The current crypto market landscape is still chaotic. As Bitcoin approaches $20,000, daily liquidations total more than $200 million. Ethereum, the second-largest cryptocurrency, suffered a similar fate. Furthermore, investors appear to be buying the dip. And it is NFTs, not BTC or alts.
No Time to Waste
The general market crash resulted in significant price drops for non-fungible tokens. Renowned collections lining the Bored Ape Yacht Club were no exception, with their floor prices dropping significantly. BAYC lost 49% of its value while publishing this content.
The majority of projects experienced setbacks. CloseX was down 57%, Azuki was down 49%, and Meebits was down 54% at the time of publication. Meanwhile, according to NFTGO, Bored Ape Yacht Club was responsible for the majority of the expensive NFT transactions in the previous week. This indicates that investors attempted to purchase BAYC during the current bear market.
Furthermore, the drop in the floor price allowed market participants to purchase at a lower cost. According to NFT Price Floor data, the value of Bored Apes has dropped below $100,000, reaching levels not seen in nearly a year. BAYC was trading at $85,500 at the time of writing, representing a 65% drop from the ATH.
Remember that an Ape has never traded in this range since January 2022. Furthermore, as crypto assets crashed, NFTs trade volumes increased over the last day. According to CryptoSlam data, the NFT space saw a 40% increase in trading volume over the previous day. Moonbirds and MAYC are two other non-fungible token projects that have failed. However, investors took advantage of the increased trading volume. For example, CryptoDonAlt tweeted about remaining positive and ignoring his BAYC losses.
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Furthermore, according to DappRadar data, the NFT industry’s trading volume will reach $25 billion in 2021. Furthermore, the market appears poised to surpass that figure in 2022. According to Nansen’s quarterly report this year, the NFT sector has outperformed the overall cryptocurrency market YTD, with the NFT-500 Index increasing by 49.9 percent in 2022.
While writing this, the cryptocurrency market remained bearish, with the total value of digital tokens remaining 7.14 percent lower in the previous 24 hours at $843.52 billion. The overall crypto market volume, on the other hand, fell by 20.69 percent in the previous day to $61.02 billion.