Should I Invest in Internet Computer (ICP) Tokens?
Have you been wondering if you should invest in ICO tokens? The answer to that is a resounding yes, and we'll get to exactly why in a bit.
Since the release of the Internet Computer's mainnet several days ago, the market value has been doing extremely well. As of the 10th, the market value for the Internet Computer tokens experienced a surge which catapulted it to the 8th most valuable crypto coin. However, this token currently holds the 4th position with a selling price of $366.
Although all of these price surges seem positive, there are a few concerns about investing in this specific coin. But before we talk about what the possible challenges might be, here are a few points to note about the Internet Computer token;
The Internet Computer is a Blockchain Computer
The first important fact you need to understand is that the internet computer is designed to make blockchain-based transactions and apps quicker. ICP was created by the Dfinity Foundation, a company aimed at making decentralized innovations to make them accessible to everyone. Hence, the blockchain computer is created to offer you unlimited capacity and web speed.
With a speed comparable to the internet and decentralized protocols, both developers and consumers can blockchain benefit from this innovation. You can easily scale smart chain computation, store data, and utilize multiple software development frameworks.
A Cohesive Software Ecosystem
Another important fact about the Internet Computer is that it has a cohesive ecosystem. The ICP token is a governance token that gives investors the power to influence multiple processes within the network. Essentially, it gives you the voting power on different proposals regarding computation functions of the blockchain network.
Aside from the features mentioned above, another thing that you should know and might influence the pricing is how it works.
The Internet Computer Work Process
The Internet Computer is built on a decentralized protocol called the Internet Computer Protocol (ICP). This protocol combines computing power from multiple computer nodes, which is then used to produce a unanimous computer platform. This platform is designed to support multiple applications of various complexities and scales.
The Internet Computer works by segregating smart contracts into various secure code units called Canisters. Canisters are computational units that function as individual applications and are useful for transmission through an entry point. This process is very similar to the internet, but there's a huge difference. The Internet computer differs from the traditional internet because it hosts and serves applications directly on-chain instead of depending on a centralized infrastructure. This method keeps every transaction secure because you don't have to interact with any third parties.
How Does the ICP Token Pricing Has Been So Far
Before deciding to invest in any token, you need to understand the different ways the price has increased or decreased recently. That way, you can try to predict what is to come. Although some top financial analysts have published their predictions, here's just a rundown of how the ICP token has been doing;
The ICP token was released recently and was exchanged at $400 at first before experiencing a surge to over $600. This value dipped from $630 to $250 on Monday, which instantly cost a 60% loss in value. The perfect time to purchase if you wish to earn because the prices recovered about 70% which led more investors to purchase from the BitForex trading platform. If you bought the ICP token when it was first released then you should've made some money by now.
However, the price volatility of the ICP token is easily one of the constraints of purchasing any at the moment. Although price volatility in the crypto world is normal, this rise and fall can be problematic. However, many experts believe that this issue will likely settle down as the market matures. Plus, considering other coins such as Dogecoin that were once at a low market cap, many cryptos are likely to maintain a value range over time.
The ICP token has traded as high as $700 before getting to the $350-$390 range, and it's very likely to get that high again.
Price Predictions for ICP Tokens
The best way to know for sure if you should invest in the ICP tokens is to consider the price predictions from expert analysts. This will make it easier to make up your mind. Here are a few predictions for the ICP token;
1.According to Wallet Investor, the ICP token is an excellent choice for long-term investments of at least one year. They predict that the ICP token will likely get to $439.34 in 12 months. Hence, in 2026, a $100 investment would likely be worth $1,634.33.
2.The Digital Coin Price believes that the internet computer tokens will reach a final price of $203 by the end of 2021. Also, the token will likely be traded at $230.69 by 2022.
3.For PickACrypto.com, they believe the Internet Computer token will likely reach the $1,000-$1,750 by the end of 2021. However, this site believes this is only possible if the ICP development team progresses with their prospective innovative products and partnerships.
4.The digitalcoinprice.com predicts that the ICP token will likely increase in the future. According to this website, they believe the value of the ICP token will be up to $534.39 after a year and $688.16 in two years. They also predict that the ICP token will likely be as high as $1,517.71 and as low as $1,270.48 in the future.
Another factor that should influence your decision to invest in Internet Computer tokens is your goal. Knowing what your goals are is a great way to ascertain if you should purchase a specific token or not. For instance, are you planning on investing long-term or do you want to make profits immediately?
The ICP token is a governance token that has been skyrocketing since its mainnet several days ago. If you're thinking about whether to invest in the ICP token, consider the price predictions and your goals before making a decision.
BitForex is an exchange service platform that can be classified as one of the Top 20 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.
BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts, derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.