Internet Computer (ICP) shows strength as Bitcoin-linked DeFi activity and trading volume rise sharply.
- ICP price jumped nearly 3% in 24 hours, reaching above $4.90.
- ckBTC supply on ICP increased 37% since early June.
- Strong trading volume suggests higher investor interest.
ICP Price Gains Support and Rises Near $5
The price of Internet Computer (ICP) moved up nearly 3% in the last 24 hours. It traded between $4.73 and $4.93 before breaking past the key $4.90 level. This price now acts as a support level. The move signals steady growth and market confidence.
Volume Spikes Show Strong Demand
Trading volume increased sharply in the lead-up to the price jump. Notably, at 11:29 UTC, volume hit 59,999 units—well above typical daily levels. Other strong spikes happened at 11:23 and 11:28 UTC. These moves suggest larger investors are accumulating ICP tokens, backing the price boost.
ckBTC Growth Boosts DeFi Activity
One of the key drivers behind ICP’s rise is the growth in Bitcoin-linked DeFi activity on its network. The total supply of ckBTC (Chain-Key Bitcoin) climbed from 254 tokens to 349 since June 9. That’s a 37% increase in under a month. This shows more Bitcoin moving into ICP’s decentralized finance tools.
Momentum Builds for Next Price Level
Analysts see structural strength in ICP’s current price trend. With higher lows and growing trade interest, ICP may be building toward the next key level — $5.00. The platform’s focus on fast, secure DeFi using Bitcoin assets is helping it stand out in a crowded market.
Looking Ahead
As long as support stays strong at $4.90 and ckBTC use keeps rising, ICP could continue upward. The combination of technical support and growing real-world use makes it one to watch in the coming days.
Source: coindesk.com
