According to a recent Taurex report, Internet Computer [ICP] has recorded the largest drawdown from all-time high at 99.69%, significantly outperforming other major cryptocurrencies. As reported by AMBCrypto, ICP peaked in May 2021 during the last bull run and has been consistently declining since then. The cryptocurrency's market value currently stands at only ₹120 crore, which is substantially lower than its highest peak, making it the biggest loser among the 60 major cryptocurrencies analyzed in the research.
During the altcoin season in mid-August, ICP managed to increase by only 7.56%, significantly underperforming most of its counterparts. According to AMBCrypto, the ICP/BTC ratio decreased by 11.4% between the 17th and 23rd of August, marking its largest weekly decline in over two months. This compares unfavorably to the XRP/BTC ratio, which jumped 23% during the same period, indicating that while capital was rotating into XRP, ICP was lagging behind Bitcoin. The prolonged underperformance during the recent altcoin rally highlights ICP's structural weakness relative to other cryptocurrencies.
As reported by AMBCrypto, ICP currently trades at just over $2, representing a dramatic decline from its all-time high of $700. One analyst noted that almost every investor who bought tokens at the peak has suffered significant losses. The cryptocurrency's $2-$3 consolidation range is now facing pressure, with the bearish setup remaining intact. A break below the $2 level would expose ICP to further downside, according to market analysis. The current market position reflects the sustained weakness that has characterized ICP's performance since its peak in May 2021.
