ICP is one of the hardest-hit tokens in the crypto market. During the May market crash, its value dropped just like the rest of the crypto market. The cryptocurrency market is known for volatility, and ICP’s losses in two months are the perfect example of this nature. The coin has lost nearly 90% of its value after falling from $630 to around $34. However, the token now shows promise of picking up again.
ICP is trading at $42.41 on major exchanges at the time of writing after a 17.6% gain in 24 hours.
ICP Price Analysis
The ICP token had a great start this year after listing on major exchanges such as Binance, OKEx, Coinbase and Huobi. However, in May, the value of the ICP token dropped by a third from $630 to around $250. The token managed to recover again to $400 but resumed a downward trend to the current levels.
ICP’s current value at $42 places the token at a position where it needs to break the $45 and $50 barriers. Such an uptrend is possible, given that after losing almost 95% in value, the token is slowly starting to rise. Its current levels, therefore, create ideal entry positions for new traders.
On the flipside, ICP’s price remains highly volatile, given that investors suffered massive losses after a drop from $630 in May. It means that some investors who are still holding the token might wait for the prices to go up, recover some of their losses and ditch the token. Hence, a bull run for ICP will be disrupted.
Dfinity Foundation launched ICP as a governance token for its network. The project’s launch was highly successful after raising $120 million from investors such as Multicoin Capital, Scalar Capital, Andreesen Horowitz, among others. Market analysts attribute the recent losses to the project coinciding with the crypto market boom. ICP’s value hence started at a very high level, which prompted a steep correction. Other publications have also attributed ICP’s massive losses to insider trading.
On June 21, Dfinity Foundation launched an update to the network by adding a toolkit that would boost the security of ICP tokens.
While ICP’s massive crash is devastating to investors already holding the token, the low levels create an ideal entry position for new investors as they await the token’s value to rise again.
Where to Buy ICP
If you want to buy ICP tokens during the current dip, create an account on the following exchanges.
The preferable exchange for crypto trading is eToro. The exchange offers competitive trading fees and a copy-trading feature that enables new traders to learn from seasoned traders.
The other exchange that also supports ICP is Huobi. The exchange comes with user-friendly features that make it easy for a trader to use the platform. Furthermore, the exchange also offers some of the lowest trading fees.
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