Internet Computer network grows 13x driven by Bitcoin DeFi
Despite the remarkable network growth in Internet Computer Protocol, ICP price remained muted.
- Internet Computer saw over 1200% surge in network activity.
- The growth was driven by its interoperability protocol, Chain Fusion.
Internet Computer Protocol [ICP] has seen massive network growth thanks to its Chain Fusion interoperability protocol.
According to the latest report by Dfinity Foundation, the research and developer firm supporting ICP, Chain Fusion, saw a 13x growth over the past year.
“Chain Fusion subnet saw a staggering 1,230% surge in activity over the past 12 months, coupled with an impressive 2,040% surge in message counts.”
Did the growth boost ICP price?
For the uninitiated, Chain Fusion allows developers to expand their app and system reach to other blockchains, especially Bitcoin [BTC] and Ethereum [ETH] networks. There’s a plan to integrate Solana [SOL] and increase access to the top three networks.
Amid renewed interest in Bitcoin DeFi, Internet Computer, and its Chain Fusion have become key players enabling vertical integration of applications, given its smart contract capabilities. But did the growth trickle down to the ICP token price?
On the charts, ICP price followed a broader market trend, pumped in Q1, and faced headwinds in the second half of 2024.
In the past two months, the ICP price has remained below the 50-day EMA (Exponential Moving Average). This showed short-term weakening, later seen by a further decline to H2 2024 support above $6.7.
A strong defense of the support could allow the token to reverse its recent losses. If so, the first bullish target would be the 50-day EMA, with a potential 18% gain if hit.
Read Internet Computer Protocol [ICP] Price Prediction 2024 – 2025
That said, at press time, ICP’s market sentiment was neutral, suggesting that the price could go either up or down. The next direction could be confirmed by broader market movement after the US election.
