This Cryptocurrency Rallied 200% And Overtook Shiba Inu

Internet Computer (ICP) is currently one of the best-performing cryptocurrencies in the market. The token has rallied by 14.9% in the last 24 hours, over 73% in the weekly charts, and over 204% in the previous month. Moreover, ICP has overtaken Shiba Inu’s (SHIB) market cap and is currently the 16th largest crypto project.

According to CoinMarketCap data, ICP’s market cap has surged by 14.48%, while its 24-hour trade volume has risen by over 102%.

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Crypto analysis firm Santiment notes that currently, long positions dominate ICP’s open interest. The firm further stated that if FOMO (Fear Of Missing Out) stays away, the cryptocurrency could continue to rise.

ICP had a lackluster performance for most of 2023, and the asset only began to rally in mid-December.

Is ICP the next big thing for the cryptocurrency market?

According to a recent post by Santiment, ICP was among the top coins in terms of development activity. The surge in developmental activities may be behind the latest price spike for the cryptocurrency.

Despite the recent gains, there is a chance that ICP will face a downward correction. According to Santiment, the cryptocurrency’s Relative Strength Index (RSI) surged from 66 on Dec. 30, 2023 to 76.7 on Jan. 3, 2024. For ICP to continue its bullish momentum, it requires its RSI to remain below 65.

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However, there is also a possibility that the project continues to surge in terms of developmental activity, thereby continuing its bullish momentum. Moreover, the asset is down by over 97% from its all-time high of $700.65, which it attained in May 2021, over two years ago. Hence, there is still a lot of room for growth.