TL;DR
- BAYC records its lowest base price since July 2023, falling below 20 ETH.
- Despite this, BAYC trading volume increases dramatically by over 329% in 24 hours.
- Ethereum continues its bullish trend, reaching $3,687.46, with investor interest on the rise due to the upcoming launch of an ETH ETF.
The NFT market is seeing significant movements, particularly when it comes to Bored Ape Yacht Club (BAYC), a flagship collection in the non-fungible token space.
Recently, we have witnessed a major milestone: the base price of BAYC NFTs has fallen below 20 ETH, marking its lowest level since July 2023.
This decline coincides with the upward trajectory of the price of Ethereum, which has reached $3,717, reflecting a notable contrast in the market.
The base price of an NFT is a crucial measure that reflects the demand and interest in a collection at any given time.
For Bored Ape Yacht Club, this drop below 20 ETH to 17.99 ETH (approximately $66,000) is a significant turning point.
CoinGecko notes that the last time BAYC’s base price fell below 30 ETH was in July 2024, just before the NFT boom boosted the base price considerably.
In April 2022, for example, the base price reached 153.7 ETH, equivalent to around $430,000.
Despite this decline, BAYC trading volume has seen a massive increase
The collection has exceeded 329% in the last 24 hours according to data from OpenSea.
This places BAYC as the sixth largest NFT collection in terms of sales volume, with almost 1.5 million ETH exchanged.
The cryptocurrency market context also plays a crucial role in these movements.
Ethereum, the main blockchain used for most NFTs, has been in an uptrend, reaching $3,687.46 and seeing a 4.56% increase in the last 24 hours.
Investors are showing increasing interest in Ethereum, particularly with the anticipation of the launch of an ETH ETF, which has resulted in a significant increase in trading volume and investment activities.
As the base price of BAYC NFTs hits rock bottom levels, the market as a whole is in a period of change and growth, with significant moves in both collections and the underlying cryptocurrencies.
