Fragile market sentiment
On May 1, buyers had to pay at least 153,582 ETH ($430,000 at that time) to own a BAYC NFT. Since then, the entire crypto market has undergone significant turbulences, including crashes of LUNA from Terraform Labs.
All of which have affected the price of BAYC NFT. A bottom price of 72,503 ETH ($86,000) was established on June 13. This represents a 53% drop in ETH and an 80% drop in dollars after a few weeks.
Twitter user CryptoDonAlt remains optimistic about his BAYC loss. He accepts that he might have wasted 100 ETH of investment and insists that if there was a chance to reinvest, he would still choose BAYC.
According to CoinMarketCap, the BAYC collection ranks in Top 2, after CryptoPunks in terms of ATH trading volume of 607,444 ETH. But it places at #1 for the estimated market cap, at 978,068 ETH.
BAYC regains its dominance
Last week, BAYC lost its Top 1 spot as the leading NFT collection on OpenSea by volume. At the time, the GODA Mint Pass collection, which provides future access to traditional artists seeking to access digital art, was the most traded Ethereum NFT collection.
Earlier on June 8, the most traded was WAGDIE,a collection of 6,666 tokens depicting “pixelated solemn humanoids” wearing medieval-themed attire.
Since then, BAYC has been gradually re-establishing its dominance on OpenSea, with over 13.000 ETH trading volume in the past seven days, almost double the Mutant Ape Yacht Club (MAYC) at the 2nd spot.
Meanwhile, WAGDIE has a trading volume of 1,631 ETH over last week, ranked 11th, and GODA Mint Pass is 1,396 ETH, ranked 13th.
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