ICP Sinks to New Lows as 99%+ Drawdown from ATH Sparks Bearish Fears

Internet Computer (ICP) has been struggling to keep pace with other cryptocurrencies in the market, according to a recent report by Taurex. The report found that ICP's drawdown from its all-time high (ATH) of $700 is the largest among 60 major cryptocurrencies, at an astonishing 99.69%. This means that nearly every investor who bought ICP at its peak has suffered significant losses.

The report also notes that ICP peaked in May 2021 and has been consistently dropping since then. Its current market value of $2 billion is substantially lower than its highest peak, making it the biggest loser among the rest according to Taurex's research.

Further analysis by Bitget shows that during the altcoin season of mid-August, ICP only managed to increase by 7.56%, which is relatively low compared to most other altcoins. In contrast, the XRP/BTC ratio jumped 23% in the same period, while the ICP/BTC ratio fell 11.4%. This suggests that capital was rotating into XRP, but ICP was lagging behind Bitcoin.

The bearish setup for ICP remains intact, with its $2-$3 range now facing pressure and putting the $2 support level at risk of a break below it. This could expose ICP to further downside.