The Internet Computer (ICP) made its debut on Monday but the initial success of the cryptocurrency left the market in shock. In just a few days, Internet Computer landed itself a spot in the top ten cryptocurrencies in terms of market capitalization – with ICP at even the fourth rank at one point. ICP gave a run to established coins like Litecoin and Ripple for their money. At the time of writing, Internet Computer stands at eight rank in the market with a price level of $308.
Internet Computer’s price level had a stark difference on different exchanges. On its Coinbase debut, ICP was priced at $630 but surged as high as 3,093 on Binance. HitBTC reported an all-time high at $407. Even with such high differences, the cryptocurrency has managed a phenomenal growth of its capitalization which landed it in the top ten list.
The internet Computer is described as a computing project based on the blockchain. The project has been regarded as the next step in the evolution of blockchain technology following Bitcoin and Ethereum. The price rally of the cryptocurrency just after days of its launch further fueled the narrative of it being the next phase of Blockchain evolution.
Dfinity, the organization behind ICP, hopes to become the first-ever truly global blockchain that runs with unlimited scalability and unmatched web speed. ICP is designed to host online services through the internet instead of requiring cloud hosting.
However, the rise of ICP to the top ten cryptocurrencies may have resulted due to a carefully-crafted strategy of Dfinity to land it there. The ICP was listed by major cryptocurrency exchanges almost simultaneously which exposed it to a large user base all at once. Furthermore, the project also has the backing of some high-profile players. The United States angel investor Andreessen Horowitz and a cryptocurrency hedge fund, Polychain Capital, are some of the prominent ones.