Examining BAYC’s latest rally from its 32-month low

Bored Ape’s floor price sat at a one-month high, at press time
Meanwhile, CryptoPunks’ floor price continues to fall

As a long-term crypto investor with a keen interest in NFTs, I’ve been closely monitoring the trends of popular collections like Bored Ape Yacht Club (BAYC) and CryptoPunks. The recent data on their floor prices and sales volumes has piqued my curiosity.

Based on information from NFT Floor Price, the base price for a token in the popular non-fungible token (NFT) project, Bored Ape Yacht Club (BAYC), has reached its peak level in the past month. Following a prolonged slump in the collection’s worth, the base price had dropped to a three-year minimum.

Currently, the cheapest NFT from the BAYC collection is going for 17 Ether in the marketplace, equating to approximately $53,086 based on present Ethereum exchange rates.

The NFT collection’s minimum price, as indicated by the floor price data, last reached this level on March 10th.

BAYC sees a spike in sales volume

Based on NFT Floor Price data, the value of BAYC began to surge on April 22nd. This rally came after the floor price had reached a 32-month low of 1.99 ETH on the same day. However, an increase in BAYC trading activity during this time was likely responsible for boosting its floor price back up.

According to CryptoSlam’s latest figures, the sales volume for BAYC has increased by 84% over the past week, amounting to a total of $8 million. This period also saw a significant jump in sales transactions, with a total of 168 deals being completed – a 48% increase compared to the previous week.

Thus far in this month, a total of 530 deals involving NFTs from that specific collection have been finalized. Based on information from CryptoSlam, the monthly sales volume for BAYC reached a total of $23.31 million over the past 26 days – marking a significant decrease of approximately 78% compared to the $41 million recorded in April.

How has CryptoPunks fared in comparison?

As a crypto investor, I’ve been keeping an eye on NFT market trends and according to NFT Floor Price’s latest data, my observation aligns with their findings. The largest NFT collection by market capitalization, CryptoPunks, has seen a reverse trajectory over the past month. To be specific, its floor price, currently valued at 37.98 ETH, has experienced a substantial decline of approximately 20% within the last 30 days.

Over the last week, a review of its sales figures showed an impressive surge. Specifically, as per CryptoSlam’s statistics, the collection amassed a total of $16 million in sales, marking a significant gain of 445% during this timeframe.

Interestingly, this sales volume was made from only 22 NFT sales transactions.

2024-04-27 20:07

Examining BAYC’s latest rally from its 32-month low

🚀 Trump Effect: EUR/USD Primed for Wild Swing?

BAYC sees a spike in sales volume

How has CryptoPunks fared in comparison?

Read More