The price of Internet Computer (ICP) has shown a notable increase, rising 15% over the past week. ICP’s surge is driven by several factors, including the burning of cycles that showcase the utility of the network. 

Per CoinGecko, ICP trades at $8.47, with a slight 1.14% decline in the past day, yet maintaining an increase over the last week. As the broader crypto market anticipates key events such as next week’s interest rate decision, investors are paying close attention to ICP’s price movements.

Cycle Burns Demonstrate Scalability

According to DFINITY (@dfinity), Internet Computer burned approximately 12,000 ICP tokens, equivalent to 76.4 quadrillion cycles, used to power various computational processes on the network. 

Compute on #ICP is exploding Yesterday 76.4 quadrillion cycles (~12k ICP) were burned for that compute, highlighting ICP's utility and scalability pic.twitter.com/pvP8akUQ7m

— DFINITY (@dfinity) September 11, 2024

This level of token burn reflects the growing demand for ICP’s computational capabilities, reinforcing its scalability and overall utility in the blockchain space. As the network handles increased activity, its capacity to burn large quantities of tokens show the value it brings to decentralized computing.

These cycle burns point to the expanding use cases for Internet Computer, which is designed to facilitate decentralized applications and services at web scale. With such developments, ICP appears well-positioned to maintain and potentially increase its relevance within the decentralized ecosystem.

Bullish Divergence Signals Further Growth Potential

Matthew Dixon, CEO of Evai, shared his analysis on X, emphasizing the potential for further price growth. He noted that ICP responded positively to a Regular Bullish Divergence signal, indicating that the asset may continue its upward trajectory following a recent correction. 

Dixon also pointed to upcoming macroeconomic events like the Consumer Price Index (CPI) release and the Federal Reserve’s interest rate decision as potential catalysts for further price movement in ICP.

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ICP’s Growing Trading Volume Reflects Increased Interest

CoinGecko reports that ICP’s daily trading volume reached $182,665,033, indicating a heightened level of investor interest. This increased trading activity suggests that market participants are actively engaging with ICP as they monitor its price trajectory. 

Despite the brief price dip in the last day, the overall weekly performance has been robust. The combination of increased token burns, positive market signals, and growing trading volume has positioned ICP as a focal point in the crypto space.

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The post Internet Computer’s Massive Burns Highlight Utility as ICP Price Pumps 15% appeared first on CaptainAltcoin.