Are Investors Taking Advantage Of The NFT Drop? BAYC Has The Answer.

The current cryptocurrency market is chaotic. As Bitcoin approaches the $20k level, daily liquidations have risen to more over $200 million. The second-largest coin, Ethereum, suffered the same fate. However, it appears that investors are buying the drop. No, it’s not Bitcoin or altcoins; instead, investors took advantage of the opportunity to purchase NFTs.

Many NFT projects have seen large price drops as a result of the market crisis. Popular collections, such as the renowned Bored Ape Yacht Club (BAYC), were not immune, and their floor values have declined significantly in US dollars. At the time of publication, BAYC had fallen by -49%.

Other projects suffered as well; at the time of publication, CloneX was at -57%, Meebits was at -54%, and Azuki was at -49%. However, according to NFTGO, BAYC accounted for more than 85% of high-priced transactions in the previous week. As a result, investors attempted to purchase BAYC during a down market.

Well, the sharp drop in floor price also aided investors in purchasing it at a lower cost. According to NFT price floor data, the floor price of Bored Apes has fallen below $100,000 for the first time in in a year.

The BAYC was priced at $85,500 at the time of writing, a 65% decrease from the all-time high.

In January 2022, an Ape was traded in this price range for the last time. Furthermore, the amount of trades has grown in the previous 24 hours as crypto prices have crashed.

According to CryptoSlam, the NFT market had a 40% spike in trade volume over the preceding 24-hour period. Other projects, such as MAYC and Moonbirds, went down the line.

However, the increase in volume indicated that investors were seizing the chance. For example, Twitter user CryptoDonAlt chose to ignore his BAYC losses and instead focus on the good.

Furthermore, according to DappRadar data, the NFT market will reach $25 billion in transaction volume in 2021. It is estimated that it will exceed that level this year. According to the Nansen 2022 quarterly report, the NFT market has outperformed the broader cryptocurrency market year to far, as indicated by the NFT-500 Index’s 49.9% price growth so far in 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News