Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
The crypto markets has plunged by 14% over the past 24 hours, including the double whammy of Ethereum’s loss of 18% and Bitcon’s dip by 16% while NFT sales are also suffering from the crypto market crash but primarily because of ETH prices plummeting.
On a lighter note, NFT trading volume has incremented over the 24 hours by 54%, which is an excellent opportunity for collectors to hoard prized NFT collections.
The prices of high-end and popular nonfungible token collections like Bored Ape Yacht Club have also plunged; its lowest NFT floor price dropped by as much as 16%, or $107,000. The Bored Ape floor price plummeted by 11%, or roughly 74.5 ETH.
Nevertheless, the project has depreciated since May. On April 29, you can buy the cheapest Bored Ape NFT at 152 ETH or a whopping $429,000. You’ll see the enormous difference in the numbers.
Crypto Winter: Total Market Cap Drops By $1 Trillion
The total market cap of all cryptocurrencies has dropped to as much as $969 billion on Monday. And NFT collections are following suit.
More popular blue-chip nonfungible token collections are crashing like Doodles dropping by 21% or a current floor price of 8.1 ETH or equivalent to $11,650, Mutant Ape Yacht Club decreased by 22% or 14 ETH which is around $20,100, Meebits that toggled down by 27% or a floor price of 2.8 ETH which is about $4.050, and Moonbirds that spiraled down by 16% which is about 16.2 ETH or $23,250.
BTC total market cap at $429 billion on the daily chart | Source: TradingView.com
Suggested Reading | Dogecoin Shed 91% Of Its Value Since 2021 High – A Musk Tweet To Pump DOGE?
While the NFT floor price is in the hock, trading volume is increasing. Many collectors are taking advantage of falling ETH prices to grab blue-chip NFT collections at lower price tags.
Total nonfungible token sales are now at $39 million, which may seem lower than the sales in early May, but it’s a significant improvement compared to the previous days. NFT market has risen remarkably by 54% in terms of trading volume over the past 24 hours.
Trading volume in 2021 was at $25 billion, making this year’s stats a massive improvement. And the numbers can still increase in the following days. OpenSea NFT sales spiked to as much as $476 million. The nonfungible token market appears to be more robust now than ever despite the crypto struggles and uncertainty.
Suggested Reading | Ether Drops Below $1,400, Pummeled By US Inflation And Difficulty Bomb Setback
Featured image from Blockworks, chart from TradingView.com
