Why Internet Computer Crypto Is Falling (June) Know! >> Find out the reasons for the price decline of the famous crypto token and other facts here.
Internet Computer Protocol or ICP has recently debuted on the US-based crypto exchange Coinbase Pro with the whopping market cap of $45 billion. But, unfortunately, the whopping market cap was for a short duration as the token’s market value took a plummet from $731 to $146 in a matter of days.
The sudden decline in the market value has shaken Worldwide crypto investors. Now they want to know what has caused such a major decline in the crypto price.
Why Internet Computer Crypto Is Falling is the major question circulating over the internet.
What is ICP Token?
ICP token is the public blockchain with many unique features to make its utility better than other smart contract-enabled blockchains out there. For example, the ICP platform can conduct transactions in a matter of seconds using the Ethereum Network.
ICP token is used mainly for the processing power of the ICP network, and the tokens used for transactions are burnt, making it the best deflationary token for Worldwide investors. However, despite its popularity, the market value is declining, raising investors’ question Why Internet Computer Crypto Is Falling.
Who Founded ICP Token?
Dominic Williams is the ICP token founder and serves as the chief scientist at DFINITY, the research-based NGO behind the crypto token. Williams is a crypto theoretician specializing in the investment of threshold relay and other crypto techniques.
He is also a serial entrepreneur and the oldest member of the Ethereum and Bitcoin technical communities.
What is the Market Cap Statistics of ICP Token?
Before we evaluate and find out Why Internet Computer Crypto Is Falling, let us check the market value statistics of the token.
As per the statistics on major exchanges, the live market capitalization of the crypto token is $8 954 868 582.57, with a major decline in the market value of 11.05%. However, the fully diluted market value of the crypto token is $32 597 970 398.92, with a declining trend of 3.14%.
The live price of the token is $69.43 as per the Coinmarketcap evaluation with the trading volume of $484 033 295 in the last 24 hrs. The trading volume has reduced by 14.42% in the last 24 hrs, and hence it is ranked at #16 on crypto exchanges.
Why Internet Computer Crypto Is Falling – Some Factors
Internet Computer Protocol is experiencing a decline in the market value late on Thursday afternoon on 5th June 2021. Investors are highly concerned about the value decline and want to know the factors behind the decline. After evaluating, we found some major reasons behind the price decline and they are discussed as follows.
- The crypto market value was experiencing a decline since last week, and the reason behind the decline is the news released by the US Department of Justice. The department published a circular for collecting the ransom paid to users during the Colonial Pipeline Hack. It is the first reason Why Internet Computer Crypto Is Falling. Since the ransom was paid to the eligible candidate via BTC, investors usually believe that the crypto market is a safe space without GOVT interference. But, the ransom collection has stunned this faith.
- The second cause behind the decline is consolidation, affecting the price and market value of digital assets. ICP Token is not immune to this, and hence the token’s market value has declined by 16% on Thursday afternoon.
FAQ
Where to Buy ICP Token?
- Major exchanges where you can buy the token are Coinbase Pro, OKEx, BiOne, HitBTC, Huobi Global.
What is the Official Site?
- Access the official site with this link https://dfinity.org/.
Conclusion
Hopefully, it is clear to the investors Why Internet Computer Crypto Is Falling in market cap and trading volume.
So, invest wisely after evaluating the market cap fluctuation and make profits out of it. What you have to say regarding the price declining of ICP Token? Please share it in the comments section. Please check here for the best apps for Crypto trading in 2021.