Internet Computer (ICP) is currently on an impressive bullish run following the crypto market upturn, which saw many assets show signs of recovery. In the last week, ICP has taken center stage, recording the biggest gains among the major coins in the market. 

ICP Shows Its Mettle In Crypto Ranking

According to data from CoinMarketCap, the Internet Computer token recorded an 18.25% gain over the last seven days, outperforming every other token in the top 50 crypto rankings within the same period.

The web-affiliated altcoin initially began the week trading around $5.6 on Sunday. ICP showed no significant price action in the early days of the week but soon followed the Bitcoin price rally gaining by about 20.3% in the last two days.

In this month of April, the Internet Computer token has been a focal point of investor’s interest, surging by about 24% to trade above $7 for the first time since February. Although it has fallen from such heights, the altcoin appears to have resumed its bullish trajectory following last week’s stunning performance.

At the time of writing, the ICP coin is trading at $6.32, having gone up by 5.16% in the last 24 hours. During this period, the Internet Computer coin has also recorded a 40.14% jump in its trading volume, hitting a value of $93.88 million. 

However, it must be said a lot is still desired from the ICP token, as its current market price represents a staggering 58.2% decline from its year-to-date (YTD) value, according to data from Coingecko.

ICP’s ckBTC Gains Ground, As Plans To Launch ckETH, Others Are Revealed

Aside from the Bitcoin market-led surge, Internet Computer’s rise has also been driven by the announcement of the Chain-key Bitcoin (ckBTC), an ICRC-1- compliant token backed by Bitcoin 1:1. 

According to DFINITY, developers of ICP, the ckBTC token acts as a bitcoin twin enabling users to conduct fast, secure, and low-fee bitcoin transactions on the Internet Computer blockchain. 

The ckBTC distinguishes itself from other cross-chain derivatives tokens as its operation requires no centralized custodians, bridges, or traditional cloud providers operating a fully decentralized system. 

So far, this innovation has received much reception as 61.2628 ckBTC tokens (worth $1.795 million) have been minted on the ICP blockchain following the launch of the token four weeks ago. 

Moreover, ICPSwap, an affiliate account of the Internet Computer, has announced the upcoming integration of Ethereum and all ERC-20 tokens with the Internet Computer ecosystem. 

Upon successful implementation, this integration will lead to the creation of ckETH and similar ERC-20 assets such as ckUSDT, ckUSDC, etc. 

Featured Image: Market Realist, chart from TradingView.

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Filed under: Bitcoin - @ April 29, 2023 10:16 am