Internet Computer network grows 13x driven by Bitcoin DeFi

Internet Computer saw over 1200% surge in network activity.
The growth was driven by its interoperability protocol, Chain Fusion.

As a seasoned analyst with over two decades of experience in the tech and crypto industry, I must say that the recent surge in network activity for Internet Computer Protocol (ICP) is nothing short of impressive. The 1230% increase in activity on Chain Fusion, their interoperability protocol, within the past year is a testament to the growing demand for cross-chain solutions and smart contract capabilities.

The Internet Computer Protocol (ICP) has experienced significant expansion in its network owing to the interoperability provided by its Chain Fusion protocol.

Based on the most recent findings from Dfinity Foundation, the company working on ICP (Internet Computer Protocol), Chain Fusion, has experienced a significant surge of approximately 13 times its size over the last twelve months.

Over the last year, there has been a massive 1,230% increase in activity within the Chain Fusion subnet, along with a remarkable 2,040% jump in the number of messages sent.

Did the growth boost ICP price?

For those newcomers, Chain Fusion offers developers an opportunity to broaden their app and system compatibility across multiple blockchains, including Bitcoin (BTC) and Ethereum (ETH networks). The aim is to incorporate Solana [SOL] in the future, thereby enhancing access to the leading trio of networks.

With a surge in Bitcoin DeFi, Internet Computer has risen as a significant participant, thanks to its smart contract abilities that facilitate the seamless integration of various applications. However, has this growth positively impacted the price of the ICP token?

According to the graphs, the ICP price generally followed the broader market pattern, experiencing a surge during the first quarter, but encountering resistance in the latter part of 2024.

Over the last two months, the Inverse Conversion Price (ICP) has consistently stayed beneath its 50-day Exponential Moving Average (EMA). This trend suggests short-term weakness, which was later confirmed by a continuous drop towards the support level for H2 2024 that lies above $6.7.

If a robust argument for the token’s backing prevails, it might regain its recent losses. In this case, the initial bullish goal would be reaching the 50-day Exponential Moving Average (EMA), potentially resulting in a 18% increase if achieved.

Read Internet Computer Protocol [ICP] Price Prediction 2024 – 2025

At this point, the general feeling towards ICP’s market is balanced, indicating that its price might rise or fall. To determine the future direction, we should look towards the broader market trends following the US election.

2024-11-06 10:47

Did the growth boost ICP price?

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