Bored Ape Floor Price Surges While CryptoPunks Floor Price Dips

Bored Ape Yacht Club (BAYC) has witnessed a surge in its floor price, reaching its highest point in a month. This uptick follows a prolonged decline in the collection's value, pushing its floor price to a three-year low. Currently, the minimum price for a BAYC NFT stands at 17 ETH, equivalent to $53,086 at current market prices. BAYC's resurgence coincides with increased trading volume, marking a significant rebound from its recent lows.

Bored Ape Breaks Month-Long Floor Price High, CryptoPunks Floor Price Continues to Slide

In a reversal of fortunes, the floor price of leading non-fungible token (NFT) project Bored Ape Yacht Club (BAYC) has ascended to its highest point in over a month at the time of writing. This comes after an extended period of declining value for the collection, which saw its floor price plummet to a three-year low.

As of press time, the lowest price at which an NFT from the BAYC collection is available for sale is 17 ETH, which equates to $53,086 at current market rates. This represents a significant increase from its recent trough. Data from NFT Floor Price reveals that the last time the collection's floor price was this high was on March 10.

BAYC Witnesses Surge in Sales Volume

According to NFT Floor Price, BAYC's uptick began on April 22, after its floor price had dropped to a 32-month low of 13.99 ETH. However, the market witnessed a resurgence of BAYC trading volume on the same day, propelling its floor price upwards.

Over the past seven days, BAYC sales volume has surged by 84%, totaling $8 million, as per CryptoSlam data. Within that period, 168 sales transactions were completed, representing a 48% increase in BAYC's weekly sales volume.

So far this month, 530 transactions involving NFTs from the collection have been executed. BAYC's monthly sales volume has reached $23.31 million over the past 26 days, according to CryptoSlam data – an 78% decrease from the $41 million recorded in April.

How Does CryptoPunks Compare?

In contrast to BAYC's recent positive performance, data from NFT Floor Price indicates that the largest NFT collection by market capitalization, CryptoPunks, has trended in the opposite direction over the past month. In fact, with a floor price of 37.98 ETH at the time of writing, it has declined by 20% over the past 30 days.

Examining its performance over the past week reveals that its sales volume has also experienced an uptick. CryptoSlam data indicates that the collection's sales volume totaled $16 million during that period, representing a 445% increase.

However, it is worth noting that this sales volume was realized from only 22 NFT sales transactions.