NFT
Examining BAYC’s latest rally from its 32-month low
It was a bad time for BAYC, until it wasn’t. Here’s what you should know…
- Bored Ape’s floor price sat at a one-month high, at press time
- Meanwhile, CryptoPunks’ floor price continues to fall
According to data from NFT Floor Price, the floor price of the leading non-fungible token (NFT) project, Bored Ape Yacht Club (BAYC), has risen to its highest level in the last month. This, after an extended decline in the collection’s value, a decline which pushed its floor price to a three-year low.
At the time of writing, the lowest price an NFT from the BAYC collection would sell for was 17 ETH, which, at current market prices, amounts to $53,086.
NFT Floor Price data also revealed that the last time the collection’s floor price was this high was on 10 March.
Source: NFT Floor Price
BAYC sees a spike in sales volume
According to NFT Floor Price, the rally in BAYC’s value started on 22 April, after its floor price cratered to a 32-month low of 1.99 ETH. However, the market witnessed a resurgence in BAYC trading activity on the same day, thus pushing up its floor price.
As per CryptoSlam’s data, in the last 7 days, BAYC sales volume has risen by 84%, totaling $8 million. Over that period, 168 sales transactions have been completed, representing a 48% growth in BAYC’s weekly sales transactions.
So far this month, 530 transactions involving NFTs from the collection have been completed. According to CryptoSlam’s data, BAYC’s monthly sales volume has amounted to $23.31 million in the last 26 days – A 78% drop from the $41 million it recorded in April.
How has CryptoPunks fared in comparison?
According to NFT Floor Price’s data, the largest NFT collection by market capitalization, CryptoPunks, has trended in the opposite direction over the past month. In fact, with a value of 37.98ETH at press time, its floor price has dropped by 20% in the last 30 days.
A look at its performance over the past week revealed that its sales volume also increased. According to CryptoSlam’s data, the collection’s sales volume totalled $16 million during that period, rising by 445%.
Interestingly, this sales volume was made from only 22 NFT sales transactions.
