers are now coding on Internet Computer, a dramatic increase from the previous week when Bloomberg reported the chain had drawn 500 developers and nearly 250,000 users in its first ten weeks.

Internet Computer has steadily onboarded new projects to its ecosystem. Fleek launched a hosting solution for the network and was used to deploy more than 700 web pages on the blockchain within the first two weeks of availability.

The network has also welcomed its first decentralized bank, Dank; a decentralized social aggregation platform, DSCVR, which has amassed 14,000 users so far; and a community-oriented professional social network, distrikt, which has attracted 20,000 users.

Given Internet Computer’s design for unrestricted scalability, these early projects likely represent only a small portion of the blockchain’s potential.