The tragic decline of the Internet Computer price is accelerating. The ICP coin is trading at $67, down by more than 88% from its all-time high. This price action mirrors that of Shiba Inu, which has also crashed to a record low.
What happened: Internet Computer is a relatively new cryptocurrency project that was started by Dominic Williams and his Dfinity Foundation. It has a market capitalization of more than $8.9 billion and is the 16th biggest blockchain project in the world. At its peak, ICP was the 7th biggest coin in the world. It is backed by popular VC firms like Polychain and Andreessen Horowitz. The two firms have also invested in Solana.
For starters, ICP is a project that is headquartered in Zurich, Switzerland. Its goal is to help developers build software without using popular platforms like Microsoft and Alphabet. The idea is similar to how Ethereum and Polkadot helps developers build applications using the smart contract technology. Still, it is relatively early to know whether developers will flock to the platform to build applications. So, is ICP a worthy investment?
Internet Computer price analysis
The three-hour chart shows that the ICP price has crashed hard in the past few weeks. It has also been less volatile, as evidenced by the Average True Range (ATR), which is a gauge closely used to measure volatility. A sliding volatility is usually a sign that the coin will soon experience some rapid action. It is often said to be the calm before the storm.
Another notable thing is that Internet Computer’s volume has risen recently. Therefore, while the overall view is still bearish, we can’t rule out a situation where the price bounces back as traders rush to buy the dips. Furthermore, we have seen such price action before in coins like Dogecoin and Ripple.