ICP, RLC, and SHIB plunge deeply as bulls take over the crypto market

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on May 12, 2021
  • This poor performance comes after the coins peaked following violent trading earlier this week.
  • While ICP and RLC surged due to the Coinbase listing effect, SHIB’s rise was speculation-based.
  • The average analyst sentiment is bullish for ICP, bearish for SHIB, and sideways trading for RLC.

The crypto market is green today after starting the week on a bearish note. This turnaround has seen some coin record double-digit gains. However, some new entries are performing deplorably against the backdrop of this bullish momentum. These include DFinity’s Internet Computer (ICP), Shiba Inu (SHIB), and iExec (RLC).

At the time of writing, RLC, and ICP are down by double digits over the past 24 hours. ICP is the largest loser after losing 20% of its value over the past 24 hours to change hands at 239.84. RLC is down 12.61% to trade at £6.5.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Coinbase Pro listed both RLC and ICP over the past week. RLC’s listing came first on May 4, and due to the listing effect, the coin rallied to set a new all-time high (ATH) at £11.5 on May 10. On the other hand, ICP’s listing was on May 10 and the Coinbase listing effect saw the coin trade as high as £521.8. Due to the explosive trading upon its debut, ICP temporarily became the fourth-largest cryptocurrency by capitalization before slipping to the eighth position.

Unlike RLC and ICP, SHIB is recovering from a double-digit drop earlier today and is currently down 5.34% to trade hands at £0.000,022,14. While ICP and RLC gained due to the Coinbase listing effect, SHIB’s performance is based on speculation as traders try to find the next big project to hop on after Dogecoin (DOGE).

Varying predictions from different analysts

At the moment, ICP, RLC, and SHIB are experiencing wild price swings, and this has seen crypto analysts make varying predictions on how they expect the coins to perform. Based on the forecasts of three analysts, namely Wallet Investor, Gov.Capital blog, and DigitalCoinPrice, SHIB is not a good long-term investment. While DigitalCoinPrice sees SHIB trading at £0.000,031 at the end of 2021, Wallet Investor and Gov.Capital see the coin closing the year trading at £0.000,011 and £0.000,004, respectively.

Making predictions on RLC, DigitalCoinPrice projected that the token will conclude this year trading at £14.6. However, Gov.Capital blog and Wallet Investor believe the coin will not get to such levels. Per Gov.Capital RLC will close this year’s trading at £9.4. On the other hand, Wallet Investor claims RLC will finish 2021 while changing hands at £8.15.

Gov.Capital blog made a bullish ICP prediction, saying the coin will hit £1,001.01 over the next year. Wallet Investor, on the other hand, made a reserved forecast saying ICP will trade at £310.81 over the same period. DigitalCoinPrice was, however, slightly bearish on the coin, saying that it will be trading around £143.67 over the next 12 months.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money