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In Less than A Week, How Internet Computer (ICP) Climbed To The Top 10

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Internet Computer Price (ICP) is Dfinity’s solution to give users more control over the internet. Research firm Messari has compiled a report, written by Mira Christanto and Wilson Withiam, on this project. Launch less than a week ago, it has managed to smash its way into CoinMarketCap’s top 10 with a $36,312,740,874 market capitalization and a $1,18 billion in trading volume.

Its developer, Dfinity, sits amongst the longest and best-funded smart contract platforms in the crypto space, claims Messari. As shown below, only Polkadot has raised more capital than the $121 million obtained by Dfinity for their project with an estimated additional $40 million for ecosystem development.

Internet Computer Price ICP ICPUSDT
Source: Messari

Build since 2016, Internet Computer hasn’t gained more interest due to its complexities and “abstract vision”. Its objective is to give developers the tool to create and host software without relying on big corporations.

Thus, the internet, its uses cases, data, and ecosystem will no longer be in the hands of a few big tech companies and users will enjoy more benefits. Under this platform, they will have a saying on how “a new internet” should be run. Messari claims:

The problem Dfinity is addressing extends beyond just blockchain technology. It aims to build a decentralized, scalable cloud-like platform that can store data, perform computation, and support community-driven governance. It’s addressing the issues plaguing traditional internet, such as relatively low data security and an oligopoly consisting of big tech companies.

ICP has been launched on major exchanges, such as Huobi, Binance, Coinbase Pro, OKEx, and others. At the time of its debut, ICP traded for around $506 and dropped south of the $290 price mark. Since then, it has oscillated in this range.

ICP ICPUSDT
ICP on a downtrend after exchange debut. Source: ICPUSDT Tradingview

Internet Computer Price (ICP) And Its Unique Tokenomics

Dfinity’s platform could be defined as a project to expand internet access, eliminate the “monopoly” enforced by big tech, and offer developers, users, enterprises, and governments a mechanism to deploy “software and services directly to the public internet”. Messari adds:

It aims to not only reduce platform risk but also reduce complexity in building and maintaining systems. This would also accelerate the time it takes developers to launch a new product. Executed correctly, Dfinity hopes to offer the first blockchain that runs at web speed and can scale to support any volume of smart contract computations and any amount of data.

ICP will have a total supply of 469,213,710 with the majority distributed to seed investors, the DFINITY Foundation, team members, early contributors. 0.80% will be destined for a community airdrop and 0.48% for early community members.

Internet Computer Price ICP ICPUSDT
Source: Messari

As researcher Mira Christanto pointed out, ICP will have initial low inflation. As the image above shows, a large percentage of its supply will remain locked for at least 3 years. ICP will be used for 3 purposes: incentive and enable the governance model, provided validators with rewards, and produced a stablecoin called CYCLES.

The stablecoin is produced from ICPs and will have a burn mechanism to “fuel computation” for the Internet Computer.

Internet Computer Price ICP ICPUSDT
Source: Messari

As Christanto said, this burn mechanism will contribute to the stabilization of computation demand, maintaining low gas feed, and keep ICP’s price “independent”. The researcher concluded:

Competition among programmable Layer 1s is intense. Dfinity has luckily launched during a bull market. But creating the ultimate world computer is still at play.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/in-less-than-a-week-how-internet-computer-icp-climbed-to-the-top-10/?utm_source=rss&utm_medium=rss&utm_campaign=in-less-than-a-week-how-internet-computer-icp-climbed-to-the-top-10

Blockchain

Bitcoin Should Be In Every Portfolio, Says Mexico’s Third Richest Man

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The arrival of the death cross does not seem to scare Michael Saylor, who bought $500 million just when this terrifying pattern was forming. But Michael Saylor is not the only one who thinks so. Ricardo Salinas Pliego, the third richest man in Mexico, also believes that Bitcoin is an excellent investment.

During an interview with the director of Blockchain Land, José Rodríguez, Ricardo Salinas Pliego assured that Bitcoin is as solid an investment as gold. He explained that the debate about its nature is not so crucial for those who know its properties.

In my opinion, all the advantages that bitcoin has are enough to make the gold of the modern world … There is no point in discussing whether it is a currency or not.

There Will Be Only 21 Million Bitcoins, And That Is Key to Everything

Ricardo Salinas argues that the fact that Bitcoin is finite, easy to transport, and enjoys extreme liquidity internationally are compelling reasons to consider it as an asset worth taking into account when building an investment portfolio.

In fact, Salinas explains that from his point of view, every investor should own Bitcoin:

Bitcoin is an asset that has international value, which is traded with enormous liquidity worldwide. For that reason, it should be in any portfolio.

Ricardo Salinas is a vocal Bitcoiner. He was one of the first prominent Latin American businessmen to talk about Bitcoin and support it in social networks. He also revealed that 10% of his liquid investment portfolio was held in Bitcoin, which is obviously no small thing considering his fortune.


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But What About Altcoins?

But for now, it seems that Salinas’ relationship with Bitcoin admits no competition. When asked about the potential of Ethereum and other altcoins, Salinas was unconvinced that they can outperform Bitcoin.

Regarding Ethereum, he explained that its weakness lies in its inflationary nature.

The scarcity of Bitcoin, the 21 million, is the key to everything. That is why I mention Ethereum. Because as long as it does not have a finite amount of issuance, I will not believe them because they can issue more, and the asset depreciates.

The issue of the inflationary design of some currencies is of special importance to Ricardo Salinas. Latin American governments have abused the power to artificially issue money, which has damaged the purchasing power of the people in the long run.

Look, I started my professional career in 1981. Back then, the [Mexican] peso was 20 to 1 [dollar]. Today, on the other hand, we are at 20,000 to the dollar. And that’s here, in Mexico, but if we do it in Venezuela, Argentina or Zimbabwe, the figures lose all proportion.

As Bitcoin is a global and finite asset, it is safe from manipulation by any government, group of developers or centralizing power entities.

But there is always a little space for other projects. He said that Monero and Zcash are interesting because of the privacy that they offer.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-should-be-in-every-portfolio-says-mexico-third-richest-man/

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Ripple price flashes remarkable buy signals as technicals improve from the dip to $0.57

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  • Ripple price begins recovery after diving to $0.57.
  • The TD Sequential indicator presents a massive buy signal as buyers take their positions.
  • XRP aims at closing the day above $0.78 to set the precedence for the trajectory to $1.

Ripple slipped below May’s crucial support at $0.65 to trade a two-month low of $0.57. The selloff affected most crypto assets, starting with Bitcoin’s drop to $30,000.

When writing, the international money transfer token teeters at $0.62 amid a gradually building bullish momentum. Perhaps a daily close above $0.7 will call more buyers into the market upon Ripple regaining market stability.

How formidable are Ripple’s buy signals?

The TD Sequential indicator has recently flashed a buy signal on the 12-hour chart. This is a chart overlay tool that measures the volatility of an asset while tracking its trend. A buy signal forms in a red nine candlestick and implies that buyers get stronger as the bearish force fades.

On the other hand, a sell signal presents in a green nine candlestick, implying that selling pressure is about to balloon while bulls lose their grip. With a buy signal intact within the overall technical picture, massive gains are anticipated.

XRP/USD four-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

The growing uptrend is reinforced by the Relative Strength Index (RSI), gaining momentum after leaving the oversold region. Action toward the midline will cement the growing bullish grip.

Subsequently, traders should watch for movements in the MACD. If the MACD line crosses above the signal line, the buy signal will be validated. Holding above the short-term support at $0.6 is crucial to sustaining the uptrend, while closing the day above $0.7 may bolster Ripple significantly upward.

Ripple intraday levels

Spot rate: $0.63

Trend: Bullish

Volatility: Growing

Resistance: $0.7

Support: $0.6 and $0.57

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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Source: https://coingape.com/ripple-price-flashed-remarkable-buy-signals-as-technical-improve-from-the-dip-to-0-57/

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Blockchain

TA: Bitcoin Eyes Recovery, Here’s Why BTC Could Struggle Near $35K

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Bitcoin price extended its decline and tested the $31,500 zone against the US Dollar. BTC is now recovering losses, but it is likely to face sellers near $34,000 and $35,000.

  • Bitcoin remained in a bearish zone and it even broke the $32,000 support zone.
  • The price is now trading well below $35,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to correct higher, but the bears could prevent gains above $35,000 in the near term.

Bitcoin Price Could Recover Losses

Bitcoin struggled to stay above the $33,000 zone and it extended its decline. BTC broke the $32,500 and $32,000 support levels to move further into a bearish zone.

The price even spiked below the $31,500 level and settled well below the 100 hourly simple moving average. It traded as low as $31,310 and it recently started an upside correction. Bitcoin is now back above the $32,000 and $32,500 resistance levels.

There was also a break above the 23.6% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low. An initial resistance on the upside is near the $33,800 level (the recent breakdown zone).

The 50% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low is also near $33,800. The main resistance is now forming near the $35,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

Therefore, bitcoin bulls are likely to face a major resistance near the $35,000 zone and the 100 hourly SMA. The next major resistance on the upside sits at $36,200.

More Losses in BTC?

If bitcoin fails to clear the $33,800 resistance or the trend line resistance, it could continue to move down. An immediate support on the downside is near the $32,000 level.

The next major support is near the $31,500 level. A downside break below $31,500 could open the doors for more losses. In the stated case, the price might even test $30,000.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to clear the 50 level.

Major Support Levels – $32,000, followed by $31,500.

Major Resistance Levels – $33,800, $34,000 and $35,000.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-btc-eyes-recovery-35k/

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