ICP Is Down 99.7% From Its Peak — What That Actually Means If You’re Holding
Internet Computer has crashed from over $700 to around $2. Analysts are split on whether it bounces or bleeds further.
If you’ve been holding Internet Computer (ICP) since its 2021 debut, you already know the pain. The token that once traded above $700 is now changing hands for roughly $2.06, according to CoinGecko — a drop of about 99.7% from its all-time high. That puts ICP’s total market value at around $1.14 billion, making it the 60th-largest cryptocurrency by that measure.
Plenty of coins are sitting well below their old highs right now, including Bitcoin, Ethereum and XRP. But none of the major names have fallen anywhere near as far as ICP has. That has traders arguing over whether this is the bottom before a comeback, or just a pit stop on the way further down.
Why some traders think a bounce is coming
Not everyone has given up on ICP. An analyst using the handle CW pointed to a month-long stretch of steady accumulation, giving it a score of 100 on their own scale, and noted that similar buildup periods have preceded sharp rallies in the past.
Another trader, KYRA BLOOM, flagged what they see as a potential buy setup. Their view is that as long as ICP holds above $1.94, a bullish breakout stays on the table — with a possible move toward $9 if it plays out. That would still leave the token miles below its old highs, but it would be a meaningful recovery from current prices.
Why others expect more pain first
On the other side, an analyst going by Cryptorphic thinks ICP just broke below an important support zone around $2.10 to $2.12. “The important part is what happens next. If $2.10–$2.12 turns into resistance on a retest, I think the breakdown could continue, with $1.67 as the major downside area I’m watching,” they said, adding that their bias stays bearish while the token remains under its longer-term downward trendline.
Another trader, Crypto Patel, is watching an even wider level. “The HTF chart projects a potential move toward $1, with $0.50 remaining the next major downside target,” they warned, framing $2 as the level that needs to hold to avoid that scenario.
What this actually means for holders
None of this is a forecast — it’s a snapshot of what different traders are watching on their charts, and they disagree sharply. That split itself is a useful reminder: when a coin has fallen this hard, “obvious” bottoms and “obvious” breakdowns tend to get called at the same time by different people, and both camps can’t be right.
For anyone holding ICP, the practical takeaway is less about picking a side and more about sizing risk. A token that’s already down 99.7% can still fall further in percentage terms, and a bounce off deep accumulation is never guaranteed just because it happened before. If you’re exposed, it’s worth treating any of these price levels — $1.94, $2.10, $1.67, $1, or $0.50 — as things to watch, not promises of where the price is heading.
Read more: Bitcoin’s “Bottom” Calls Are Flying Again — Here’s Why You Shouldn’t Trust Just One
