Bitcoin
Internet Computer gains ground alongside Bitcoin despite long-term decline
Internet Computer has posted short-term price gains following a broader market uptick, but long-term data shows the token remains significantly below its historical peak.
Internet Computer rose 2.5% as part of a wider crypto market move that saw Bitcoin climb 4.3% above $82,200 before easing back toward $80,000. The broader price action coincided with remarks from Federal Reserve Governor Christopher Waller suggesting interest rates could remain steady at the central bank's September meeting. The token has gained 27.7% since touching a low of $1.99 on August 1.
Despite the recent recovery, the asset remains in a prolonged downtrend dating back to April 2024 and sits 99.6% below its May 2021 all-time high of $700. A report from Taurex classified the token as the weakest performer among 60 tracked cryptocurrencies, noting widespread unrealized losses among holders that could fuel selling pressure during price rallies.
Technical observations cited in the report highlight that the token had consolidated around the $2.00 level for months and moved through a descending trendline. The asset also cleared its July high of $2.40 in late August, with subsequent technical resistance levels identified around $2.62, $2.80, and $3.20.
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