BAYC falls below 50 ETH: Is another NFT market crash coming
- The blue-chip collection shrank below the price for the first time in nearly 16 months.
- Other collections followed, but sales volume improved.
Concerns have increased regarding a potential decline in the NFT market after Boring Ape Yacht Club [BAYC] the floor price fell below 50 ETH. This was the first time the collection, once hailed as the king of Ethereum [ETH]-based collections have reached such a level since December 2021.
How much is 1,10,100 ETH worth today?
For a collection whose floor price peaked above 144 ETH, the drop has led to questions about the long-term sustainability of the market. While some analysts remain bullish on the future, seeing a significant correction like this may not bode well for short-term traders.
BAYC leads a drop of the gems
In accordance NFT Price Floor, the BAYC floor price was 47.9 ETH at press time. This represented a decrease of 2.34% in the last 24 hours.
NFT Price Floor
Such a situation means that the number of traders interested in owning part of the collection has decreased. Consequently, it has also affected the market value negatively.
According to CoinGecko, the the collection’s market value was just over 480 ETH — down 10% in the last 24 hours. This means that less liquidity had flowed into the market.
However, BAYC was not it sole participant this fall. The floor price of Crypto-punks also fell below the same threshold. Despite the slump, the sales volume of the punks increased by 20% in the same time frame. For BAYC there was also an increase of 45.83% in sales.
It was worse off to Mutant Ape Yacht Club [MAYC]. At the time of writing, the collection’s floor price was 10.4 ETH. But like BAYC and Punks, sales volume also increased.
Source: NFT Price Floor
Finding hope in changing hands
Lately, the value of most NFTs has increased from the sorry state experienced in most of 2022. This was consistent with the recovery of several cryptocurrency prices. Nevertheless, the rise has not translated into notable appreciation anywhere near the All-Time Highs (ATH) of 2021.
Regardless of the price drop, BAYC still maintained its top position among all the collections across multiple blockchains. At the time of writing, the sales volume exceeded 3 million dollars.
Realistic or not, here it is ETH’s market value in BTC’s terms
But the number of buyers decreased by 8% while sellers increased by 30.43%. This means that it was not just an undersupply of cash flow that affected the collection. Rather, increased sales pressure also contributed to it.
All in all, Ethereum’s NFT volume made attempts to leave the already impoverished state. In this context, the sales volume rose to 18.16 million dollars, followed by an increase in the number of transactions.
Source: CryptoSlam
