The past seven months have been tough for cryptocurrency projects, especially the Internet Computer Protocol (ICP).
A year after launching on May 7, 2021, the ICP coin is currently trading at $11. The good news is that ICP has a decent market cap of over $2.54 billion and is 35th on the leaderboard.
Currently, ICP is down double digits, sliding 16 percent in the last trading week and trailing the resurgent USDT and Bitcoin, which have also been crashed over the same period.
However, what’s curious and attracting attention is how fast the coin fizzled. From as high as $700 a few days after launching, the ICP coin is down over 95 percent from peaks.
Reading from sentiment analysis, the current Bitcoin bear market is not doing the project any justice, and the coin could continue sliding, further shaving its market cap.
What is the Internet Computer Protocol (ICP)?
Investors have been asking themselves what happened to the Internet Computer Protocol, which held so much promise?
The Internet Computer Protocol aims to create a decentralized internet and secure distributed data centers to replace corporate cloud storage.
Their basic premise is to build a better and more efficient global computing system powered by over one million nodes across the globe. Through the ICP rail, developers can build, host, and serve dApps in a decentralized manner. Subsequently, websites can be deployed directly to the public internet because of their solutions.
At the center of the protocol is the ICP token that, as expected, will be the primer of the network. The coin, among other functions, is used to pay fees, governance, and reward validators. They are vital in decentralizing, confirming blocks of transactions, and securing the network.
The Internet Computer Protocol Launch Wasn’t Timely
While their plans are still on course, the ICP’s initial deployment wasn’t timely. Although there was much fanfare, the project’s launch was a few days before BTC plunged from highs of around $60k to about $30k.
Considering the positive correlation between BTC and altcoins, including ICP, the coin’s price tanked. At the end of the bear run, ICP’s price had slid from $700 to below $100 in less than ten days by mid-May 2021.
The coin maintained a downward trajectory to spot rates, worsened by the biting crypto bear market. Despite the downturn, ICP maintains a decent market cap of $2.5 billion and ranks in the top-50.
Furthermore, the project continues to build, recently creating a bridge to Bitcoin.
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