Shiba Inu flipped as ICP surges by 18%
The native token of the Internet Computer blockchain, ICP, has been experiencing a continuous increase in value over the past month. Recent data indicates that ICP’s total open interest (OI) has reached its highest point in six months.
At the time of writing, ICP is up by 18% in the past 24 hours and is currently trading at $15.75. The market capitalization of the asset currently stands at $7.13 billion, surpassing the market cap of the second-largest meme coin, Shiba Inu (SHIB). ICP currently holds the 16th position in terms of market capitalization among all cryptocurrencies.
Data reveals that the daily trading volume of the Internet Computer has witnessed a significant surge of 95%, reaching $580 million. Approximately 36.6% of ICP’s total trading volume, which amounts to approximately $205 million, comes from the popular crypto exchange, Binance.
According to market intelligence platform Santiment, the total open interest in ICP futures contracts currently stands at approximately $99.2 million. The last time the open interest of ICP reached this level was in early July 2023.
Furthermore, data from Santiment indicates that the number of long positions is currently dominating ICP’s total open interest at its current price point. Santiment also reveals that the Binance funding rate for ICP is approximately 0.07% at the time of writing.
While many investors are still considering short positions, the exact amounts of these contracts, both short and long, remain unclear until further price movements.
Despite the significant price increase, ICP is likely to face a downward momentum. According to Santiment, the Relative Strength Index (RSI) for ICP has risen from 66 on December 30 to 76.7 as of January 3.
In order for ICP to maintain a bullish trend, the asset’s RSI would need to remain below the 65 mark.
