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The price of ICP is down. While Bitcoin is leading the market correction, the top altcoins including Ethereum (ETH) have also been dragged into the nosediving market.
The price of the Dfinity’s newly launched blockchain web protocol, Internet Computer (ICP) has continued to bear the brunts of the ongoing global crypto market correction.
Despite the coin’s price falling from its debut price of $731 to $258 over the past weekend, the network’s native digital currency has continued to nosedive.
Internet Computer Price
At the time of writing, Internet Computer is trading at a price of $209.15, down 16.43% in the past 24 hours and by 70% from its all-time high (ATH) of $737.20 according to CoinMarketCap. Having enjoyed a robust and well-acclaimed debut, ICP holders are now banking on the protocol’s underlying superiority per its fundamentals and disruptive use cases to bounce back to its winning ways.
The current market correction was compounded by the decision unveiled by Tesla Inc (NASDAQ: TSLA) to stop accepting Bitcoin (BTC) payments for its electric cars and products. The revelation, which cited Bitcoin’s energy usage sent shockwaves through the crypto industry in as much the same way as the announcement to accept Bitcoin for payments came a few months ago.
Besides the Internet Computer, other relatively newly listed digital currencies were not spared the influence of the Tesla news. Casper Network (CSPR), a blockchain infrastructure that boasts energy efficiency also tanked massively, dropping from its debut high of over $300 to its current low of $0.5410.
The Upside of the Market Correction for Bitcoin and Ethereum
While Bitcoin is leading the market correction, the top altcoins including Ethereum (ETH) have also been dragged into the nosediving market. The latter, the world’s first open-source, functional and DeFi-based protocol charted a new course for itself in the past weeks, attaining a new ATH of $4,350 about a week ago.
The fall in the prices of Bitcoin to the current level of $44,500.94 or 10.14% drop, and Ethereum recording a 10.44% slip to $3,445.84 appear to have its positive impact; leading to the reduction in the average transaction fee for both blockchain networks.
As seen on Bitinfocharts, the average cost of using the Ethereum blockchain reduced from $69.92 per transaction about 5 days ago on May 12, to $20.06 by May 16. The high gas fees before now were fueled by a renewed congestion brought by the FOMO as ETH surged to a new high. The fears of the aftermath of the donations of billions of dollars worth of Ethereum-based meme coins by Vitalik Buterin also caused a rush in the network.
The massive drop in prices, however, appears to have normalized transactions on-chain, a development that is now evident by the massive decline in the average transaction fee. In relation to Ethereum, BTC also recorded as much as an 81% drop in gas fees, per a report from Cointelegraph.
Crypto proponents also believe that another upside to the ongoing market correction is to find the new baseline for a massive run in price, in which altcoins will generally receive a boost.