Internet Computer (ICP) holds a record nobody would want: a 99.69% collapse from its all-time high of $700, reached in May 2021. A recent report identifies it as the biggest loser among a panel of 60 major cryptocurrencies.
As the crypto market moves through a phase of sector rotation, ICP remains absent from any meaningful recovery. The token is now trading around $2, a level that raises serious questions about the strength of current support.
Behind the raw numbers lies a story of deep disillusionment: a high-profile launch, a market cap that briefly surpassed Ethereum‘s, and a near-uninterrupted freefall ever since. Here is what the data reveals.
99.69% Drawdown: A Record That Is Hard to Ignore
The drawdown on ICP from its ATH is one of the most severe ever recorded for an asset that once sat in the top 20. In May 2021, upon its listing on Coinbase, the token from the Dfinity Foundation surged to $700 within hours, fueled by massive hype and promises of a blockchain capable of replacing the traditional internet. Since then, reality has told a very different story.
According to the report analyzing 60 major cryptocurrencies, ICP posts the largest drawdown in the entire panel, ahead of other altcoins that are themselves known for extreme volatility. For context, even projects that went through catastrophic collapses — such as LUNA or FTX Token — managed more pronounced technical bounces at various points. ICP, by contrast, has never reclaimed any sustained upward momentum.
The token is currently hovering around $2, representing a valuation of less than one third of one percent of its peak price. The market cap, which had briefly exceeded $45 billion, has evaporated to a fraction of that figure. For investors who entered at launch, losses are near-total.
No Capital Rotation, $2 Support Under Pressure
One of the most concerning signals for ICP is the complete absence of capital rotation in its favor. During bull market phases, profits taken on Bitcoin and Ethereum typically flow down into mid and large-cap altcoins. ICP, despite its developed technical infrastructure, has not benefited from this dynamic.
On-chain indicators confirm the trend: trading volumes remain thin, open interest in derivatives markets is limited, and trader sentiment across major platforms is clearly skewed negative. The $2 support level is now under close watch — a break below it would open the door to price territory that has never been explored on the downside.
On the fundamental side, the Dfinity Foundation continues to develop the ICP ecosystem with regular protocol updates and initiatives around decentralized governance. But these efforts have struggled to translate into real demand for the token. The gap between perceived technological value and market performance remains one of the most striking paradoxes surrounding this asset.
What Does the Technical Data Say About What Comes Next?
On the weekly chart, ICP is trading within a long-term descending channel with no credible reversal signal in sight. The 50-week and 200-week moving averages remain in a bearish configuration, and the weekly RSI is stagnating in oversold territory without any notable technical bounce. No major resistance level has been tested to the upside in several months.
For a recovery scenario to take shape, analysts point to several conditions that would need to be met: a return of volumes above historical averages, a revival of institutional interest in the Dfinity ecosystem, and above all a bullish breakout above the $3 to $3.50 zone, which has acted as a key technical resistance since mid-2024.
As things stand, ICP remains a textbook case study in maximum-valuation launches. The 60-crypto report makes it clear: an ATH reached on the very first day of trading is often a sign of speculation completely detached from fundamentals — and ICP is still paying that price, four years on.
