Internet Computer (ICP) is showing significant weakness despite a broader cryptocurrency market rally in mid-August that pushed Bitcoin above $75,000. While many altcoins surged—with XRP notably outperforming—ICP managed only a modest 7.56% gain, and its ratio against Bitcoin dropped 11.4%, its largest weekly decline in over two months. This underperformance comes as a recent report ranks ICP as the biggest loser among 60 major cryptocurrencies, recording a 99.69% drawdown from its all-time high of $700 to its current trading price of just over $2. The token’s weak relative strength puts its $2-$3 consolidation range at risk, with analysts suggesting a break below $2 could expose further downside.
Internet Computer [ICP] is failing to participate in the market’s recent risk-on rotation, showing notable weakness despite a broader altcoin rally. In mid-August, strong capital inflows pushed Bitcoin above $75k, with most altcoins following higher. XRP performed particularly well, with the XRP/BTC ratio rallying over 20%, signaling clear rotation into that asset.
ICP’s performance during this period was muted, with the token gaining just 7.56%, significantly underperforming most of the altcoin market. On a relative basis, the ICP/BTC ratio dropped 11.4% between the 17th and 23rd of August, its largest weekly decline in over two months. By contrast, the XRP/BTC ratio jumped 23% during the same period.
This underperformance suggests a bearish bias for ICP. The weakness puts its ongoing $2-$3 consolidation in a weaker light, making the range look more like a period of continued weakness than a strong base.
A recent report adds to this setup, ranking Internet Computer as the biggest loser among 60 major cryptocurrencies. According to the report’s findings, ICP recorded the largest drawdown from its all-time high at 99.69%, being significantly ahead of the pack.
One analyst stated, “Internet Computer has lost over 99% of the value from its ATH price of $700, and now it trades at just over $2.”
ICP’s already weak price action gets another blow from this data, as the report compared the all-time highs and current value of 60 major cryptocurrencies to determine which ones underperformed the most.
Moreover, “ICP peaked in May 2021, during the last bull run, and has been constantly dropping since then.”
In this context, the recent price action of ICP does not seem to inspire much FOMO. During the altcoin season of mid-August, ICP only managed to increase by 7.56%, relatively lower than most of its counterparts. In the same period, the ratio of ICP/BTC decreased by 11.4% to reach the lowest weekly close since May. On the contrary, XRP/BTC rose by 23%.
Thus, with ICP’s overall low performance and consistent underperformance versus Bitcoin, the bearish setup remains intact. This puts the $2 level at risk, with a break below it exposing ICP to further downside.
