As investors turn their attention to the top 50 crypto analysis, one name slipping under the radar is Internet Computer (ICP). Once heralded as a full-stack decentralised internet alternative, ICP peaked in 2021 with a $45 billion market cap, only to lose over 98% of its value by 2025. While technically ambitious, ICP’s struggle lies in execution, with developer growth stalling and ecosystem momentum fading.

By Advertiser, in Crypto · 1 day ago · 0 Comments

In contrast, rising contenders like BlockDAG (BDAG) are gaining traction by delivering real-world usage before launch. The shift from theoretical potential to measurable performance is reshaping the mid-cap field, and ICP’s position in the top ranks may be next.

ICP’s Declining Position in Context

Internet Computer launched with high expectations, backed by the DFINITY Foundation and marketed as a full-stack internet replacement. At its peak in May 2021, ICP’s market cap reached over $45 billion, with a token price north of $400. But fast forward to 2025, and ICP has dropped more than 98% from its all-time high, struggling to maintain a foothold within the Top 40 by market cap.

While ICP’s technical vision is ambitious, its core issue lies in execution. Adoption is stagnant, with few headline projects driving traction. Developer community growth has not matched early promises. According to data from Electric Capital’s Developer Report, ICP saw less than 10% developer growth in the past year, trailing far behind ecosystems like Ethereum, Solana, and even newer entrants like Sui and Aptos

The ICP price forecast remains uncertain. Analysts are split, with some suggesting the token could rebound to $10–15 levels on speculative cycles, and others argue that without real user activity, its long-term outlook is weak. Its current market cap hovers around $2 billion, but with volume thinning and investor rotation shifting, that status may be under threat.

BlockDAG’s Advantage: Real Activity Pre-Launch

Unlike ICP’s post-launch struggles, BlockDAG enters the market with working infrastructure and real usage data already in hand. Its hybrid Proof-of-Work + DAG architecture is not just theoretical; it’s supported by:

• 3 million+ daily mobile miners using the X1 App

• 20,000+ mining units (X10, X30, X100) already shipped to users globally

• A live explorer, dashboard, and trading simulator

• Full EVM + WASM compatibility, allowing rapid dApp and DeFi onboarding

• Technical groundwork for Smart Accounts (EIP-4337) and Stratum Protocol miner sync

Most projects debut with whitepapers. BlockDAG is entering post-launch with metrics that look more like a live network than a speculative token.

It’s not just about product, it’s also about brand scale. BlockDAG’s strategic partnership with the BWT Alpine Formula 1® Team includes activations in Singapore and Austin, giving it mainstream visibility that few early projects can match. That exposure, currently priced at $0.0015 per BDAG, combined with presale stats $425M+ raised, 27B+ coins sold, and 325,000+ members, is fueling serious post-launch momentum.

Could BlockDAG Push ICP Out of the Top 40?

Based on current growth velocity and product deployment, BlockDAG has a credible case to break into the Top 40 immediately post-launch. To do that, it would need a market cap in the range of $1.7B–$2.1B, depending on volatility among mid-cap tokens. With over $425 million already raised, this is feasible, even conservative, especially when accounting for post-launch CEX listings and circulating supply lockups.

BlockDAG’s advantage lies in activity-led valuation, not hype. It has a 3M-strong daily user base from its X1 mining app, real people generating Proof-of-Engagement data. It also has hardware miners in the field, something no Top 50 token aside from Kadena can claim. Compare this with Crypto ICP, whose GitHub commits and ecosystem projects have seen marked declines since late 2023.

Investor sentiment is also rotating. With leaderboard-based TGE mechanics already in play and batch prices increasing, early buyers are positioning for immediate ROI and long-term scalability. BlockDAG's infrastructure, including miner synchronisation, account abstraction compatibility, and a high-throughput DAG+PoW model, speaks to the scalability ICP has struggled to prove. While ICP is still explaining its vision, BlockDAG is demonstrating its execution.

Last say

Internet Computers once held the promise of a new decentralised internet. But as of 2025, that promise has dimmed. Slowing developer adoption, thin community activity, and lacklustre performance have chipped away at its position. BlockDAG, on the other hand, is not asking investors to imagine its future; it's already showing it.

With more than $425 million raised, 3 million+ miners, and a fully operational testnet ecosystem, BlockDAG’s entry into the post-launch rankings feels less like an underdog story and more like a calculated takeover. It has the numbers, the traction, and the infrastructure. And that positions it squarely in the path of tokens like ICP.

As attention shifts to the top 50 crypto analysis, the smart capital is flowing toward projects with real delivery and scalable mechanics, not just historical hype. Unless ICP can reinvigorate its community and prove its utility in a meaningful way, it may soon find itself displaced. And BlockDAG looks ready to take that spot.

What to Watch Next: Upcoming centralised exchange listings for BDAG, Smart Account integrations, and additional hardware miner rollouts could further accelerate BlockDAG’s post-launch momentum. Investors watching the Top 40 may need to adjust their radar fast.