ICP is not just a coin.
ICP is changing the way we're going to use the internet in the future.
Right now, the internet is controlled by big tech.
They can censor you.
They have these, like, single point of failure servers.
ICP is building a decentralized version of the internet
that is spread out over thousands of different computers.
We cannot be censored.
We can store our data on decentralized servers.
There isn't a single point of failure.
The list goes on and on and on about why this is better
than the current version of the internet we are currently using.
Very bullish.
Let's get it!
Hey, what's up, everyone?
Ajwritescrypto here.
And welcome to the Price Prediction Department.
By popular demand, this video, I'm going to be covering ICP.
No, it's not the Insane Clown Posse.
It's the Internet Computer Protocol.
Before I get into the price prediction, I want to thank Kyle from the ICP team.
I was fortunate enough to chat with him yesterday about ICP
and everything they're doing. I got some alpha from him.
I cannot even explain how bullish I am long term on this project.
What this project is doing is unparalleled to what anyone else is doing in crypto.
In terms of network performance,
ICP has the highest transactions per second over the last 90 days,
totaling at 19,566 transactions per second.
And these are from actual transactions.
For comparison, Solana does 300 transactions per second.
When you think about the total amount of data on the chain for ICP,
that number is 3.2 tebibytes.
A tebibyte is,
I hope I'm pronouncing that correct,
is a unit of measurement above a terabyte,
and this amount of tebibytes is three times larger
than the amount of data on the Ethereum blockchain.
Not only is ICP super fast and super efficient,
it can hold way more data.
And in the internet age, this is super important.
As of right now, they have over 280,000 smart contracts,
and they're approaching 2 billion blocks going off at 37.7 blocks per second.
These numbers are very impressive.
So we know how impressive the network performance is,
but what about their growth?
Last year, in 2022, the network usage increased 2,000% on ICP.
There are six separate dApps that are on schedule to be fully decentralized by May.
And lastly, ICP is averaging 660 new Internet Identity accounts per day.
For those of you who don't know, an Internet Identity is a feature of the NNS app.
NNS stands for the Network Nervous System.
To stake on ICP, you have to get an Internet Identity on the NNS app.
And when you do that,
you become like a neuron in the brain of the Internet Computer,
if that makes sense.
So we see how fast the blockchain is, we see how much they're growing,
but what about their partnerships?
First off, we know early on that they were backed by Andreessen Horowitz and Polychain Capital,
and they are still backed by them today.
Recently, they have partnership with FEDERITALY to prove authenticity in Italian goods.
This is a very big deal.
When I spoke with Kyle,
there are also a number of partnerships that he is not allowed to tell me yet,
but just because they're on the down-low, we still know that there is news that is coming,
and that adds to the bullish sentiment.
So there's some alpha from Kyle from ICP.
Thanks for the conversation, man.
But now let's get into the actual price prediction for ICP.
First of all, this coin isn't exactly easy to do a price prediction on
because it's not a static environment.
This coin started off at the very top and fell complete down
and has been in a very, very sad, long rainy day downtrend
from the very beginning.
So there's really not that many, like, levels it stayed at.
There's no consistency on the way down.
Well, we all know how rough of a start they had
when, you know, basically they were, like, dumped by FTX and Alameda
and they had a hit piece written about them by the New York Times.
There was kind of all this drama.
It's actually really unfortunate how hard ICP fell
and how hard it's been falling for the past couple of years
since its initial inception.
I mean, this is a project that has serious technology,
and the fact that it was just manipulated by, you know, the bad actors in the space
is a real bummer.
The thing is, is that there's a very passionate, intelligent team behind this project,
and that shows why the community is so bullish.
So the previous all-time high for ICP according to coinbase.com is $750.
Will ICP ever get back to $750 per coin considering it is currently priced at $5.11?
The answer to that question is probably not.
So from the snapshot, back in May of 2021,
when it was at the all-time high, also when it first rolled out,
ICP had a $27.89 billion market cap and the supply was 123 million tokens.
As of right now, in May of 2023, ICP currently has a $2.2 billion market cap
with almost 436 million coins in circulation.
So as you can see, the market cap has substantially dropped
and the supply has increased by a lot.
So to get back to that same price, ICP has so much more work to do
considering how many more coins are in the supply now.
Remember,
our simple equation for price prediction is price equals market cap
divided by circulating supply.
It's very simple.
In fact, ICP would need a $327 billion market cap to get back to $750 with its current circulating supply.
The problem is, is that the circulating supply now, as for most coins, is likely to not be
the same number as what the supply will be when we get to the all-time high.
So, like I said before,
ICP's total supply is 498 million coins.
Right now, about 87% of the coins are currently in circulation.
This is what Kyle from ICP said about their vesting schedule.
All coins are in circulation except the tokens held by the foundation
because they were dispersed at Genesis into the governance DAO.
So participants always had ownership and control of their tokens.
Here's the important part.
The governance DAO has 43 million ICP coming off of it in the next 12 months
and 17 million more ICP coming off of it one to two years from now.
After that, there are only 8 million coins left to go off in the next three to five years.
I'm actually very glad to learn about ICP's vesting schedule now
because there are actually so many coins that have much less friendly paths to take.
Like, there are several projects that have 30% of the supply in now,
but by the time we get to all-time high,
you know, they're going to have 80% of the supply in
and they have that much more work to do.
So considering ICP is already 87% vested,
and by the time we get to all-time high, most of the coins will be in circulation,
this is very bullish moving forward for ICP because the market cap won't have to play catch up.
So, like I said earlier in the video,
at ICP's all-time high, it had around a $27.9 billion market cap.
So if, say, ICP gets to that same all-time high market cap again
with the increased supply,
that would spit us out as around a $56 ICP.
Do I think ICP can get back to its all-time high in terms of market cap?
Probably.
And considering ICP is a little over $5 right now,
we're looking at a minimum 10X with ICP.
What do I think could be a bullish narrative for ICP?
Well, we've seen how many more people have been using their network.
We've seen how fast they are, how easy it is to use.
It's going to take much more adoption to grow that market cap,
but ICP's technology is so so good compared to other projects.
I've seen coins, just in the past week,
I've seen memecoins, you know, pass coins like Algorand and Fantom in market cap.
But now when you look at a project that's ICP,
that doesn't have as much hype behind it, but it has the best technology,
I feel like, over time, voting on technology is smarter than voting on hype,
even though hype pays off in the short term.
So the question is,
what do we think ICP's market cap can get to at the top of the bull run?
For a super bullish narrative, if ICP ran up to, say, $100 billion,
you'd be looking at around a $200 ICP.
I think that that is possible in time,
but maybe that's too close for the next bull run.
So we established that the previous all-time high market cap of $27.9 billion
would spit us out at a $56 ICP,
but if ICP, say, ran up to a $50 billion market cap,
we'd be looking at about $101 ICP.
Considering ICP is just over $5 right now, we're looking at about a 19X.
Here's the thing.
I want to come on here and say that every coin is going to go to the absolute moon,
but I'm trying my very best to be disciplined and realistic about these price predictions.
Do I think ICP can get to $200, $300 over time?
With the right adoption, yes.
But for this next bull run,
I'm looking at a $56 to a $100 ICP.
And I know I'm giving a fairly large range for this coin,
but that range is really determined by how many people get in
and how many people realize how amazing this technology is.
Since I gave a pretty large range,
to be honest, I would like to see ICP get to about $75.
That would require a $37.1 billion market cap, which is about a 14X from its current price point.
That feels very realistic to me, to be completely honest.
Boom! So there you go.
There's my price prediction video on ICP.
Big shout-out to the ICP community.
I did a poll on my Twitter to see what coin I should cover next.
Hey, and the ICP community showed up.
This video is here by popular demand.
So there you go.
Let me know down below in the comments what coin I should cover next.
I have a big list of them,
but there are certain coins I keep seeing again and again
that people want to see.
So let your voice be heard.
Let me know below what coin you want to see.
Be sure to hit me up on Twitter and Instagram.
My name is Ajwritescrypto.
Thank you to Stake for sponsoring this video.
And have yourself a great rest of your weekend.