Hello everyone, today I'd like to talk about ICP. We'll talk about the CEO of the project, who regularly attends conferences and gives a lot of fascinating information. We will also discuss the project's AI component and examine its current state. We'll also examine layer 1 to see if anything of importance can be found there.
And of course, we'll cover the current price of the token and its potential for further growth. I promise this post will be super useful, So, before we get to the most interesting part, I want to clarify that this video is by no means financial advice, so be sure to do your own research and invest wisely.
Table of Contents
What's going on with the market right now?
First, let's talk about the latest market news and how the ICP token is reacting, as it's quite an interesting topic. It should be noted that recent weeks have been fantastic for cryptocurrency, with almost the entire market being green. Bitcoin is holding near its all-time high, while altcoins are beginning to revive and show good growth.
Some areas have finally started to show growth, and even the old giants like XRP and Doge have nearly doubled in recent days. So, it's easy to see that we're at the beginning of a real bull market. You can see this from how much regular investors are interested in Bitcoin and even Ethereum.
Right now, you can see spot ETF statistics over recent times, which only underscores the fact that a massive amount of new liquidity is flowing into the market. Overall, the market is seeing a lot of exciting activities, with new products and projects coming out, so we're in for a truly interesting rally ahead. Additionally, early next year, Trump is set to become the US president, and we might see an even greater takeoff.
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So, all that's left for us is to wait and work on our portfolios. As for ICP, there's an interesting situation. Over the past month, the token has only grown by 17%, while some other coins have done 2-3 times or even more.
Unfortunately, that's the reality of the market, where projects providing real utility are sometimes overlooked. But this is temporary, and it'll go unnoticed only until the project achieves something truly incredible, as ICP once did by creating the first AI on blockchain. Plus, it's important to understand that right now, we're still observing Bitcoin's high dominance, and once that begins to decline, all altcoins will start to feel much better.
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What’s new for ICP!?
Now, let's move on to the latest news related to the Internet Computer Protocol. To be honest, I can't say that while I wasn't making separate detailed article about this project that I've seen much news. Unfortunately, there hasn't been any life-changing news, so let's go through the usual updates.
Both the CEO and other project representatives have been actively attending various crypto events and conferences, which always bear fruit. Besides small deals, a major and necessary agreement was reached. DFINITY and Cambodia agreed to promote innovations in smart city technology.
The founder and chief scientist of DFINITY stated, We are excited and proud to progress our partnership with the forward-thinking government of Cambodia. The internet computer, and ICP technology generally, will play a key role supporting Cambodia's digital transformation, and this will assist Cambodia in its mission to develop secure, smart cities. It's important to note that ICP hosts decentralized serverless computing.
This means ICP users don't need cloud hosting services like Amazon Web Services. With software hosted on-chain, the network claims to be immune to cyberattacks. This is crucial to understand, as many projects still use cloud services, which isn't necessarily a terrible sign, but it's hard to call it a positive one. On this topic, the CEO of DFINITY made a rather sharp yet fair post.
You can see this post on your screen right now. Many interesting developments have taken place with the blockchain.
Their project, Chainfusion, finally achieved positive results. This month, through their Chainfusion ecosystem initiative, aimed at facilitating connections between blockchains, there was a 150% increase in activity on the blockchain, along with a 30% increase in full-time developers. They also finally closed one of the most important and largest goals in their 2024 roadmap, addressing many issues and significantly improving the project and blockchain as a whole.
I really like how this blockchain is progressing and following its schedule, actively completing the remaining tasks for 2024. Also, it's quite interesting that Grayscale is considering ICP as a coin they might want to add to their investment fund, which is a bullish sign. But that's it for now.
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What’s new for the AI sector
So let's move on to AI and my price prediction. To start, I'd like to briefly remind you of what's already on the ICP blockchain. After all, this is the first project that created AI on blockchain.
To begin with, let me remind you that they already have a ChatGPT analog on blockchain, which can provide text responses to any questions. Moreover, it can generate images based on text and recognize faces. By the way, many people don't understand why I see real potential here, so I suggest you check out this short clip where Dominic clearly explains what I mean.
Honestly, it's hard not to agree with him. Many investors don't understand the difference between AI crypto projects that truly develop on blockchain thanks to smart contracts and projects that just add AI or blockchain to attract as many new investors as possible. Of course, I don't think all AI crypto projects are like that, but indeed, the majority of them are.
But here, we need to understand that this all happened quite some time ago. That is, there hasn't been any news in the AI direction for almost six months. There's been no news about AI.
And that's pretty bad, given that they have unrealized potential. The last real moves in the AI direction were seen a very long time ago. So it's strange to me that they're effectively leaders in this direction but aren't showing any progress in developing this project.
But don't rush to label me a hater. This isn't the case at all. I believe we'll see some significant improvements.
After all, we can look back at this year's roadmap and see that they have AI-related tasks planned through the end of the year. So let's take a closer look, as they have three active tasks and three still untouched. This is good and actually a positive indicator.
They'll make many crucial technical changes. But where's something that will make this AI popular and in demand right now? Of course, it's cool, but they should continue to promote the idea that blockchain-based AI is very important and cool and, most of all, much safer than conventional AI. However, these are just my thoughts.
In reality, we just need to wait for the updates from the project because they will definitely come. Now, regarding the price prediction. If we're talking about a very positive scenario, I see ICP potentially reaching $175 to $200 per coin.
After all, it's the first blockchain that offers a real opportunity to create AI on its base. I'd like to remind you that this post is by no means financial advice. It's just my vision and opinions on the market, so you should always do your own research and invest wisely.