A Standard Chartered analyst is predicting that the altcoin Internet Computer (ICP) has the potential to challenge Cardano (ADA) and SUI (Sui) in terms of market valuation and adoption. ICP’s price has already surged by 400% this year, despite being a relatively new cryptocurrency launched in May 2021. The analyst suggests that ICP’s decentralized Internet of Blockchains (IoB) architecture and its ability to enable decentralized computing and data hosting could make it a major contender in the industry.
ICP’s market cap has already exceeded $1.5 billion, and its token has been consistently trading above the $0.10 mark. The analyst notes that ICP’s growth trajectory is similar to that of earlier successful cryptocurrencies like Ethereum and Stellar. The predictions come as part of a market analysis report released by Standard Chartered, a leading global financial institution.
According to the report, ICP’s potential challenges to Cardano and SUI come from its unique architecture and its ability to enable decentralized application development, tokenization, and data storage. The report states that ICP’s growth trajectory is likely to continue, especially as more organizations and developers join the platform, which could eventually lead to its market valuation competing with that of Cardano and SUI.