In the midst of the Crypto Crash, the minimum price of popular NFT collections like Bored Ape Yacht Club and CryptoPunks collapses. Taking advantage of the unexpected opportunity, investors massively buy the tokens of these collections.
Since the beginning of June 2022, the cryptocurrency market has collapsed. The fall is so dizzying that this event already has a name: the Crypto Crash.
Bitcoin’s value plummeted from around $ 30,000 on June 11, 2022 to $ 20,000 on June 13. The root cause of this incident generalized would be a massive sell-off by investors, fearing inflation.
In general, investors seem stay away from riskier assets. This behavior is also reflected in the stock market.
The base price of the bored Ape Yacht Club plummets
Bitcoin has dragged all cryptocurrencies down, but also the NFT market. the Price per floor of some of the more expensive collections collapsed, both in ETH and in US dollars.
This price drop affects NFT’s three main collections in terms of trading volume: Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and CryptoPunks.
According to Dappradar’s data, the initial prices of these three collections decreased by 31%, 27% and 16% respectively. Average prices are also down for BAYC and MAYC, but that of CryptoPunks only dropped 2%.
As a reminder, the minimum price is the cheapest NFT price in a collection. This metric is often used to measure the popularity of a collection.
In American dollar, the minimum prices of these three collections decreased by 45%, 45% and 31% respectively. According to data from CoinGecko, the minimum price is also affected by the drop in the value of ETH, which fell by 32% in a week.
The volume of trade in NFT projects explodes
If the minimum price of the most popular NFT collections is falling, trading volume on the contrary, it seems to fly away. Among the 10 most popular projects, eight experienced a 115% increase in trading volume between June 13 and June 14, 2022.
This is about Bored Ape Yacht Club, Mutant Ape Yacht Club, CryptoPunks or even Sorare. All these collections have increased their trading volume of at least 100% in the last 24 hours according to CryptoSlam data.
Clearly, investors are looking to take advantage of the drop in prices to grab the hitherto coveted NFTs.
On the other hand, the trading volume of Goblintown decreased by 35.54%. That of the Moonbirds collection is down by 64.11%. These are the only two collections in the top 10 whose trading volume has decreased since yesterday.
The trading volume of BAYC NFT has exploded by 262.79% in the past 24 hours, totaling $ 7.1 million in sales.
Other popular collections are enjoying a commercial upside, including MAYC, Otherdeed and CryptoPunks with an increase of respectively 173.49%, 157.88% and 122.69% in 24 hours for the amounts of 3.4 million dollars, 2.6 million dollars and 2.5 million dollars.
Note that these four collections are owned by Yuga Labs. Once again, the Californian company leads the dance in the NFT market.
Among the various marketplaces, OpenSea is the platform that benefits most from this sudden boom. According to data from DappRadar, the volume of trading increased 173.43% for a total of $ 23.88 million in turnover.
However, the number of traders on OpenSea it fell 15.39% over the same period to 29,300. It can be inferred that only a small number of wealthy investors continue to trade non-fungible tokens …