On July 11th, 2017, ICP, an ERC-20 token based on Ethereum, made a big leap in market share, . After rising to $0.0085 by the end of the day, the token rose to 10th place on coinmarketcap.com’s list of popular cryptocurrencies, beating out EOS, Power Ledger, FunFair, and SONM. The sudden upswing may seem confusing, since the ICP token has been around for a while, but it is actually part of a new wave of new projects that fall under the growing umbrella of “cloud computing”.
This morning we learned that one lucky person turned $17 into $5.9 million by investing in the dogecoin killer named Shib. The memes are getting more intense.
On the other hand, there are projects that create real value and benefits but are completely ignored by investors.
It’s a very strange market, where social sentiment is often valued more than the value itself, but here we are.
One project that seems to have caught the attention of investors is Internet Computing, or ICP.
Its recently launched token, called Utility Token ICP, has had the most successful debut in the short history of cryptocurrencies, quickly rising to become the fourth largest cryptocurrency in terms of market capitalization.
The problem is that not all experts in the field can explain why.
I myself, after a day of research, believe that there are a number of factors that played a role, but that it was not an accident.
It would be easy to dismiss this as a marketing success, and the team seems to be succeeding, but there really is something beneath the surface that gives investors confidence in alternative investments.
Messari published a 12-page report on the new protocol, and even the Financial Times published an article calling it a competitor to Amazon Web Services.
As far as I know, ICP is meant to be everything Ethereum is, but with the speed of the internet. That said, the team has gone to great lengths to make it clear that PKI is not an Ethereum killer. I don’t know exactly how it works.
If they justified at least half the hype, the rating they have now would be considered low.
However, while they are very well funded and staffed, becoming a central Web 3.0 base layer seems extremely ambitious. Just as Cardano recently got off the ground without really being implemented, the same seems to be happening with ICP, but much faster.
The reason for this is probably the seamless cross-platform launch. It is rare for new projects to be listed on the major cryptocurrency exchanges so quickly.
Yet ICP has managed to trade on Binance, Huobi, OKEx and even Coinbase Pro. Opening up the market to global investors in such a short period of time has a disproportionate effect on the price.
We have seen many cases where even a single ad can cause a pump. A fourfold inscription is quite rare.
Even with all of the above in mind, the rise of a brand new coin to the top of the cryptocurrency rankings is amazing and only speaks of the eagerness of investors to find the next undervalued investment vehicle.
As you know, we have been closely following inflation statistics recently.
With all the money being printed lately, this is the most important thing to watch out for in all markets, including cryptocurrencies. While the U.S. Bureau of Labor Statistics’ Consumer Price Index (CPI) data doesn’t really tell the whole story, investors and policymakers will be following it with enthusiasm.
The latest April data will be released tomorrow at 8:30 a.m. on Wall Street, likely before the daily bulletin.
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