The Internet Computer secures leadership as a metaverse project, and the bullish rebound is…

  • The Internet Computer is currently the metaverse project with the highest market value.
  • The ICP is on the deep end of the bear market, and therefore it is discounted heavily.

If you are looking to diversify your investments in the crypto market, the metaverse is one sector to consider. The Internet Computer (ICP) might be one crypto project to consider, especially now that it’s leading the metaverse by market cap.

Internet computer reading [ICP] Price forecast 2023-2024

According to the latest analysis, the Internet PC is currently the metaverse project with the highest market value. This rating means that ICP has surpassed other popular metaverse projects like Axie infinity and The Sandbox.

While this is a win for ICP in the short term, what does it mean in the long term? Its current lead is perhaps an indication of what to expect, especially since the network has taken the lead during the bear market.

Many projects focusing on long-term performance maintain strong active development. The same case applies to the ICP of the last four weeks.

Source: feeling

Most, if not all, of this development is focused on reinventing the Internet using the WEB3 infrastructure. Perhaps this is the reason why ICP was able to retain a large part of the market capitalization.

139.56x increase on the cards if ICP hits ETH market cap?

The mockery of the ICP bulls

Well, ICP’s market cap has really fallen over the past four weeks, as has many other crypto projects. However, the ICP market managed to rebound sharply by up to $67 million over the past two days. Its market capitalization was $1.02 billion at the time of publication.

ICP market value

Source: feeling

The above observation, especially the market development, is the basis for ICP’s favorable performance in the long run. We can expect strong growth in the long term including price action, as the project is now focused on strong growth in the short term. But what about short-term price action?

Like most of its peers, ICP is at the deep end of the bear market, and thus is heavily discounted. Its price at the time of publication at $3.70 was still within its 2022 lows.

ICP price movement

Source: TradingView

An important note about the current ICP price range is that the bears are losing momentum. At the same time, market sentiment has improved in recent days. Binance funding has increased by a significant margin over the past five days, confirming the return of bullish demand in the derivatives sector.

ICP Size and Binance Funding Rate

Source: feeling

Despite this high demand in the derivatives market, ICP chain volume still plays in the lower range. In other words, we may not see a significant bullish rebound unless there is a significant increase in volume.

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