Key Points
- Ethereum’s dominance in the NFT sector is reducing, with Bitcoin seeing increased volume.
- ApeCoin, associated with the Ethereum-based Bored Ape Yacht Club, is witnessing a decline in relevance.
Ethereum’s Diminishing NFT Dominance
Ethereum [ETH] has been a key player in the NFT realm. However, recent statistics indicate a decrease in its supremacy.
ApeCoin [APE], the token linked to Bored Ape Yacht Club (BAYC) – an Ethereum-based NFT collection, has seen a reduction in significance, reflecting the recent drop in BAYC’s floor price.
NFTs were majorly associated with Ethereum earlier, given the numerous projects hosted on the platform. But, the rise of alternative platforms has challenged this monopoly.
Bitcoin’s Unexpected NFT Competitiveness
In the past few months, Bitcoin has surfaced as a surprising contender in the NFT space, despite operating differently.
Crypto Slam’s NFT volume analysis revealed that Bitcoin has outperformed Ethereum in volume in the past month.
Specifically, Bitcoin’s NFT volume was over $455.59 million, while Ethereum’s was $291.15 million.
Data showed that Bitcoin collections hold the top three spots in volume. Conversely, popular ETH collections like Bored Ape Yacht Club (BAYC) rank only sixth.
A review of Bored Ape Yacht Club (BAYC)’s overall price trend on NFT Price Floor indicated a significant drop in the BAYC floor price over the past few months.
In April, there has been a noticeable decrease in the floor price.
At the time of writing, the floor price was around 10.89 ETH. The floor price is the lowest price for the Ethereum-based NFT collection, and the graph shows a decline of over 67% over the past year.
The downturn in BAYC and other Yuga collections has also affected ApeCoin, bringing it near its lowest price.
The analysis of ApeCoin indicates a negative trend for the de facto ecosystem coin of Ethereum-based collections. The Relative Strength Index (RSI) showed an oversold condition.
At the time of writing, the RSI was below 30, indicating a strong bear trend and an oversold state. Additionally, APE was trading around $1.15, reflecting a more than 4% decline.
Further analysis revealed that APE’s all-time low was around $1.01, implying a further drop could bring the price to this region.
