The Internet Computer price is hovering near its all-time low as demand for the token remains weak. ICP is trading at $18.94, a few points above the all-time low of $15. However, this price is around 99% lower than the highest level on record. As a result, its total value plummeted to around $3.8 billion. It had a market cap of over $18 billion at its peak.
Internet Computer is a blockchain project launched by Dfinity, an organization based in Switzerland. The goal of the project is to become the best platform for building decentralized applications like those for DeFi, NFTs, Infrastructure, and Metaverse. Today, the platform has been used by a number of developers to build their apps. Some of the major platforms built using the Internet Computer platform are Distrikt, Open Chat, IC Rocks, and Motoko Playground among others.
While some developers build using Internet Computer, the reality is that Internet Computer has not gained as much traction as its peers. For example, the total locked value of all its DeFi projects is unclear since DeFi Llama does not track it. Also, his metaverse projects aren’t as popular. Therefore, it faces a difficult future given the rapid growth of its competitors.
Internet Computer Price Prediction
The daily chart shows that the ICP price has been trending down over the past few months. Its price is only a few points above its historical level, unlike most of its peers. As a result, the coin moved below the 25- and 50-day moving averages. The coin is between the down channel shown in blue.
Internet Computer also fell below the 25 and 50 day moving averages. Therefore, at this stage, there is no indication that the ICP price will continue to rise in the short term. The likely scenario is where the coin continues to fall as the bears target the all-time low at $15. A move below this level will see it crash to $10.