2024-04-18 06:02:57
- Ethereum loses more ground than Bitcoin in NFT volume.
- Apecoin continues to fall.
Etereum [ETH] remains prominent in the NFT conversation; however, recent data indicate a reduction in its prevalence.
moneda mono [APE]The ecosystem token associated with Bored Ape Yacht Club (BAYC), an Ethereum-based collection of NFTs, has seen a decline in relevance, reflecting the recent drop in BAYC’s price floor.
Ethereum NFT Volume Continues to Fall
NFTs were mainly associated with Etereum in the past, given the multitude of projects hosted on the platform. However, the emergence of alternative platforms has disrupted this monopoly.
In recent months, Bitcoin has become an unexpected competitor in the NFT space despite operating differently.
Analysis of NFT volume in Cryptographic hack revealed that Bitcoin has surpassed Ethereum in volume over the last 30 days.
Specifically, NFT volume on the Bitcoin network exceeded $455.59 million, while on Ethereum it amounted to $291.15 million.
The data indicated that Bitcoin collections occupy the top three spots in volume. In contrast, popular ETH collections like Bored Ape Yacht Club (BAYC) only rank sixth.
A look at the BAYC trend
An analysis of the general trend in prices of Bored Ape nautical club (BAYC) one NFT minimum price showed a significant decrease in the minimum price of BAYC in recent months.
In particular, in April there has been a notable drop in the minimum price.
At the time of writing, the minimum price was around 10.89 ETH. The price floor represents the lowest price for the Ethereum-based NFT collection and the chart indicates a decline of over 67% over the past year.
The fall of BAYC and other Yuga collections has also impacted moneda monobringing it closer to its lowest price.
APE near ATL
The analysis of moneda mono indicates a negative trend for the currency of the de facto ecosystem of Ethereum-based collections. Examination of the Relative Strength Index (RSI) showed an oversold condition.
Realistically, here it is APE market capitalization in terms of BTC
At the time of writing, the RSI was below 30, indicating a strong downtrend and oversold status. Furthermore, APE was trading around $1.15, reflecting a drop of more than 4%.
Further analysis showed that APE’s all-time low was around $1.01, suggesting that a further decline could bring the price to this region.
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