Bithumb Lists ICP, Network Achieves New Milestone

UTC by Anisha Pandey · 3 min read
Bithumb Lists ICP, Network Achieves New Milestone
Photo: Depositphotos

Dfinity confirmed that ICP surpassed 2.5 million Internet Identities.

Bithumb, South Korea’s second-largest cryptocurrency exchange, has announced the listing of Internet Computer (ICP), a leading digital asset ranked among the top 25 crypto assets by market capitalization.

The exchange announced the introduction of the ICP/KRW trading pair. The new trading option will go live on June 12, 2024. This move is a strategic part of a broader trend among South Korean exchanges to expedite the listing of new coins in anticipation of upcoming regulatory changes.

With new cryptocurrency regulations set to take effect in July, South Korean exchanges are racing to expand their offerings and align with enhanced regulatory standards. These regulations are designed to increase transparency, security, and consumer protection within the crypto market.

With the debut of the ICP/KRW trading pair, Bithumb aims to provide users with more trading options and enhance market liquidity. However, despite the announcement, the price of ICP took a significant hit, dropping by more than 3% in the last 24 hours.

ICP, the 24th largest digital asset witnessed a 11.21% decline in trading volume, which stands at $161 million with a market capitalization of $4.74 billion. Additionally, the ICP token went as high as $10.50 in the past 24 hours, only to drop to $9.85, and is currently trading at $10.20.

The holders of ICP have witnessed significant losses over the years. The token achieved an all-time high of $750.73 in May 2021 and has since witnessed a decline of 98.63% in prices.

The price of ICP has been down 17.93% in the past seven days, followed by a 13.13% decline in the last 30 days. However, the valuation of the cryptocurrency has increased by 179.11% since June 2023.

Internet Computer (ICP) Hits a Significant Milestone

The Internet Computer (ICP), a decentralized blockchain network developed by the Dfinity Foundation, aims to extend the functionality of the public internet by enabling it to host software and data without the need for traditional servers. The protocol makes the internet more open and efficient, allowing developers to create web applications and services that are fully decentralized.

In a post on social media platform X (formerly known as Twitter), Dfinity confirmed that ICP surpassed 2.5 million Internet Identities.

Interestingly, Internet Identities are decentralized, anonymous identities that enable users to interact with internet services securely without compromising their privacy. Each Internet Identity is cryptographically secured, ensuring that users can maintain their anonymity while accessing various decentralized applications (dApps) on the Internet Computer.

As per the ICP dashboard, the burning rate is also on a constant rise. In total, over 168,141 ICP tokens have been burned, and the rate has seen significant growth since 2021. On the other hand, ICP transactions amount to a total of 12,317,058, but on a daily scale, the transaction scale is underwhelming.

Altcoin News, Cryptocurrency News, News
Related Articles