ICP down 99.69% from $700 ATH – Biggest loser among 60 cryptos, says report

Few cash could also be driving available on the market’s risk-on rotation, and Web Laptop [ICP] appears to be displaying comparable indicators.

In mid-August, robust capital inflows pushed Bitcoin above $75k, with most altcoins following larger. Some carried out even higher than BTC, with XRP/BTC rallying over 20%, signaling clear rotation into XRP.

This means that the outlook for ICP shouldn’t be as bullish as some might imagine. Because the chart under reveals, ICP rallied a modest 7.56% throughout the identical interval, underperforming many of the altcoin market and offering little proof of a powerful bullish development.

The important thing takeaway? ICP is displaying clear weak spot on a relative foundation.

On the rotational entrance, the ICP/BTC ratio dropped 11.4% between the seventeenth and the twenty third of August, its largest weekly decline in over two months. Against this, the XRP/BTC ratio jumped 23% in the identical interval. What it means is that whereas capital was rotating into XRP, ICP was lagging behind BTC.

Mixed with the weak spot on an absolute foundation, ICP’s weak spot on a relative foundation additionally suggests a bearish bias. The weak spot places its ongoing $2-$3 consolidation in a weaker mild, making the vary look extra like a interval of continued weak spot than a powerful base.

Notably, a latest report provides to this setup, rating Web Laptop [ICP] as the largest loser amongst 60 main cryptocurrencies.

ICP’s 99%+ drawdown fuels bearish case

ICP’s already weak worth motion will get one other blow, as per a latest Taurex report. 

The report in contrast the all-time highs (ATH) and present worth of 60 cryptocurrencies to find out which of them underperformed essentially the most. As per the findings, ICP recorded the most important drawdown from ATH at 99.69%, being considerably forward of the pack.

One analyst informed AMBCrypto:

Web Laptop has misplaced over 99% of the worth from its ATH worth of $700, and now it trades at simply over $2. It implies that nearly each investor who purchased the tokens on the peak has suffered important losses.

Furthermore,

ICP peaked in Could 2021, over the last bull run, and has been continually dropping since then. The truth is, proper now, Web Laptop’s market worth is just one.2 billion, which is considerably decrease than its highest peak, making it the largest loser among the many relaxation in line with our analysis.

On this context, the latest worth motion of ICP doesn’t appear to encourage a lot FOMO.

Specifically, in the course of the altcoin season of mid-August, ICP solely managed to extend by 7.56%, comparatively decrease than most of its counterparts. Throughout the identical interval, the ratio of ICP/BTC decreased by 11.4% to achieve the bottom weekly shut since Could. Quite the opposite, XRP/BTC rose by 23%.

Thus, with ICP’s total low efficiency and constant underperformance versus Bitcoin [BTC], the bearish setup stays intact. This places the $2 stage in danger, with a break under it exposing ICP to additional draw back.

Last Abstract

• Web Laptop is lagging the broader altcoin rally, gaining simply 7.56% whereas the ICP/BTC ratio fell 11.4%, signaling weak relative power.
• The bearish setup stays intact, with the altcoin down 99.69% from its ATH and its $2-$3 vary now going through strain, placing $2 help in danger.