price increase after the Fed rate hike

The minimum prices for some of the most popular collections of non-fungible tokens (NFTs) have increased in the past 24 hours, after the Federal Reserve The US (FED) announced a new rate hike on Wednesday, in line with market expectations.

Source: AdobeStock / whitehouse

According to the NFT data provider DappRadarthe initial prices of the NFT collections Mutant Monkey Yacht Club, Bored Ape Yacht Club, Otherdeed for OthersideAnd CryptoPunk they have all increased by more than 17% in the past 24 hours starting Thursday at 11:11 UTC.

The biggest increase was recorded for Mutant Ape Yacht Club, which saw its minimum price rise nearly 27% in the past 24 hours to $ 27,390, according to DappRadar. CryptoPunks comes in second with a low price of $ 115,860, up 23% over the same period.

The minimum price of a collection is the lowest price an NFT in that collection is selling for at any given time.

As prices have risen, trading volumes have also risen. For the Mutant Ape Yacht Club Collection, volume increased 139% on the last day to $ 1.17 million. The Bored Ape Yacht Club collection saw its volume increase by 6% to reach $ 889,040 and for Otherdeed, transactions increased by 14% to reach $ 777,630.

CryptoPunks, on the other hand, is the only collection of the four that has seen its trading volumes decrease. In the past 24 hours, as of this writing, CryptoPunks’ volume has dropped 30% to $ 468,040.

Separately, signs of optimism in the NFT market could also impact the price of ApeCoin (APE), a token used by the Bored Ape Yacht Club and Mutant Ape Yacht Club community, and a useful proxy for trading the broader NFT market.

At the time of writing, the token, ranked 31st by market capitalization, has risen 17.40% in the previous 24 hours to a price of $ 6.86. This means that ApeCoin’s price has more than doubled since it hit a low of $ 3.1 in mid-June.

ApeCoin price evolution over the last 30 days:

Source: coingecko.com

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