Crypto markets have plunged 14% in the last 24 hours, including the double whammy of Ethereum’s 18% loss and Bitcon’s 16% drop as NFT sales are also suffering from the cryptocurrency market downturn, but mainly due to the drop in ETH prices.
On a lighter note, NFT trading volume has increased over 24 hours by 54%, which is an excellent opportunity for collectors to amass prized NFT collections.
The prices of popular and high-end non-fungible token collections like Bored Ape Yacht Club have also plummeted; its lowest NFT price floor fell as much as 16%, or $107,000. Bored Ape’s price floor plunged 11%, or roughly 74.5 ETH.
However, the project has depreciated since May. On April 29, you can buy the cheapest Bored Ape NFT at 152 ETH or a whopping $429,000. You will see the huge difference in the numbers.
Crypto Winter: Total Market Capitalization Drops By $1 Trillion
The total market capitalization of all cryptocurrencies fell to $969 billion on Monday. And NFT collections are following suit.
The most popular top-tier non-fungible token collections are collapsing like Doodles dropping 21% or a current minimum price of 8.1 ETH or equivalent to $11,650, Mutant Ape Yacht Club decreased by 22% or 14 ETH which is around $ 20,100, Meebits down by 27% or a minimum price of 2.8 ETH, which is equivalent to about $4,050, and Moonbirds which spiraled down by 16%, which is equivalent to about 16.2 ETH or $23,250.
BTC total market cap at $429 billion on the daily chart | Source: TradingView.com
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NFT price floor drowns; Trading volume increases
While the NFT price floor is at the hock, the trading volume is increasing. Many collectors are taking advantage of the drop in ETH prices to get top-tier NFT collections at lower prices.
Total non-fungible token sales are now at $39 million, which may seem lower than sales in early May, but it is a significant improvement compared to the days before. The NFT market has remarkably increased by 54% in terms of trading volume in the last 24 hours.
Trading volume in 2021 was $25 billion, making this year’s stats a massive improvement. And the numbers may still increase in the days that follow. OpenSea NFT sales increased to $476 million. The market for non-fungible tokens seems to be stronger now than ever, despite the difficulties and uncertainty of cryptocurrencies.
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Featured image from Blockworks, chart from TradingView.com