- Ethereum is losing more ground against Bitcoin in NFT volume.
- Apecoin continues to fall.
Ethereum [ETH] remains prominent in the NFT conversation; However, recent data indicate a reduction in its dominance.
ApeCoin [APE]the ecosystem token associated with Bored Ape Yacht Club (BAYC) – an Ethereum-based NFT collection – has experienced a decline in relevance, reflecting the recent decline in BAYC’s price floor.
Ethereum NFT volume continues to decline
NFTs have historically been primarily associated with Ethereum, given the multitude of projects hosted on the platform. However, the emergence of alternative platforms has disrupted this monopoly.
In recent months, Bitcoin has emerged as an unexpected competitor in the NFT space, despite operating differently.
NFT volume analysis enabled Crypto Slam revealed that Bitcoin has surpassed Ethereum in volume over the past 30 days.
Specifically, NFT volume on the Bitcoin network exceeded $455.59 million, while on Ethereum it amounted to $291.15 million.
Data indicated that Bitcoin collections take the top three spots by volume. In contrast, popular ETH collections such as Bored Ape Yacht Club (BAYC) only rank sixth.
A look at BAYC’s trend
An analysis of the general price development of Bored Ape Yacht Club (BAYC) on NFT price floor showed a significant decline in the BAYC floor price in recent months.
There was a noticeable drop in the floor price, especially in April.
At the time of writing, the floor price was around 10.89 ETH. The floor price represents the lowest price for the Ethereum-based NFT collection, and the chart shows a decline of over 67% over the past year.
The decline of BAYC and other Yuga collections has also affected ApeCoin, bringing it close to the lowest price.
APE close to ATL
ApeCoin’s analysis indicates a negative trend for the de facto ecosystem coin of Ethereum-based collections. Examination of the Relative Strength Index (RSI) showed an oversold condition.
Realistic or not, here is APE’s market cap in BTC terms
At the time of writing, the RSI was below 30, indicating a strong bear trend and oversold status. Furthermore, APE was trading around $1.15, reflecting a decline of more than 4%.
Further analysis showed that APE’s all-time low was around $1.01, suggesting that a further decline could take the price to this region.
Source: TradingView