- The ICP price has crashed by 99% from its all-time high.
- Its platform has a long way to go to become a viable alternative to Ethereum.
The ICP price has been in a strong bearish trend and is currently trading at an all-time low of $16.50. This price is about about 99% below its all-time high. Its total market capitalization has crashed to about $3.4 billion, which is significantly lower than its all-time high. Its ranking has crashed from top-ten of the biggest coins in the world to position 36.
What is ICP and why has it crashed?
Internet Computer is a blockchain project that was developed and run by Dfinity, a Swiss-based non-profit organization.
The venture-funded platform went live in May 2021 at significant fanfare. In its first day of trading, the ICP moved on to become one of the top 10 biggest coins in the world.
Internet Computer’s goal is relatively simple. It is to allow developers to build quality decentralized applications without going through the route of big tech companies like Google and Amazon. Its goal is also to be a viable alternative to Ethereum, which is known to be slow and expensive.
In the past few months, however, the ICP price has dropped at a faster pace than that of other cryptocurrencies. While Ethereum has fallen by about 40% from its all-time high, Internet Computer has dropped by over 99%.
This performance is mostly because many developers have opted for other blockchain projects that are more mainstream. Some of the fastest-growing blockchain projects that have overtaken Internet Computer are Terra, Avalanche, Terra, and Fantom.
At the same time, on-chain data shows that the volume of transactions in Internet Computer’s platform has been in a strong downward trend. This is simply because many of these apps are not as popular in their industry. Some of the apps in the platform are Fleek, Plug, DSCVR, Distrikt, and Origyn.
ICP price prediction
The daily chart shows that the ICP price has been in a strong bearish trend in the past few months. In this period, the coin’s price has remained comfortably below the 25-day and 50-day exponential moving averages (EMA).
The coin has managed to form a descending channel pattern that is shown in black. It is now between this channel. At the same time, the Bollinger Band Width has dropped sharply, in a sign that volatility is slipping.
Therefore, there is a likelihood that the Internet Computer price will continue falling simply because there are inadequate buyers in the market.
