Dfinity's ICP Token Sees Extreme Price Volatility Amid Bevy of Exchange Listings

The swings in ICP's value has come as Binance moved to list the internet computer token.

AccessTimeIconMay 11, 2021 at 4:02 p.m. UTC
Updated Aug 19, 2021 at 9:20 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

A bevy of exchange listings has kept the ICP token traders busy in the past 24 hours.

Dfinity Foundation's internet computer (ICP) token, which allows users to participate in and govern the blockchain network, went live on the U.S.-based crypto exchange Coinbase Pro on Monday.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    The last regression video of the year 3.67.0
  • Since then, several major cryptocurrency exchanges including Huobi, OKEx, and Binance have added support to the coin, leading to massive price swings.

    The cryptocurrency was changing hands around $400 on Coinbase at press time, having dropped from $630 to $250 on Monday, per data provided by TradingView.

    Prices tanked roughly 10 minutes after the Coinbase listing on Monday, shedding 60% in value to trade in line with the $300 to $400 price range implied earlier in the day on the FTX exchange’s derivatives contract linked to the ICP token.

    ICP is the utility token of the Dfinity Foundation's platform and is used for governance, decision making and network transactions.

    The platform has raised $121 million of equity funding, with investors including Andreessen Horowitz, Polychain Capital and Scalar Capital, among others.

    ICP Hourly Price Chart
    ICP Hourly Price Chart

    Prices recovered some 70% from Monday's low, with traders taking a second punt on the cryptocurrency in the run-up to its listing on Binance, the world's largest crypto exchange by trading volumes, early today.

    Binance said late Monday the token would be available for trading around 01:00 UTC on Tuesday (9 p.m. ET Monday). The coin opened at 249 USDT and was last seen trading around 420 USDT. It's trading at similar prices on OKEx and Huobi.

    The price volatility of the ICP token may settle down as days progress and the market matures. Dfinity's long-awaited platform for smart contracts operating at internet speed went live on Friday, under the watchful gaze of the Network Nervous System.

    The platform's layer 1 protocol is attempting to flesh out a decentralized public network with an eye on becoming an "extension of the internet," as the foundation's founder Dominic Williams put it to CoinDesk.

    Some 469,213,710 ICP tokens were created at the Genesis unlock on Monday at 9 a.m. PT (12 p.m. ET), which implies a fully diluted market capitalization of $182 billion at the ongoing price of $390. The fully diluted market capitalization is what market valuation would be if all coins are in circulation.

    However, as per data tracking website CoinMarketCap, currently there are 123.74 million coins in circulation. That amounts to a circulating market capitalization of $48 billion.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about