ICP surges 18%, flips Shiba Inu

The native token of the Internet Computer blockchain, ICP, has been constantly rising over the past month. Data shows that ICP’s total open interest (OI) just reached its six-month-high. 

ICP is up by 18% in the past 24 hours and is trading at $15.75 at the time of writing. The asset’s market cap is currently standing at $7.13 billion, flipping the second-largest meme coin, Shiba Inu (SHIB). ICP is currently the 16th-largest cryptocurrency by market capitalization.

Data shows that the Internet Computer’s daily trading volume registered a 95% rally, reaching $580 million. Around 36.6% of ICP’s total trading volume, roughly $205 million, comes from the largest crypto exchange Binance.

According to data provided by the market intelligence platform Santiment, the total OI in ICP futures contracts is currently hovering around $99.2 million. The last time ICP’s OI reached this level was in early-July 2023.

Moreover, data from Santiment shows that the amount of long positions is currently dominating ICP’s total OI at this price point. Per Santiment, the Binance funding rate for the asset is hovering around 0.07% at the time of writing. 

While many investors are still aiming at short positions, the exact amounts of the contracts, short and long, are still not clear until further price movements. 

Despite the strong price hike, ICP is likely to face a downward momentum. According to Santiment data, the Relative Strength Index (RSI) for ICP rose from 66 on Dec. 30 to 76.7 as of Jan. 3.

For ICP to remain bullish, the asset’s RSI would need to stay below the 65 mark.