Internet Computer Protocol (ICP) has continued its upward price movement, spiking nearly 12% in the past 24 hours. The rally in the ICP price has coincided with the recently increased activity on the network.
According to Coinmarketcap data, ICP price has increased from $9 to the current $15.28, recording a gain of nearly 70% in the past seven days. Alongside the massive surge in price, it has also seen an over 108% increase in 24-hour trading volume.
The hikes in ICP prices are a direct result of the DFINITY Foundation – the developer company behind Internet Computer – announcing a major development release in December that essentially increased network activity.
With this hike, Internet Computer has once again positioned itself among the leading cryptocurrencies, currently being the 16th largest crypto asset.
Alongside the surge in market price, ICP futures contracts are also in demand, with their open interest reaching near the highest levels seen in July 2023. Market data reveals that long positions on ICP futures are dominating despite several traders aiming to short the asset.
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