Internet Computer (ICP), a new cryptocurrency that debuted on Monday, has now reached a market value of more than $37 billion in just a few days and is now trading at around $299, according to cryptocurrency data authority CoinMarketCap.
The cryptocurrency had soared to a market value of more than $90 billion with a price of $731 on debut. However, it later plunged to a market value of only $18 billion a few minutes later, trading at a price of about $146.
It is currently the ninth-largest digital asset among the top 10 in CoinMarketCap.com's rankings. The new token is expected to be a strong competitor for larger rivals such as Bitcoin, Ethereum, Binance Coin and more lately Dogecoin. The token is already listed on a number of major cryptocurrency exchanges, including Binance and Coinbase.
Bitcoin leads the pack with a runaway market cap of nearly a billion, followed by Ethereum at about $450 million, Binance Coin at about $94 million and Dogecoin at about $55 billion in sixth place. The total market cap of all cryptocurrencies together now stands just below $2.67 trillion, up from about $1 trillion at the start of the year.
Internet Computer, a cryptocurrency or a digital token, runs on its own proprietary protocol called Internet Computer Protocol. It is claimed to enable anyone to build software or publish content on the public Internet without using the services of technology giants like Amazon, Google, or Facebook.
According to Dfinity Foundation, which developed the digital token, Internet Computer extends the functionality of the global internet on a public blockchain.
It can host smart contracts that run at web speed, without any limitations on capacity, transforming it into a public compute platform that empowers developers and entrepreneurs worldwide and reduces compute costs by a million times or more.
Swiss nonprofit Dfinity is backed by investors including Andreessen Horowitz, Polychain Capital, Amino Capital, Aspect Ventures, and Eterna Capital.
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