Ramazan Eles 
The price of ICP has soared after 23 months following the announcement of blockchain-powered AI Smart Contracts on its network.
Experiencing a 70% surge, the ICP token has secured a spot among the top gainers. Its recent uptrend, rising from $4 to $20 within a month, has caught the attention of investors amidst the current bullish trend in the crypto market. But what exactly is driving this surge in ICP price? Let’s delve into the details.
Analyzing ICP Price Movement
ICP serves as the native token of Internet Computer, a blockchain network that focuses on building systems and services. It holds a prominent position in the cryptocurrency market, ranking 18th on CoinmarketCap with a market capitalization of $8,737,740,195 following a 12% surge. Trading volume has also seen a significant increase, reaching $627,219,401 after a 30% hike.
ICP Price Analysis
As of now, the ICP price stands at $19.09, marking a 13% surge from the previous day. Throughout the week, ICP has displayed strong price momentum, witnessing a 71% surge. This upward trend propelled prices from $10 to the current value of $19.09.
However, it’s worth noting that despite the recent surge, ICP still lags significantly behind its peak value of $750.73 recorded three years ago, currently sitting at 98% below its all-time high.
Some analysts predict that ICP’s price may surpass the $60 mark by the end of April. The bullish sentiment prevailing in the market has contributed to ICP’s positive momentum, with the token experiencing bullish trends for over 17 days in the last 30 days.
Key Factors Driving ICP Price Surge
Recent developments within the organization have played a crucial role in driving the surge in ICP price. Despite facing losses previously, the unique functionality offered by the ICP protocol has maintained its demand.
The Internet Computer platform unveiled its plans for AI development, marking its entry into the realm of blockchain-powered AI Smart Contracts. These AI Smart Contracts are currently operational on DFINITY’s Internet Computer testnet, with plans for deployment on other public networks in the future.
Dominic Williams, the founder of ICP, shared his vision for the program, highlighting its potential applications. In a recent post, he outlined plans for AI integration, envisioning smart contracts capable of conducting tasks ranging from organizational coordination to Ethereum contract auditing and KYC verification autonomously.
Conclusion
With the recent surge in ICP price, optimism runs high for the token’s performance in the days ahead. The crypto market’s recovery from bearish trends, coupled with extreme greed sentiments, suggests that ICP may continue its upward trajectory, potentially surpassing the $20 mark in the near future.