👀 Watchlist Winners: Copy Legendary Investors' Portfolios in One ClickSee Undervalued Stocks

BAYC’s NFT Floor Price Hits New Low Amid ETH Spike: What’s Behind the Decline?

Published 03/06/2024, 12:34 AM
Updated 03/06/2024, 12:45 AM
BAYC’s NFT Floor Price Hits New Low Amid ETH Spike: What’s Behind the Decline?
ETH/USD
-

  • Bored Ape Yacht Club’s NFT floor price drops below 20 ETH, the lowest since July 2023.
  • Ethereum’s upward trajectory contrasts with the declining average prices in top NFT collections.
  • BAYC’s trading volume surges by over 329%, ranking the 6th largest in NFT sales.

Bored Ape Yacht Club’s (BAYC) NFT collection experienced a significant decline in its floor price, dropping below 20 ETH to 17.99 ETH (roughly $66,000). On the other hand, the price of Ethereum is on an upward trajectory and has reached $3,717.

Floor price is a metric used to gauge the popularity of an NFT project at a particular time. It represents the lowest price a seller is willing to accept for an NFT in a collection and can vary slightly across platforms.

CoinGecko reported that BAYC’s floor price reached a low of 17.99 ETH, or approximately $70,000, on Sunday before partially rebounding. The last time BAYC’s floor price dropped below 30 ETH was in July 2024, just before the NFT boom significantly increased its floor price. In April 2022, BAYC’s floor price rose to 153.7 ETH, or around $430,000, according to CoinGecko.

At the…

The post BAYC’s NFT Floor Price Hits New Low Amid ETH Spike: What’s Behind the Decline? appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.