Shiba Inu Overtaken by 200% Rallying Cryptocurrency

• Performance and Market Impact of Internet Computer (ICP)
• ICP Market Data Analysis
• ICP Performance in 2023 and Predictions for 2024
• Potential Downward Correction for ICP
• Future Prospects for ICP

Performance and Market Impact of Internet Computer (ICP)

The cryptocurrency Internet Computer$9.27 -4.24% (ICP) is making a significant impact on the market due to its impressive performance. A 14.9% rise in value within the last 24 hours, a weekly climb of over 73%, and a whopping 204% increase over the previous month prove the token's robust performance. The ICP has now surpassed the market cap of the well-known Shiba Inu$0.000010 -2.05% (SHIB), making it the 16th largest crypto project.

ICP Market Data Analysis

CoinMarketCap data reveals that ICP's market cap has surged 14.48% and its 24-hour trade volume has seen an increase of over 102%. Crypto analysis firm Santiment reports that long positions currently dominate ICP's open interest. The firm suggests that, assuming the Fear Of Missing Out (FOMO) effect doesn't intervene, the cryptocurrency has the potential to continue its upward trajectory.

ICP Performance in 2023 and Predictions for 2024

ICP remained relatively dormant throughout 2023 until it began its rally in mid-December. Santiment noted that ICP was among the top coins in terms of development activity, potentially driving the cryptocurrency's latest price spike.

Potential Downward Correction for ICP

However, despite recent gains, there is potential for a downward correction. According to Santiment, ICP's Relative Strength Index (RSI) jumped from 66 on December 30, 2023, to 76.7 on January 3, 2024. In order for ICP to maintain its bullish momentum, it requires the RSI to remain below 65.

Future Prospects for ICP

Continued surge in developmental activity could possibly keep ICP's bullish momentum alive. There is also considerable room for growth as the asset is still down by over 97% from its all-time high of $700.65 attained in May 2021, over two years ago.

Edited by Jonathan Stoker