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Home Ethereum

APE to $1? As Ethereum NFTs fall to Bitcoin, here is the impact

April 18, 2024
in Ethereum
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APE to $1? As Ethereum NFTs fall to Bitcoin, here is the impact
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  • Ethereum loses more ground on Bitcoin in NFT volume.
  • Apecoin continues to decline.

Ethereum [ETH] remains prominent in the NFT conversation; however, recent data indicates a reduction in its dominance.

ApeCoin [APE], the ecosystem token associated with Bored Ape Yacht Club (BAYC) – an Ethereum-based NFT collection – has experienced a decline in relevance, mirroring the recent downturn in BAYC’s floor price.

Ethereum NFT volume continues to slide down

NFTs were primarily associated with Ethereum in the past, given the multitude of projects hosted on the platform. However, the emergence of alternative platforms has disrupted this monopoly.

In recent months, Bitcoin has emerged as an unexpected competitor in the NFT space despite operating differently. 

Analysis of NFT volume on Crypto Slam revealed that Bitcoin has surpassed Ethereum in volume over the last 30 days.

Specifically, the NFT volume on the Bitcoin network was over $455.59 million, whereas it amounted to $291.15 million on Ethereum.

Data indicated that Bitcoin collections occupy the top three spots in volume. In contrast, popular ETH collections like Bored Ape Yacht Club (BAYC) only rank sixth.

A look at how BAYC has trended

An analysis of the overall price trend of Bored Ape Yacht Club (BAYC) on NFT Price Floor showed a significant decline in the BAYC floor price over the past few months.

Particularly, in April, there has been a noticeable drop in the floor price. 

At the time of writing, the floor price was around 10.89 ETH. The floor price represents the lowest price for the Ethereum-based NFT collection, and the chart indicates a decline of over 67% over the past year.

See also  Ethereum Stays Within Symmetrical Pattern – Analyst Sets ETH Target

The decline in BAYC and other Yuga collections has also impacted ApeCoin, bringing it close to its lowest price.

APE close to ATL

The analysis of ApeCoin indicates a negative trend for the de facto ecosystem coin of Ethereum-based collections. Examination of the Relative Strength Index (RSI) showed an oversold condition.


Realistic or not, here’s APE market cap in BTC’s terms


At the time of writing, the RSI was below 30, signaling a strong bear trend and an oversold state. Additionally, APE was trading around $1.15, reflecting a more than 4% decline.

Further analysis showed that APE’s all-time low was around $1.01, suggesting a further drop could bring the price to this region.

ApeCoin price trend

Source: TradingView

Previous: Bitcoin’s post halving correction could pull BTC’s price by 20% IF…
Next: Shiba Inu burns 798M tokens – Is this next for SHIB’s price now?

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

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  • Ethereum loses more ground on Bitcoin in NFT volume.
  • Apecoin continues to decline.

Ethereum [ETH] remains prominent in the NFT conversation; however, recent data indicates a reduction in its dominance.

ApeCoin [APE], the ecosystem token associated with Bored Ape Yacht Club (BAYC) – an Ethereum-based NFT collection – has experienced a decline in relevance, mirroring the recent downturn in BAYC’s floor price.

Ethereum NFT volume continues to slide down

NFTs were primarily associated with Ethereum in the past, given the multitude of projects hosted on the platform. However, the emergence of alternative platforms has disrupted this monopoly.

See also  Ethereum RPG 'Kuroro Wilds' Launches Play-to-Airdrop on Ronin With 10M KURO Rewards

In recent months, Bitcoin has emerged as an unexpected competitor in the NFT space despite operating differently. 

Analysis of NFT volume on Crypto Slam revealed that Bitcoin has surpassed Ethereum in volume over the last 30 days.

Specifically, the NFT volume on the Bitcoin network was over $455.59 million, whereas it amounted to $291.15 million on Ethereum.

Data indicated that Bitcoin collections occupy the top three spots in volume. In contrast, popular ETH collections like Bored Ape Yacht Club (BAYC) only rank sixth.

A look at how BAYC has trended

An analysis of the overall price trend of Bored Ape Yacht Club (BAYC) on NFT Price Floor showed a significant decline in the BAYC floor price over the past few months.

Particularly, in April, there has been a noticeable drop in the floor price. 

At the time of writing, the floor price was around 10.89 ETH. The floor price represents the lowest price for the Ethereum-based NFT collection, and the chart indicates a decline of over 67% over the past year.

The decline in BAYC and other Yuga collections has also impacted ApeCoin, bringing it close to its lowest price.

APE close to ATL

The analysis of ApeCoin indicates a negative trend for the de facto ecosystem coin of Ethereum-based collections. Examination of the Relative Strength Index (RSI) showed an oversold condition.


Realistic or not, here’s APE market cap in BTC’s terms


At the time of writing, the RSI was below 30, signaling a strong bear trend and an oversold state. Additionally, APE was trading around $1.15, reflecting a more than 4% decline.

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Further analysis showed that APE’s all-time low was around $1.01, suggesting a further drop could bring the price to this region.

ApeCoin price trend

Source: TradingView

Previous: Bitcoin’s post halving correction could pull BTC’s price by 20% IF…
Next: Shiba Inu burns 798M tokens – Is this next for SHIB’s price now?
Tags: ApeBitcoinEthereumFallimpactNFTs

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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Tezos 2023 Outlook: An Overview of Tezos (XTZ)

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UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

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What is zero knowledge proof and how does it protect your data?

What is zero knowledge proof and how does it protect your data?

May 19, 2024
My Neighbor Alice: First Fully On-Chain Game Released on Chromia Mainnet

My Neighbor Alice: First Fully On-Chain Game Released on Chromia Mainnet

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Litecoin Overtakes Ethereum In This Metric

Litecoin Overtakes Ethereum In This Metric

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Bitcoin miners diversify and consolidate to survive revenue drop

Bitcoin miners diversify and consolidate to survive revenue drop

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