What happened
It's been a rather flat day in the cryptocurrency market today, but one that's also provided investors with opportunities. One token that's seen an incredible surge in today's session is Internet Computer (CRYPTO: ICP). As of 3 p.m. ET, this token has surged 10.5% over the past 24 hours, hitting its highest level since February.
So what
As it turns out, Internet Computer has plenty of news investors are pricing in right now. Developers behind the project have announced a key partnership with Carbon Crowd to bolster its carbon emissions tracking. As the surge in interest around efficiency (both in terms of speed and cost, but also environmental impact) picks up, this is being perceived as a positive catalyst among those in the ICP community.
Given the recent shift to proof-of-stake operations that prominent blockchains such as Ethereum have made, investors noting the price action of tokens such as Ethereum appear to be assigning greater value to environmentally friendly pushes in this sector. On that note, Internet Computer is reportedly working on an integration between Ethereum and the Internet Computer protocol, which will resolve some ongoing challenges this network has seen.
Additionally, Internet Computer has been tied to news around a shift the Swiss government is making to leverage blockchain technology. It appears Internet Computer will provide staking and custody solutions for this endeavor, something investors are clearly pricing in as a catalyst for adoption.
Now what
Internet Computer is a top-50 cryptocurrency by market capitalization that often doesn't get enough attention from investors. As a platform that's working to bring Web3, or a true decentralized "world computer," to the fore, this is a project that's been prone to previous hype-driven rallies around Web3, as well as substantial declines.
These recent catalysts all point to positive development activity on the Internet Computer network. Investors will have to see how everything plays out. But for now, this is a token with some strong momentum crypto investors may want to keep an eye on.
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Chris MacDonald has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum and Internet Computer. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
