ICP was one of the most hyped-up cryptocurrencies immediately after its launch and it is also one of the few cryptocurrencies that quickly fell to its demise due to problems with the network. The token established its all-time high at $737 right after it entered the market but tumbled downwards to two-digit figures due to controversies. The cryptocurrency had been performing sub-optimally ever since. However, a minor upside movement can be seen in the price action of the token. At the time of writing, the cryptocurrency stands at a price of $54 while the price has gone up by 16% during the day and 17% during the week.
Entry of new ICP competitor
The ICP coin was believed to be revolutionary immediately after its launch. Its firm, Dfinity Foundation, regarded the token and its technology to facilitate the next era of internet. The Foundation also made use of good marketing gimmicks by launching the token simultaneously on pretty much all major exchanges which led to a crazy hype around the token. However, the hype died down soon and ICP tumbled downwards brutally as concerns surrounding the security and decentralization of the network became rampant.
While the development team has been trying their best to address concerns of the community, it appears as though the ICP token has lost all trust of its community. While it still enjoys a superior position in the market, some people do regard it as a scam.
Now, a new competitor of the cryptocurrency has entered the market which may give the token a run for its money. Internet Computer Reboot (ICPR) is a community-led project which is based on the internet Computer Protocol (ICP) and it aims to create a similar network but with the decentralization that ICP lacks. The ICPR network has launched its token which is a fork of the original token but promises transparency, security, decentralization and fairness. The launch of the token may change the game for ICP. The upcoming days will tell whether the token will be able to survive or not.
Future outlook
Despite the announcement of ICPR, ICP token appears to be moving upwards during the daily and weekly timeframe. Is the launch of the hard fork contributing to the popularity of the token? Keeping the controversies aside, the token has established itself in the market and it may not be as easy to dethrone it. The cryptocurrency currently stands as the 23rd largest coin in the market and Digital Coin Price estimates that the token will be trading at a price level of $195 by 2026.
