Top NFT collections rise in price after latest US Fed hike
The floor prices of some of the most popular collections of non-fungible tokens (NFTs) rose over the past 24 hours, as US Federal Reserve (The Fed) announced on Wednesday another interest rate increase in line with what the market expected.
According to the NFT data provider DappRadarthe floor prices of the popular NFT collections Mutant Ape Yacht Club, Bored Ape Yacht Club, Otherdeed for Othersideand CryptoPunks all rose by over 17% in the last 24 hours as of Thursday at 11:11 UTC.
Most bullish among the four collections was Mutant Ape Yacht Club, which saw its floor price rise by nearly 27% over the past 24 hours to $27,390, per DappRadar. CryptoPunks came in second with a floor price of USD 115,860, up 23% in the same time period.
The floor price of a collection is the lowest price a single NFT from that collection sells for at any time.
And while prices rose, trading volumes also ticked higher. For the Mutant Ape Yacht Club collection, volume increased by a strong 139% in the last day to US$1.17 million. Meanwhile, Bored Ape Yacht Club saw its volume increase by 6% to US$889,040, and Otherdeed rose by 14% to US$777,630.
CryptoPunks, on the other hand, was the only collection of the four to see declining trading volume. In the last 24 hours, at the time of writing, CryptoPunks’ volume dropped by 30% to USD 468,040.
Meanwhile, signs of bullishness in the NFT market can also be sensed from the price of ApeCoin (APE), a token used by Bored Ape Yacht Club and Mutant Ape Yacht Club community, and a useful proxy for the wider NFT market.
At the time of writing, the token, ranked 33 by market cap, was up 14% in the last 24 hours at a price of $6.55. The price means that ApeCoin has now more than doubled in price since hitting a low of $3.1 in mid-June. APE is also up 11.4% in a week and 28% in a month.
ApeCoin price last 30 days:
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Learn more:
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– CryptoPunk Sales Top Monthly Charts As Other Blue-Chip NFT Collections Fall
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– Physical art narrowly wins over NFTs in Damien Hirst’s experiment
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