The Internet Computer price has struggled in the past few months. Its price has crashed to the current $34.65, which is more than 80% above its highest level on record. Its market cap has also crashed to more than $4.8 billion, making it the 21st biggest coin in the world. So, is ICP becoming worthless?
What happened. The ICP was launched a few months ago with a lot of fanfare. For one, Dfinity, the company behind it is backed by some of the best-known Silicon Valley investors like Andreessen Horowitz and Polychain Capital. Last year, the company raised $102 million from these investors at a valuation of more than $9.5 billion. These funds helped the developers to promote Internet Computer significantly before its launch.
The Internet Computer price surged to an all-time high of $630. It also propelled it to become one of the top 7 biggest cryptocurrency projects in the world. This surge was short-lived as the coin dropped to an all-time low of $27. The drop happened at a time when investors were exiting the crypto industry. Other coins like Bitcoin and Ether have all crashed since then. So, will the ICP price ever recover?
Internet Computer price prediction
The ICP price has had a tragic drop from more than $632 to $34. This makes it one of the worst-performing currencies in the world. At the same time, its volume has dried up. Its volatility too has declined substantially.
Therefore, at this point, I believe it will take a miracle for ICP to recover. For one, the overall demand for the ecosystem has been relatively low. As such, I believe that the coin will likely keep dropping as investors target the next key support level at $10. The bearish view will be invalidated if it moves above $50.