INTERNET Computer rose in value after its launch earlier this year – but has since struggled to reach similar levels.
Also known as ICP, the cryptocurrency currently sits at a value of $42.01, according to CoinMarketCap.
By comparison, it hit a record high of $750.73 on May 10.
The price fluctuated a lot upon release, however, and it had fallen to $580.38 on May 11 and to $387.60 on May 12.
If you are thinking of investing, remember that it is a risky business and you are not guaranteed to make money.
You need to make sure you know the risks and can afford to lose money, and never invest in anything you don’t understand.
Cryptocurrencies are also particularly volatile, so the value of your investment can go down as well as up in the blink of an eye.
There is also little regulation for cryptocurrency businesses, so you won’t be protected if and when things go wrong.
What is an Internet Computer?
Internet Computer is a crypto token and blockchain innovation launched on May 10.
It uses smart contracts, similar to the Ethereum blockchain, to power applications and platforms.
The goal is for developers to create websites and other Internet services, like social media or messaging apps, using technology.
This means they won’t need to rely on big companies like Amazon, Google or Facebook.
The founder of Internet Computer, the Dfinity Foundation, aims for crypto to be the decentralized version of the Internet.
The Dfinity Foundation is a non-profit scientific research organization based in Zurich, Switzerland.
On November 23, it was announced that Paris Hilton had joined a $20 million funding round in the non-fungible token (NFT) project Origyn Foundation.
Origyn runs on Dfinity’s Internet Computer Project.
Internet Computer Price Forecast
It is impossible to know for sure whether ICP will rise in value to previous levels, but crypto fans and experts have still made predictions.
For example, Coin Price Prediction expects a value of $50.58 by the end of the year and $68.38 by the end of next year.
However, those hoping for the price to return to over $100 may have to wait until 2024 when the site predicts it will hit $106.32.
In the same way, Digital Coin Prices expects ICP to reach $106.06 in 2024.
By the end of 2028, the cryptocurrency is then expected to reach $181.94.
Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown, previously told The Sun that ICP’s rapid rise and fall within hours of its launch “shows that…it’s at the center of short-term speculation “.
She added, “Many buyers are hoping to take advantage of price increases rather than having a fundamental belief in the long-term use case of blockchain technology.
“In this speculative world, it’s almost impossible to predict when demand will decline and prices will fall.”
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We also rounded up price predictions for Bitcoin, Dogecoin, Saitama Inu, Decentraland, and Gala.
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