INTERNET Computer appreciated in value after launching 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.
However, the price fluctuated wildly on the release, and it fell to $ 580.38 on May 11 and $ 387.60 on May 12.
If you are considering investing, keep in mind that this is a risky business and you are not guaranteed to make any money.
You need to make sure that you know the risks and can afford to lose the money, and never invest in something that 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 an encryption 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 build websites and other Internet services, such as social media or messaging apps, using technology.
This means that they won’t need to use big companies like Amazon, Google, or Facebook.
The founder of Internet Computer, the Dfinity Foundation, aims to make cryptography 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 under the Origyn Foundation non-fungible token (NFT) project.
Origyn runs on Dfinity’s Internet Computer Project.
Internet Computer Price Forecasts
It is impossible to know for sure whether ICP will rise in value to reach previous levels, but fans and crypto experts have always made predictions.
For example, Parts price forecast expects a value of $ 50.58 by the end of the year and $ 68.38 by the end of next year.
However, those hoping the price will 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 price expects the PKI 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 markets analyst at Hargreaves Lansdown, previously told The Sun that ICP’s rapid rise and fall within hours of launch “shows … it’s the subject of speculation at short term”.
She added, “Many buyers are hoping to profit from the price spikes rather than having a core belief in the long-term use case of blockchain technology.
“In this speculative world, it’s almost impossible to predict when demand will go down and when prices will go down.”
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