Internet Computer (ICP) has emerged as the worst-performing asset among 60 major cryptocurrencies, according to a recent report by Taurex. The report compared current values to all-time highs (ATH) and found that ICP recorded the largest drawdown at 99.69%.
An analyst noted that ICP peaked at $700 in May 2021 during the previous bull run and has steadily declined since. Currently trading at just over $2, the token holds a market value of $1.2 billion, resulting in significant losses for peak-cycle investors.
Recent market activity has further underlined the token's relative weakness. During a mid-August period when capital inflows pushed Bitcoin above $75k and sparked broader altcoin gains, ICP managed a modest 7.56% increase. By comparison, other assets saw stronger capital rotation, such as XRP, whose XRP/BTC ratio jumped 23%.
Meanwhile, the ICP/BTC ratio dropped 11.4% between August 17 and August 23, marking its largest weekly decline in over two months. Analysts indicate that this combination of absolute and relative weakness points to a prevailing bearish bias.
ICP has recently been consolidating within a $2 to $3 range, but analysts warn that the ongoing weakness makes this range look less like a strong base and more like continued stagnation. With the bearish setup intact, the $2 support level remains at risk of further downside.
