BAYC Tumbles as NFT Floor Prices Decline

BAYC Tumbles as NFT Floor Prices Decline
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The price of the BAYC NFT collection has dropped below the 31 ETH mark, reflecting a new low not seen since October 2021. As per the data shared by OpenSea, the floor price of the BAYC collection dropped as a result of an extended crypto winter that has impacted the price of Ethereum, which powers a number of NFT collections, as well as a cooldown in the broader NFT market. Other NFT collections that suffered a major decline in value over the previous months include MoonBirds, Azuki, Doodles, and many more.

Based on the data shared by CoinGecko, the floor price of the BAYC collection dropped to a low of approximately 27.4 ETH, accounting for almost $53,000 before witnessing a minor rebound. The last time the price of the collection dropped that low was back in October 2021, shortly before its price skyrocketed to new heights amid the NFT boom. Keeping this in mind, the floor price of the BAYC collection once managed to reach 153.7 ETH or $430,000 in April 2022. The floor price can be described as a metric that analyzes the popularity of NFT projects at a given time.

The Situation Surrounding BAYC

The data shared by CoinGecko also highlights how the trading volume of BAYC has declined by almost 38% within the previous 24 hours. At the time of writing, the current floor price stands at the 30.03 ETH mark and the trading volume is 1.2 million ETH. The trading volume makes the NFT collection the largest based on sales volume.

The Situation Surrounding BAYC

Despite the decline in both trading volume and the floor price, BAYC is seen to still remain strong on the basis of sales volume, which is reported to account for approximately $48.8 million. However, in May, it was reported that several traders were rapidly selling BAYC below floor prices in favor of buying the PEPE meme coins.

Despite the ongoing situation in the NFT markets, the crypto market continues to remain buoyant as of now. The total crypto market cap has witnessed an increase of almost 1.1%, taking it to $1.25 trillion. At the same time, popular cryptocurrencies like Bitcoin and Ethereum continue to hold support levels. The markets are being driven by altcoins like Litecoin, Polkadot, Avalanche, etc.


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