With more than $1 billion in market cap, Internet Computer is part of the top 50 cryptocurrencies according to CoinGecko. Although the crypto market is certainly on the token, the positive sentiment on the crypto has not reflected in the charts in the past days.
According to , the token is down by 5% in the daily timescale. However, the bi-weekly timescale shows a 12% gain.
Bullishness Up, But Why Is Internet Computer Down?
, the company that launched Internet Computer, recently integrated Bitcoin to add smart contracts to the top cryptocurrency.
According to the made by SanTrends, ICP is top 5 just behind Ethereum in development activity. InfinitySwap, the ICP blockchain’s automated market maker (AMM) and staking platform, has also contributed to the rise in development activity as it also Ethereum, ensuring low fees compared to the top altcoin.
Image: Crypto News Flash
Image: Crypto News FlashHowever, this strong bullishness in development was sideswiped by a in TVL, high-profile crashes in the crypto space, and produced the perfect storm for ICP to crash just a day before 2023 starts.
Chart: DefiLlama
Security For ICP Is Up, But Not For Investors
On-chain security of ICP has been boosted by its integration with BTC. With 2022 being very with the amount of digital assets stolen, this security boost is highly appreciated by the community.
However, on-chain security does not guarantee returns for Internet Computer investors and traders. Historically, ICP follows both Ethereum and Bitcoin in price movement. If ETH and BTC will suffer from internal or external factors in the crypto industry, it would reflect on the price of altcoins like Internet Computer.
This year’s start for ETH and BTC has been shaky at best. With the BTC community celebrating Genesis Block day anxiously at $16,515 support, ICP has a long way to go in terms of bullish pricing.
However, with showing metrics that might be a precedent of a bull run, ICP might have a short-term upward momentum above $4.096 price resistance with support at $3.840.
ICP total market cap at $1.1 billion on the daily chart | Chart:
Bitcoin and Ethereum are trudging sideways as both the crypto market and traditional financial market await the which will provide possible signals of more interest rate hikes.
Not to mention the current FUD surrounding the entire Genesis-DCG debacle and the deteriorating situation of Grayscale’s situation as both its and its Ethereum Trust fund depreciate rapidly.
Meanwhile, ICP investors and traders should hold off any major decision until the FOMC’s meeting concludes as this would indicate either a better or worsening economic situation.
-Featured image: Yahoo Finance
