TL;DR
- Daily active addresses on the Internet Computer blockchain reached an all-time high of 1.5 million, reflecting continuous growth since October 2024.
- Large ICP holders show stability in their holdings, while smaller holders exhibit more volatility.
- ICP has gone through a bearish phase, but if it stays above the $7.00 support, it could reach $10.00, with the current price at $9.46.
The increase in activity on the Internet Computer (ICP) blockchain is attracting more and more attention. Throughout 2024, daily active addresses on the network have experienced steady growth, reaching an all-time high of 1.5 million, reflecting a strong increase in ICP adoption. This trend began in early October last year when a gradual rise in user participation was observed, starting with 900,000 active addresses.
The increase in active addresses coincides with greater investor interest and growing market confidence, which could drive the value of ICP in the future. If the positive trend continues, we may see sustained growth in the price of the cryptocurrency. However, a decline in active address activity could have negative effects on market perception and the blockchain’s performance.
Differences Between Whales and Retail Investors
In addition to the growth in network activity, a notable difference has been observed in the strategies of large and small ICP holders. Whales, those holding more than 100,000 ICP, have shown greater stability in their holdings, suggesting a long-term perspective on valuation. On the other hand, smaller holders (between 10,000 and 100,000 tokens) have shown more volatility in their movements, indicating greater short-term speculation.
Another key aspect is the increase in the number of transfers made within the network, which reached an all-time high of 96,000 in a single day. This reflects broad growth in both the user base and the profitability of the blockchain. Additionally, the demand for computational resources and developer engagement have also shown significant increases.
ICP: Current Situation and Forecast
In terms of prices, ICP has gone through a bearish phase, with strong resistance near $20.96. Despite fluctuations, the price has remained above key support levels, suggesting that a rebound may occur if the market continues to back the cryptocurrency.
If the price manages to stay above $7.00, it could reach $10.00, though a drop below this level could bring further declines in price. As of the writing of this article, ICP is trading at $9.46, reflecting a 3.04% daily increase, and a market capitalization exceeding $4.5 billion.
