ICP Suffers Record-Breaking 99.69% Drawdown Since ATH

Internet Computer (ICP) has been struggling in recent weeks, underperforming the broader altcoin market. The cryptocurrency's price action is weak on both an absolute and relative basis, with ICP/BTC ratio dropping by 11.4% between August 17th and 23rd.

This decline was significant, as it marked the largest weekly drop in over two months for ICP/BTC. In contrast, XRP/BTC rose by 23% during the same period.

A recent report from Taurex highlights Internet Computer's poor performance, ranking it as the biggest loser among 60 major cryptocurrencies. According to the report, ICP has lost a staggering 99.69% of its value since reaching an all-time high (ATH) of $700 in May 2021.

One analyst noted that almost every investor who bought Internet Computer at the peak has suffered significant losses, with the token's current market value standing at just over $2 billion, a far cry from its highest peak.