The tragic fall in the price of Internet computers is accelerating. The ICP coin is trading at $ 67, down more than 88% from its all-time high. This price action mirrors that of Shiba Inu, which has also fallen to an all-time high.
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 over $ 8.9 billion and is the 16th largest blockchain project in the world. At its peak, ICP was the 7th largest coin in the world. It is backed by popular venture capital firms such as Polychain and Andreessen Horowitz. Both companies have also invested in Solana.
To begin with, ICP is a project 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 help developers build apps using smart contract technology. Still, it’s relatively early to see if developers will flock to the platform to build apps. So, is PKI a worthwhile investment?
Internet Computer Price Analysis
The three-hour chart shows that the price of ICP has collapsed sharply in recent weeks. It has also been less volatile, as evidenced by the Average True Range (ATR), which is a gauge closely used to measure volatility. Sliding volatility is usually a sign that the coin will experience rapid action soon. It is often said that it is the calm before the storm.
Another notable thing is that the volume of Internet Computer has increased recently. Therefore, while the big picture is still bearish, we cannot rule out a situation where price rebounds as traders rush to buy lows. Additionally, we’ve seen such price action in coins like Dogecoin and Ripple before.
ICP price table
Follow Crispus on Twitter.