BAYC NFT Floor Prices Plummet: Some NFTs Shed Over 90% in Value
Apecoin Price Dives: Down 97% from All-Time High Alongside BAYC NFTs
Competition from New NFT Collections on Bitcoin and Solana Adds Pressure to BAYC
APE Price Analysis: Potential Consolidation Expected Around $1
Anticipated APE Rally: Eyes Set on $3.8 Resistance for a 247% Surge
Exploring BAYC's Troubles:
At its zenith in 2021, the BAYC NFT collection garnered widespread attention, boasting individual sales surpassing $300,000. Celebrities like Justin Bieber added to the fervor, acquiring a BAYC NFT valued at an astonishing $1.2 million. However, as of July 2023, CNBC reported a staggering 95% decline in value for Bieber's NFT, now worth around $60,000. Presently, CryptoSlam data indicates a 90% dip in the floor price of Bored Ape NFTs from their peak. BAYC's floor price, as per NFTPriceFloor, now hovers around 11 ETH, a far cry from the 120 ETH average in May 2022. Compounding the issue, Ethereum's price decline has driven the dollar value of BAYC NFTs down from over $400,000 to just above $34,000.
Challenges Amid Bitcoin and Solana's Ascendance:
CoinMarketCap data reveals APE grappling with a steep 97% drop from its all-time high, plummeting from $39.4 in March 2022 to $1.16. APE's weekly chart suggests consolidation near its all-time low of $1, serving as a robust support level. While a break below $1 remains a remote possibility, further consolidation is anticipated, likely above $1. The potential for a rally towards the $3.8 resistance looms, promising a 247% surge.
Disclaimer: Voice of Crypto strives to provide accurate and current information. However, readers are advised to conduct independent research and exercise caution due to the highly volatile nature of cryptocurrencies.