Internet Computer has become something of a cautionary tale in this year’s crypto cycle. A fresh Internet Computer price decline of 99.69% from its all-time high has pushed the token, better known by its ticker ICP, to the bottom of a ranking few projects want to top. According to a recent report from Taurex, ICP is now the single biggest loser among 60 major cryptocurrencies measured against their peak valuations — a distinction that says a lot about how far sentiment around the network has shifted since its early hype days.
Summary
Key takeaways
- ICP has fallen 99.69% from its all-time high of $700, according to the Taurex report.
- The token ranks as the worst performer among 60 major cryptocurrencies analyzed in the study.
- ICP’s market capitalization now sits at roughly $1.2 billion, down sharply from its 2021 peak.
- Between August 17 and 23, the ICP/BTC ratio dropped 11.4% while the XRP/BTC ratio jumped 23%, showing capital rotating away from ICP.
- ICP is consolidating between $2 and $3, with the $2 support level now at risk of breaking.
Internet Computer’s Massive Price Decline
The numbers behind ICP’s collapse are hard to overstate. A token that once traded near $700 now changes hands at a fraction of that value, and the drawdown ranks as the steepest among dozens of comparable assets tracked in the Taurex study.
99.69% Drop from $700 All-Time High
Taurex compared the all-time highs and current values of 60 major cryptocurrencies to identify which tokens had underperformed the most since reaching their respective peaks. ICP topped that list, recording a 99.69% drawdown from its $700 all-time high — a gap wide enough to put it clearly ahead of every other asset in the sample. An analyst who spoke with AMBCrypto put the scale of the loss in plain terms: Internet Computer has lost over 99% of the value from its all-time-high price of $700, and now it trades at just over $2, meaning almost every investor who bought at the peak has suffered significant losses.
Market Capitalization Falls to $1.2 Billion Since May 2021 Peak
ICP peaked in May 2021, during the last major bull run, and has been on a largely uninterrupted decline ever since. Its market capitalization now stands at around $1.2 billion — a figure that looks small next to the valuation the network commanded at launch, and one that underscores just how much ground the project still needs to recover. That gap between past highs and present reality is exactly why the Taurex report singled out ICP as the biggest loser in its 60-coin comparison.
Recent Market Performance and Relative Weakness
Beyond the historical drawdown, ICP’s more recent trading behavior offers little reassurance. Even during a stretch when much of the altcoin market was rallying, the token barely kept pace.
ICP’s Underperformance During August Altcoin Season
Mid-August brought a broader risk-on shift across crypto markets, with strong capital inflows pushing Bitcoin above $75,000 and dragging most altcoins higher alongside it. Some tokens outperformed Bitcoin outright — XRP, for instance, rallied more than 20% against BTC during that window. ICP, by contrast, managed only a modest 7.56% gain over the same period, trailing the bulk of the altcoin market and offering little evidence of genuine bullish momentum. That gap between ICP’s move and the wider altcoin rally is the clearest sign yet that the token’s weakness runs deeper than a simple pullback.
ICP/BTC Ratio Drops While XRP/BTC Ratio Surges
The relative-strength picture tells a similar story. Between August 17 and August 23, the ICP/BTC ratio fell 11.4%, marking its largest weekly decline in more than two months and its lowest weekly close since May. Over that same stretch, the XRP/BTC ratio climbed 23%, a clear signal that traders were rotating capital into XRP rather than ICP. In other words, while Bitcoin and XRP were absorbing fresh demand, ICP was losing ground even against BTC — a pattern that points to capital rotation away from the token rather than toward it.
Bearish Signals and Potential Downside Risks
Taken together, ICP’s absolute and relative weakness paint a fairly consistent bearish picture, and the coin’s current price range does little to change that read.
Consolidation in $2-$3 Range Indicates Weakness
ICP has spent recent weeks consolidating in a $2 to $3 range. Under normal circumstances, extended consolidation can be read as base-building. But layered on top of the token’s broader underperformance, this range looks less like a floor forming and more like a pause within a longer downtrend — a distinction that matters for anyone trying to gauge whether the worst of the ICP price drawdown is actually behind it.
Risk of Breaking Below $2 Support Amid Bearish Setup
That weaker interpretation carries a concrete risk: a break below the $2 level would expose ICP to further downside, according to the analysis. Combined with the token’s ranking as the biggest loser among 60 cryptocurrencies in the Taurex report, and its consistent underperformance against both Bitcoin and XRP through the recent rotation, the bearish setup around ICP remains firmly intact. Whether that support holds may say as much about the wider altcoin market’s appetite for risk as it does about Internet Computer specifically.
FAQ
How much has Internet Computer (ICP) lost from its all-time high?
ICP has declined 99.69% from its all-time high price of $700, according to the Taurex report.
What does the Taurex report say about ICP’s performance?
The Taurex report ranks ICP as the biggest loser among 60 major cryptocurrencies, based on the size of its drawdown from its all-time high.
What is the current price range and risk level for ICP?
ICP is consolidating in a $2 to $3 range, with analysts flagging a risk of breaking below the $2 support level.
How has ICP’s price performed relative to Bitcoin and XRP recently?
Between August 17 and 23, the ICP/BTC ratio dropped 11.4%, showing relative weakness, while the XRP/BTC ratio rose 23% over the same period, indicating capital rotation into XRP rather than ICP.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
