The price of the cryptocurrency Internet Computer (ICP) is in an ongoing downtrend. It is currently at an all-time low of $16.50. That’s about 99% below the coin’s all-time high. As a result, the total market capitalization has dropped to about $3.4 billion. In the ranking of the best cryptocurrencies by capitalization, ICP has crashed from top 10 to 36th place.
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What is ICP and why did the coin crash?
Internet Computer is a blockchain project developed by Dfinity, a Swiss-based non-profit organization.
The platform, funded by venture capital funds, launched in May 2021 with much fanfare. On its first day of trading, ICP rose to become one of the 10 largest coins in the world.
Internet Computer’s goal is relatively simple. It is to allow developers to create high-quality decentralized applications without having to go through big tech companies like Google and Amazon. The goal is also to be a viable alternative to Ethereum because transactions on that blockchain are slow and expensive.
However, in recent months, the price of ICP has fallen faster than other cryptocurrencies. While Ethereum has fallen by about 40% from its all-time high, Internet Computer has crashed by over 99%.
This is mainly due to the fact that many developers have opted for other blockchain projects that offer more benefits. Some of the fastest-growing blockchain projects that have overtaken Internet Computer are Terra, Avalanche, and Fantom.
At the same time, on-chain data shows that transaction volume on Internet Computer’s platform is trending sharply downward. This is simply due to the fact that many of these applications are not that popular in their industry. Some of the applications on the platform include Fleek, Plug, DSCVR, District, and Origyn.
ICP Price Forecast
The daily chart shows that the ICP price has been in a strong downward trend over the last few months. During this period, the coin price remained well below the exponential moving averages of the 25- and 50-day lines.
The price formed a descending channel, which is shown in black. At the moment, it is within this channel. At the same time, the width of the Bollinger bands has decreased sharply, which is a sign that volatility is decreasing.
Therefore, there is a probability that the price of Internet Computer will continue to fall, simply because there are not enough buyers on the market.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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