Ape to $1: Here’s How Ethereum NFTs’ Drop Will Affect Bitcoin

Journalist

• Ethereum⁤ NFTs falling ⁣against Bitcoin
• Apecoin falling with BAYC

Ethereum [ETH] continues​ to lose ground to Bitcoin in terms of NFT volume.

ApeCoin [APE], the​ ecosystem token for the Bored Ape ‍Yacht Club collection (BAYC), an Ethereum-based NFT, has lost popularity, reflecting a⁢ recent drop in the​ BAYC ⁢floor price.

Ethereum NFT⁣ volume continues to‍ fall

Historically, NFTs ‍were associated​ with Ethereum ​primarily due to the large‍ number of⁣ projects it hosted. The emergence of ​other platforms has shaken that monopoly.

⁢ Bitcoin has become a surprising competitor in the NFT⁢ market ​despite its differences in‌ how it works.

Crypto‍ Slam’s analysis of NFT volumes found​ that Bitcoin has overtaken Ethereum in terms of volume over the ⁣past 30 days.

The ⁢NFT volume for the Bitcoin⁢ network is over $455.59 million, while on‍ Ethereum ​it is $291.15 million.

The⁤ data showed that Bitcoin collections are the most popular in terms of volume. Popular ETH collections like Bored Ape Yacht Club or BAYC⁣ are only ⁢in 6th place.

BAYC Trends: A Look ⁣at BAYC Trends

The ‌price of ⁣Bored Ape Yacht Club on the NFT price floor has dropped significantly in the ⁢past few months.

In April, the price of the floor was noticeably lower.

At the⁢ time of writing, the floor price ⁤for ⁢the Ethereum-based NFT collection was approximately 10.89 ETH. The floor price is the lowest price of the Ethereum-based NFT collection. The chart shows​ a 67% drop⁣ in the last year.

The price of ApeCoin has fallen⁢ due to the decline ​of BAYC‍ and other Yuga collections.

APE near ATL

ApeCoin analysis⁢ shows a downtrend for the de facto ecosystem coin in Ethereum-based collections. The Relative Strength Index showed a state of oversold.

Here is ⁤APE market ⁤cap expressed in BTC.

At ​the time of writing,​ the RSI had fallen below 30, indicating a strong ​downtrend and⁤ an oversold condition. APE⁣ was also trading at around $1.15, suggesting ⁢a​ decline of more than 4%.

APE was at its lowest price ever at around $1.01; a further decline could‌ push the price to this level.