Internet Computer (ICP), the native token of the Internet Computer blockchain, is now trading at roughly $2.06, according to CoinGecko. That marks a 99.7% decline from its all-time high above $700 reached shortly after its launch in May 2021. The token's market capitalization stands at about $1.14 billion, making it the 60th-largest cryptocurrency.
From $700 to $2
ICP launched with enormous hype. The price hit $700 within days. It never came back. The token has been in a near-constant downtrend for over five years, shedding value in every major market move. The 99.7% drop is one of the most severe drawdowns for any token that once ranked among the top cryptocurrencies by market cap.
At its peak, a single ICP was worth more than $700. Today, that same token buys you a coffee. The math is brutal: for every $1,000 invested at the all-time high, roughly $3 remains. The decline has been steady, with no significant rallies to suggest a bottom.
Market cap and rank
ICP's current market cap of $1.14 billion is still sizable — larger than many projects — but it's a shadow of its former self. With a price of $2.06, the circulating supply works out to about 553 million tokens. The token now sits at number 60 by market cap, sandwiched between tokens like Arweave and Algorand.
That rank is a far cry from where ICP stood in 2021. The token has not participated in any of the broader market upswings in 2025 or 2026. It trades largely on its own, disconnected from Bitcoin's movements.
A cautionary tale
For investors who bought near the top, the losses are catastrophic. A $10,000 investment at $700 would be worth about $29 today. The token's performance has made it a cautionary tale in crypto circles — a reminder that even the most hyped projects can bleed value for years.
The team behind ICP continues to develop the Internet Computer protocol, but the token price has not reflected that work. The project still has a dedicated community, but the market has clearly moved on.
No catalyst in sight
At $2.06, ICP is trading near its lowest levels since launch. Whether it can find a floor is unclear. No major catalyst is on the immediate horizon. The token has not shown signs of recovery, and the selling pressure has been relentless.
For now, ICP trades at $2.06, a price that reflects years of disappointment. The next move is up to the market.
