Bitcoin Surpasses Ethereum in NFT Volume, ApeCoin Hits Low
The Essentials at a Glance
The world of cryptocurrencies and Non-Fungible Tokens (NFTs) is constantly in motion. One of the latest developments is the decline of Ethereum NFTs compared to Bitcoin. ApeCoin (APE), associated with the Ethereum-based NFT collection Bored Ape Yacht Club (BAYC), is also showing a significant decline. What does this mean for investors and the future of NFTs? Here’s a detailed look at the current situation.
Ethereum Loses Ground
Ethereum has long been the leading platform for NFT projects. However, recent data shows that Bitcoin has overtaken Ethereum in terms of NFT volume over the last 30 days. With an NFT volume of over 455.59 million US dollars on the Bitcoin platform compared to 291.15 million US dollars on Ethereum, a shift in the market is unmistakable. In particular, Bitcoin collections now dominate the top spots in volume ranking, while popular Ethereum collections like BAYC have slipped to sixth place.
BAYC on a Downward Trend
The analysis of the price development of Bored Ape Yacht Club (BAYC) shows a significant decrease in the floor price over the past months. Currently, the floor price is about 10.89 ETH, representing a decrease of over 67% in the last year. This downward trend in BAYC and other Yuga collections has also negatively affected ApeCoin, with the token nearing its all-time low.
APE Near All-Time Low
The analysis of ApeCoin shows a negative trend for the de facto ecosystem token of Ethereum-based collections. The Relative Strength Index (RSI) indicates a strong bear trend and an oversold condition. Currently, APE is trading at about 1.15 US dollars, representing a decline of more than 4%. A further decline could bring the price close to its all-time low of around 1.01 US dollars.
Our Assessment
The current developments show a clear shift in the NFT market, with Bitcoin unexpectedly gaining importance. For investors, this could be an opportunity to rethink their strategy and possibly consider diversification. The decline of ApeCoin and the BAYC collection could also be seen as a warning signal for investors who have invested in specific NFTs and associated tokens. As always, it is important to closely monitor market development and make informed decisions.
Sources: AMBCrypto, NFT Price Floor, TradingView
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