Internet Computer has dropped 4.85% as volume has swelled above 1.3 million tokens

Today, Internet Computer (ICP) has dropped 4.85% to $5.91, posting a low of $5.81 after peaking at $6.25 yesterday. However, this is across the board. The last 24 hours have painted a vivid picture of market volatility, with major liquidation volumes in the crypto market. 

ICP fell 2% from $5.97 to $5.87 during the US morning, with concentrated sell pressure visible as the price pierced multiple support zones. Volume swelled above 1.3 million tokens during this segment.  

ICP can't seem to close the day above $6.22, even after caffeine ai. This was the 4th attempt. Not trying to FUD, but, if it can't break up, it might break down :). Actually, it could also continue to consolidate. The lower end of the channel, btw, is below $5! pic.twitter.com/dyvvFbc6Ef

— ICP Informer (@icpinformer_x) July 22, 2025

Even after a brief rebound attempt near $6.02, the token failed to reclaim a bullish footing. Data suggested that short-term momentum remains with the bears unless the $6.00 resistance is convincingly reclaimed.

Bullish headlines give bearish results

Maestro, the infrastructure provider for Bitcoin DeFi, has been awarded a grant from the DFINITY Foundation to build an enterprise-grade, native Bitcoin metaprotocol indexer for ICP. The partnership creates a fast ICP canister that can give real-time info on Ordinals and Runes within ICP’s Bitcoin integration.

Maestro Co-Founder and CEO Marvin Bertin said, “I’m thrilled to collaborate with the DFINITY Foundation to extend ICP’s Bitcoin integration with secure Runes and Ordinals indexing necessary for financial apps like Liquidium and Odin.fun. This partnership further strengthens ICP’s lead in the Bitcoin DeFi ecosystem and unlocks new functionality for users.”

More than 1,000 developers have worked with Maestro’s infrastructure, which runs more than 200 apps. The indexer will be fully open-sourced. This will give developers a strong and clear way to make native Bitcoin apps for everything from DeFi to games.

VP of Growth at the DFINITY Foundation said, “Now we’re able to provide developers with direct, trustless access to Ordinals and Runes data to further enable the massive wave of innovation that relies on Chain Fusion’s unique ability to interact with Bitcoin without bridges or intermediaries.”

Even after the bullish headlines, the token succumbed to broad market rotation out of altcoins, including AI- and DeFi-linked assets.

Altcoins pullback, analysts call it a healthy correction

The crypto market has calmed down over the last 24 hours. Tuesday, altcoins went down as markets calmed down after last week’s Trump-led rise, after stablecoin legislation was signed into law. 

As investors took their money back after double-digit gains, Ethereum fell 2.6% and Dogecoin dropped 1.5%. In the bigger decline, Stellar fell 4.1% and Cardano fell 2.8%. Analysts saw The drop as a “healthy correction” after overbought signs and euphoric gains.

📈 ETH led the alt season and now it’s leading the pullback.
(SOL doesn’t care, of course.)

No surprise to see some cooling here. ETH had stretched to 11% above the 10d EMA and is now pulling back toward 6%. Some digestion or consolidation would be healthy if this move is going… pic.twitter.com/Wkovox4Yzv

— PCT (@pct_trading) July 22, 2025

On the other hand, although BTC fell from Monday’s new high of 123,000, it showed strength by rising 1% to over 119,000. However, ETH continues to draw attention, outperforming BTC over multiple sessions and contributing to a rising chorus of voices declaring the onset of altcoin season. 

Bitcoin dominance crashed to 59.7% while the Altcoin Season Index jumped to 56. With the Fear and Greed Index sitting at 67. As a result, traders are going full degen mode chasing anything that isn’t Bitcoin.

From a structural view, the BTC pullback could reflect a psychological shift, with capital rotating into altcoins while still anchored by strong institutional flows into crypto more broadly.

Market watchers say the break is normal after the signing of the GENIUS Act on Friday, which set up the rules for stablecoin regulation. The markets are only expecting two rate cuts this year, so Fed Chair Powell’s last speech before the 10-day silence period adds to the stress.

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