The digital currency Internet Computer (ICP) has recently experienced a meteoric rise, posting an impressive 33.4% daily surge, with its price now hovering around $13.22.
This rapid ascent has propelled ICP into the spotlight, with its market capitalization swelling to $6 billion.
This cryptocurrency is rapidly gaining ground and is on track to eclipse the popular meme coin Shiba Inu (SHIB) in market ranking.
Surging above Litecoin (LTC)
Internet Computer is a pioneering blockchain network designed to run at web speed, directly extending the capabilities of the internet. The project’s goal is to facilitate a fully decentralized digital environment, offering a scalable and secure alternative to traditional cloud services.
ICP has carved a spot for itself above Litecoin (LTC) in the cryptocurrency rankings. It is currently sitting just below SHIB, which occupies the 18th spot with a market cap of $6.23 billion, and ahead of Uniswap (UNI) at 20th place, with a market valuation of $5.72 billion.
The cryptocurrency has also narrowed the gap with other significant assets like Wrapped Bitcoin (WBTC) and Toncoin (TON), ranked 17th and 16th with market caps of $6.75 billion and $8.04 billion, respectively, and Chainlink (LINK), which currently holds the 15th spot with an $8.54 billion market cap.
Bullish setup
Cryptocurrency analyst Tom Crown has identified what appears to be a retrace through inefficient price action for ICP on the monthly chart.
According to Crown, ICP’s price is navigating through previous areas where trading was thin, suggesting the potential for a quick move up to $20.
This analysis is grounded in the belief that price tends to move rapidly through ranges that were previously skipped over due to low trading volume, known as “inefficient” areas.
Crown’s prediction, if accurate, could see ICP appreciating significantly in the coming months.