After hitting an all-time low of $26.90 last week, ICP bounced back with a gain of more than 70% in the days that followed
Following May’s crash, several stagnant weeks and further price declines, market sentiment finally turned positive last week as much of the cryptocurrency market closed with weekly green candles.
Bitcoin gained 11% last week while Ether rose 16%. Leading both, however, was Internet Computer (ICP), which delivered a weekly return of around 32%.
Built by DFINITY, Internet Computer bills itself as “the world’s first frictionless blockchain with web-speed and internet-scale.” The team positions Internet Computer as the third major innovation in blockchain after Bitcoin and Ethereum.
That view gained credibility last month when Goldman Sachs listed the project’s strengths as “innovative, could pave the way for the future” in its report on digital assets, while also noting potential downsides: “untested, early-stage, complex.”
The project has enjoyed strong backing since its 2016 founding, with DFINITY raising $121 million from well-known investors such as Andreessen Horowitz and Polychain Capital.
Hype peaked around the highly anticipated ICP token listing in May, when ICP traded as high as 2,800 USDT on Binance on its first day on the market. That level did not hold: the token fell below $200 within a week, and the May 19 market collapse drove prices down further.
Last week ICP fell to an all-time low of $26.90 before rebounding more than 70% over the following days. The token climbed over 25% in a single day on Saturday and reached a peak above $46 on Sunday.
The Saturday rally followed an announcement from the DFINITY Foundation that “the #InternetComputer blockchain recently surpassed block 100MM on Friday 23 July 2021 09:15:28 GMT and is currently flowing at 20bps. Finality in seconds.”
After the Sunday peak, ICP’s price eased slightly. At the time of writing the cryptocurrency is trading around $45.