BAYC’s value plunges below $100,000 as NFT price collapses

BAYC’s value plunges below $100,000 as NFT price collapses

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Answer BAYC’s value plunges below $100,000 as NFT price collapses

The impact of Bitcoin’s decline was not only limited to altcoins, but also the negative impact of the non-fungible token arena (NFT).

The price and sales of the non-fungible NFT tokens collapsed, after the bears took full control of the crypto market.

Popular groups of non-fungible tokens such as Bored Ape Yacht Club (BAYC) were not exempt from the recent drop, as their minimum value plummeted to record levels.

To be clear what we are talking about in the article is not the average price but the lowest price.

In other words, it is the lowest purchase price for a single non-fungible token from the BAYC pool.

Read:Bitcoin price is stable above 20 thousand dollars, but the negativity in the movement is still present

The lowest price for BAYC group tokens below $100K:

According to data fromNFT PRICE FLOORThe lowest price for Bored Apes has fallen below $100,000 for the first time in nearly a year.

At the time of writing, BAYC’s lowest amount is $87,000 (72 ETH), which is a 60% drop from its all-time high.

The last time BAYC traded around this price range was around August 2021.

Despite the decline, BAYC still maintained its position as the largest NFT venture, with a market capitalization of approximately $1.7 billion.

For your information, “Bored Ape Yacht Club” is one of the famous NFT groups that removed “Crypto Punks” from the top of the NFT throne to become the most valuable NFT in the world at the end of the third quarter of 2021.

The rarest BAYC monkeys sold for more than $1.5 million, and the most expensive BAYC monkey was auctioned for $3.4 million (852.39 ETH) last October.

During the same period, other less expensive monkeys had a lower price tag above $250,000.

Regardless of “Bored Apes,” other top-rated NFT groups suffer significant dips in their lower prices.

Read:One of the biggest bitcoin whales buys $170 million in bitcoin in two weeks

For example, Crypto Punks, the second largest NFT group, is currently priced at $58,000 (48 ETH) compared to $160,000 (66.9 ETH) in February.

Investors take advantage of the opportunity:

Interestingly, the drop in the minimum value price of the BAYC tokens to below $100,000 made the opportunity for investors looking to buy NFT at cheaper rates.

Over the past 24 hours, about 26 monkeys were sold, which is an 116% increase over the previous day.

BAYC’s daily trading volume also jumped 50%, with more than $2.6 million traded in the last 24 hours.

Read also:

Liquidations reach more than $1.25 billion after Bitcoin price drops to $21,000

Bitcoin Rolls At $21,000 And The Dollar Index Reaches Its Highest Level In Two Decades

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