Despite multiple spot Bitcoin ETFs days away from gaining SEC’s approval, the US east coast traders are waking up to a massive crypto crash today.
Financial services platform Matrixport published a bearish report, stating that the SEC could reject all Bitcoin ETF applications, which led to jittery traders panic selling their holdings. Over $1 billion worth of Bitcoin Futures open interest got wiped out in just one bearish candle.
The Bitcoin price tumbled by 7% in a span of a few hours, falling below the $41,000 price mark before recovering slightly to currently trade at $42,400. Altcoins such as Solana, XRP and Dogecoin experienced even sharper pullbacks, all depreciating by over 10%.
However, despite the crypto crash, a few altcoins have surprised investors by their resilience, managing to stay in green and even experiencing considerable gains. Internet Computer is one such cryptocurrency.
$ICP started its day hovering around $13, before climbing up to the $16.20 price mark. Despite the crypto crash, which resulted in the token retracing back to $12.78, $ICP immediately bounced back up. The Internet Computer price is currently trading $14 with a market capitalization of $6.4 billion, up 7% over the past 24 hours.
Why Is Internet Computer Price Up Despite Crypto Crash?
Internet Computer is a “World Computer” blockchain which seeks to enable end-to-end decentralization. It acts as an autonomous, serverless cloud which could be used to build any web application, without requiring traditional cloud computing services.
Internet Computer has the ability to process 250,000 transactions per second, which is much higher than other Layer-1 blockchains such as Ethereum and Solana. Moreover, it has also achieved Ethereum equivalency, which is an important milestone for any network.
Due to its cutting-edge technology, it is a popular choice amongst blockchain developers and consequently, witnesses tremendous development activity. According to Santiment, Internet Computer witnessed the fifth-largest development activity over the past 30 days.
With the crypto market now in a bull market, investors are beginning to recognize ICP’s technological superiority and price potential. According to Santiment, the token appears poised to continue its bullish trajectory, considering that it is following tight social volume patterns.
Indeed, the Internet Computer price has skyrocketed by 55% over the past week and 177% over the past month. However, analysts believe that $ICP still has tremendous upside potential. Trader Crypto Tony believes that the token will see a strong bullish continuation once it flips the crucial resistance level at $15.30.
The bulls would also look to flip the 100-week Exponential Moving Average at $14.88 and the 30-month Exponential Moving Average at $18.15, which would give fresh legs to the Internet Computer price rally.
New AI-Powered Token yPredict Nears $6.5 Million Milestone In Presale, Could It Be The Next $ICP?
yPredict is another crypto project that has impressed investors due to its next-gen technology. It is an all-in-one AI-powered ecosystem that seeks to give its users a competitive edge in the world of crypto trading.
yPredict’s flagship feature is the Marketplace platform, which offers cutting-edge predictive models from expert AI/ML developers and quants. Users can subscribe to these highly accurate models and utilize them to make smart decisions in real time.
yPredict’s another in-demand tool is the Analytics platform, which allows traders to utilize automated chart pattern recognition, transaction data analysis and sentiment analysis to gain an advantage over their peers and make winning trades. Similarly, the yPredict Terminal trading engine allows pro traders to execute their trades at a blazing fast speed.
yPredict’s native cryptocurrency – $YPRED – is currently in its presale, where it has already raised close to $6.5 million, signaling its robust demand. After all, the token offers exciting utility, such as lifetime access to the yPredict Predictions tool and upto 45% quarterly staking rewards.
It’s not without reason that analysts such as Jacob Bury and Cilinix Crypto believe that $YPRED will display a 1000% bull rally after its launch. However, interested buyers have no time to lose, considering that the token is in its last stage of presale.