On November 3rd, 2025, Internet Computer (ICP) demonstrated a striking divergence from the general market sentiment by surging approximately 10% to reach $3.96 in a single day. This impressive move, which boosted its market cap by nearly 10%, was primarily driven by a wave of short liquidations and occurred alongside a significant trading volume of almost $450 million. This price action highlights how selective capital rotation and specific technical factors can create outsized moves in individual tokens, even on days when the broader crypto market lacks direction.
A Closer Look at the Surge
This recent double-digit percentage gain is a testament to ICP’s inherent volatility. While the jump was notable, it fits a historical pattern for the token, which has experienced similar sharp declines, including a 5.18% drop in a single day back in July 2025. The token’s price history reveals a capacity for rapid swings, having traded as high as $4.29 in early November after climbing from below $2.94 just days prior.
Technically, the landscape for ICP presents a mixed picture. While some short-term moving averages suggest bullish momentum, the token’s price of around $3.71 is still trading below its key 200-day simple moving average (SMA) of $5.11, which often acts as a indicator of the long-term trend. Current analyst sentiment remains cautious, with a bearish overall outlook and a Fear & Greed Index reading of 42 (Fear) suggesting the market is not yet in a state of euphoria.
Context and Considerations for Traders
For traders and treasury managers, ICP’s behavior necessitates a disciplined approach to risk. Its low liquidity compared to major assets like Bitcoin or Ethereum makes it particularly susceptible to sharp price movements when large orders hit the order books. This environment, combined with high leverage in perpetual futures markets, can quickly trigger cascading liquidations that amplify both rallies and downturns.
The recent surge, while potentially offering tactical opportunities, serves as a reminder of the underlying volatility. The key for market participants is to monitor whether ICP can consolidate its gains and build a new base of support. A failure to hold higher levels could lead to a swift reversal, especially if trading volume, which spiked during the rise, begins to fade.
