Internet Computer pumps as transactions spike 37%: Is $20 next for ICP?

The price of Internet Computer (ICP) has jumped more than 36% in the past 24 hours as the blockchain platform’s transaction activity soared. At the time of writing, ICP price was hovering above $13.30. The surge above $13 has ICP up 184% in the past 30 days, with intraday highs of $14.00 on December 31.

ICP among coins with highest spike in transactions

While XRP, TRON, Stellar and EOS topped the transactions count on December 31 with 6.8 million, 4.3 million, 2.2 million and 1.4 million respectively, Internet Computer’s overall 24-hour change led the top gainers.

According to data from CoinGecko, the 24-hour trading volume for ICP rose more than 363% to over $802 million on Sunday. Per TradingView data, the total transactions for ICP had spiked 37% as the distributed computing & storage, smart contracts-enabled network saw increased user activity.

Is $20 next for ICP price?

Today’s price gain for the Internet Computer is bullish for ICP as upward momentum has the cryptocurrency set for a weekly candle close above $10 for the first time since May 2022.

If the outlook holds and a rally in coming weeks includes a retest for support above $15.71, ICP price could target $20. The immediate hurdle above this level could be around $23.57.

Internet Computer (ICP) price on the weekly chart. Source: TradingView

Analysts upbeat on the decentralised cloud 3.0 protocol are pointing to its strengths in the space. Apart for a potential path towards dominance in the crypto cloud market, the Internet Computer is fully on-chain, scalable, fast and cheap in terms of transaction costs.

On December 18, the Swiss not-for-profit DFINITY Foundation, which is overseeing the ICP blockchain, made a major announcement likely to boost ICP going into 2024.

According to DFINITY, the launch of a European subnet on the Internet Computer provides for the development and deployment of decentralised applications (dApps) that align with European Union’s General Data Protection Regulation (GDPR).

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