Chaos still prevails in the current crypto market landscape. Daily liquidations amount to over $200 million as Bitcoin stares at the $20,000 mark. The 2nd-largest crypto, Ethereum, witnessed a similar fate. Moreover, investors seem to buy the dip. And it is not BTC or alts, but NFTs.
No Wasting Time
The broad market crash left non-fungible tokens on substantial price declines. Renowned collections line the Bored Ape Yacht Club weren’t an exception, with their floor prices losing significant amounts of dollars. While publishing this content, BAYC lost 49% of its value.
Most projects suffered declines. CloseX stood 57% down, Azuki lost 49%, whereas Meebits stayed 54% down at this publication. Meanwhile, reports from NFTGO show most of the costly NFT transactions within the previous week came from Bored Ape Yacht Club. That shows investors attempted to purchase BAYC amid the ongoing bearish markets.
Moreover, the floor price plummets helped market players buy at discounted prices. NFT Price Floor data shows Bored Apes’ value declined under $100,000, exploring levels never seen for nearly a year. While writing these lines, BAYC’s price stood at $85,500, reflecting a 65% decline from the ATH.
Remember, an Ape has never traded at this value area since January 2022. Furthermore, NFTs trade volumes surged within the past day as crypto assets crashed. Data from CryptoSlam shows the NFT space witnessed a 40% surge in trading volume over the previous day. Other non-fungible token projects like Moonbirds and MAYC dropped. However, investors capitalized on the rising trading volumes. For example, CryptoDonAlt tweeted about maintaining positivity and ignoring his losses from BAYC.
Furthermore, DappRadar data shows the NFT industry had its trading volume hitting $25 billion in 2021. Moreover, the market seems ready to overcome that number in 2022. This year’s quarterly report from Nansen confirms the NFT sector outshined the overall crypto market YTD, with the NFT-500 Index increasing by 49.9% in 2022.
While publishing this content, the cryptocurrency space remained in bearish hands, with the cumulative value of digital tokens staying 7.14% down within the past 24 hours at $843.52 billion. On the other side, the overall crypto market volume declined by 20.69% within the previous day to $61.02 billion.
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