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Internet Computer (ICP) has overtaken Shiba Inu to become the 18th-largest cryptocurrency by market cap after rallying over 187% in the past month.
Internet Computer (ICP) recently stormed the crypto market following its tremendous rally. Data from CoinMarketCap (CMC) shows that ICP has rallied 52.8% in seven days and 187% on the monthly charts.
Similarly, ICP’s market capitalization has also skyrocketed 180% over the past 30 days. Following its tremendous rally, ICP overtook Shiba Inu (SHB) to become the 18th-largest cryptocurrency by market valuation.
While Shiba Inu currently ranks as the 19th largest crypto with a market cap of $5.64 billion, ICP has a valuation of $6.42 billion.
ICP’s Massive Rally
Notably, ICP was far behind Shiba Inu in the global crypto ranking for most part of last year. Interestingly, Internet Computer, which launched in 2021, commenced its bullish run in mid-December 2023, when its price rallied from a mere $5 recorded on December 11 to $11.3 on December 17.
While crypto investors thought they had seen the best of ICP, the coin embarked on another rally this week, surging above $16 on January 3, 2024. In the hours leading up to press time, ICP changed hands at $14.09, down 9.72% over the past 24 hours.
The massive price dip came after Matrixport disclosed in a report yesterday that the SEC would deny all spot Bitcoin exchange-traded funds (ETFs) applications. Despite plunging 9.72% on the daily chart, ICP is still up 253% over the past year.
Santiment Provides Mixed Analysis For ICP
Notably, ICP’s recent surge in developmental activities can be attributed to its latest price gains. According to data posted by Santiment last month, ICP ranked among the top 10 crypto projects with the highest number of Github commits. The cryptocurrency came fifth in the ranking after recording 314.37 Github commits.
🧑💻 Here are #crypto's top coins by development activity. Notable #github commits, past 30 days:
1 @cardano $ADA
2 @polkadot $DOT
3 @kusamanetwork $KSM
4 @avax $AVAX
5 @dfinity $ICP
6 @hedera $HBAR
7 @cosmos $ATOM
8 @optimismFNP $OP
9 @ethstatus $SNT
10 @chainlink $LINK pic.twitter.com/ilpWhbksj4— Santiment (@santimentfeed) December 26, 2023
Santiment recently projected that ICP could surge higher as long positions dominate the coin. The crypto analysis firm projected that ICP would continue its tremendous rally only if the asset does not experience Fear of Missing Out (FOMO).
📊 #Bitcoin's continued climb to $45.8K market value (highest since April, 2021) has helped #altcoins ascend in early 2024. Several breakout assets are following tight social volume patterns. If #FOMO stays away, $ICP, $FIL, $ARB, $BSV, $MKR, & $SEI can continue big runs. pic.twitter.com/wu2a19Ngjo
— Santiment (@santimentfeed) January 3, 2024
Meanwhile, data from Santiment also suggests that ICP is showing a bearish signal, as its Relative Strength Index (RSI) surged to 76.7 on January 3, 2024, from 66 recorded on December 30, 2023.
The digital asset would need to maintain an RSI below 65 in order to stand a chance to continue its bullish run.