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Cryptocurrency News Articles
Bored Ape Yacht Club NFT Floor Price Hits Record Lows Amid Bearish Crypto Market
Apr 16, 2024 at 09:05 pm
The Bored Ape Yacht Club (BAYC) NFT floor price has plummeted to 11.079 ETH ($33,924), marking a 92% decline from its peak of 153.7 ETH in May 2022. Despite a recent uptick in sales, the floor price remains at a historic low, reflecting the ongoing bearish sentiment in the crypto market.
Bored Ape Yacht Club NFT Floor Price Plummets to Historic Lows, Reflecting Bearish Market Sentiment
The coveted Bored Ape Yacht Club (BAYC) NFTs, once a hallmark of exclusivity and high value, have experienced a precipitous decline in their floor price, reaching an unprecedented low amid the ongoing crypto market downturn.
According to data from the esteemed NFT tracking platform CoinGecko, the BAYC NFT floor price has crashed to a mere 11.079 ETH tokens, equivalent to a meager $33,924. This figure represents a staggering 92% decline from the all-time high of 153.7 ETH reached in May 2022, a testament to the current bearish sentiment enveloping the crypto market.
The top bid price for BAYC NFTs currently stands at 10.63 ETH, equivalent to $32,782, a modest improvement of 7.03% in the past hour. However, this gain is overshadowed by the significant losses recorded in the past day and beyond. Over the past 30 days, the floor price has plummeted by 51.6%, and in the past year, it has declined by an alarming 79.8%.
These precipitous losses have returned BAYC NFTs to price levels last seen in August 2021, a mere four months after the project's initial launch. Such a steep decline in value is a stark reminder of the volatility and inherent risks associated with the NFT market, particularly during periods of market uncertainty.
Despite the bearish trend, BAYC NFTs have experienced a notable uptick in sales within the last 24 hours. A total of 156 sales have been executed, representing a 13% increase from the previous day's figures. These sales have generated revenue totaling 1,632 ETH, valued at over $5 million, suggesting that some investors still see value in these iconic digital collectibles.
The drop in BAYC NFT floor prices is indicative of the broader downturn in the crypto market, which has witnessed a significant decline in the value of major cryptocurrencies such as Bitcoin and Ethereum. The volatility and uncertain regulatory landscape surrounding the crypto market have dampened investor sentiment, leading to a sell-off of digital assets and a flight to safer havens.
While the NFT market has been hit hard by the current downturn, it is important to note that NFTs remain a relatively nascent asset class with long-term growth potential. The underlying technology of NFTs, blockchain, provides a secure and transparent way to establish ownership and authenticity, which could revolutionize industries such as art, music, gaming, and digital identity.
As the crypto market eventually recovers and regulatory clarity improves, it is likely that BAYC NFTs and other blue-chip NFT collections will rebound in value. However, investors should approach the NFT market with caution and be prepared for further volatility in the short term.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- PNG’s first book on blockchain technology to be launched this month
- Jan 06, 2025 at 02:50 pm
- By Lorraine JimalAfter five years of researching and gathering information on blockchain technology, Peter Kinjap will publish his first book titled “Bitcoin Dream – Hope, Hype, and Chaos this month.Mr. Kinjap was inspired by the topics discussed at the 2018 Asia Pacific Economic Cooperation Summit in Port Moresby and wrote the book targeted towards policy makers, parliamentarians, and students.The book provides a groundbreaking exploration of cryptocurrency from the perspective of Papua New Guinea and other emerging economies.It unpacks the rise of Bitcoin, its revolutionary potential, and the challenges and opportunities of adopting unique circumstances.The book also delves into the transformative promise of cryptocurrency, examining how it can offer financial inclusion, transparency, and economic empowerment.Kinjap encourages young minds in the country to read about Blockchain, Crypto, and Bitcoin as these are the future.He emphasized the importance of distributing the book to schools to enhance better understanding of Bitcoin for financial inclusion, low-cost borderless payments and unbanked populations in rural areas.The book is currently available for purchase at K250 per copy.Kinjap is a graduate of the University of Papua New Guinea in Psychology and Information Communication Science. He also holds a postgraduate degree in Tourism from the University of the South Pacific in Fiji.Kinjap hails from Kaguel Valley of Tambul Nebilyer District, Western Highlands, Papua New Guinea.He is now a satisfied man who will publish his first book “Bitcoin Dream – Hope, Hype, and Chaos” on the 28th of this month.“I feel that the Government can buy this book to distribute to all schools in the country as an awareness and to all public servants and people in authority as an awareness on the subject so PNG can accept Bitcoin for financial inclusion, low-cost borderless payments and for unbanked populations in the rural areas.“Bitcoin can fix PNG’s forex issues by reducing currency volatility and exchange rate fluctuations, improved access to global markets, financial inclusion, and lowering transaction fees,” he said.
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- Pepeto: A New Meme Coin Combining the Appeal of Meme Coins With Genuine Utility
- Jan 06, 2025 at 02:50 pm
- The memecoin project aims to transform cross-chain functionality while fostering a strong community. With features like zero-fee trading, blockchain bridge technology, and a staking program, the project represents a unique blend of accessibility and practical value.
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- Dogecoin: From Meme Coin to Serious Contender in the World of Cryptocurrency
- Jan 06, 2025 at 02:50 pm
- Dogecoin, the cryptocurrency that started as a joke, is now making serious waves in the digital asset world. Initially known for its playful Shiba Inu logo and vibrant online community, Dogecoin is evolving beyond its meme origins.