The Internet Computer price is hovering near its all-time low as demand for the token remains low. ICP is trading at $18.94, a few points above the all-time low of $15. However, this price is about 99% below the highest level on record. As a result, its total value has crashed to about $3.8 billion. It had a market cap of over $18 billion at its peak.
Internet Computer is a blockchain project started by Dfinity, a Swiss-based organization. The project’s goal is to become the best platform for building decentralized applications like those in DeFi, NFTs, infrastructure, and the metaverse. Today, the platform has been used by a number of developers to build their apps. Some of the top platforms built using Internet Computer’s platform are Distrikt, Open Chat, IC Rocks, and Motoko Playground, among others.
While some developers are building using Internet Computer, the reality is that Internet Computer has not gained as much traction as its peers. For example, it is unclear the total value locked of all its DeFi projects since DeFi Llama does not track it. Furthermore, its metaverse projects are also not as popular. Therefore, it faces a difficult future considering that its competitors are growing rapidly.
The daily chart shows that the ICP price has been in a bearish trend in the past few months. Its price is just a few points above its all-time lo, unlike most of its peers. As a result, the coin has moved below the 25-day and 50-day moving averages. The coin is between the descending channel shown in blue.
Internet Computer has also dropped below the 25 and 50-day moving averages. Therefore, at this stage, there are no signs that the ICP price will continue moving upwards in the near term. The likely scenario is where the coin continues falling as bears target the all-time low at $15. A move below that level will see it crash at $10.
This post was last modified on Mar 04, 2022, 10:09 GMT 10:09