- Ethereum is inferior to Bitcoin in terms of NFT volume.
- Apecoin continues to decline.
Ethereum [ETH] It remains prominent in the NFT conversation. However, recent data shows that its dominance is declining.
ape coin [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 floor price.
Ethereum NFT volume continues to decline
NFTs were previously primarily associated with Ethereum due to the large number of projects hosted on the platform. However, with the emergence of alternative platforms, this monopoly has broken down.
In recent months, Bitcoin has emerged as an unexpected competitor in the NFT space, albeit in a different way.
Crypto Slam's analysis of NFT trading volume reveals that Bitcoin has outperformed Ethereum in trading volume over the past 30 days.
Specifically, NFT volume on the Bitcoin network exceeded $455.59 million, while on Ethereum it reached $291.15 million.
According to the data, Bitcoin collections occupy the top three spots by volume. In contrast, popular ETH collections like Bored Ape Yacht Club (BAYC) only rank 6th.
Take a look at BAYC's trends
Analyzing the overall price trend of Bored Ape Yacht Club (BAYC) on the NFT price floor, we found that the floor price of BAYC has declined significantly over the past few months.
The drop in the lowest price is particularly noticeable in April.
At the time of writing, the floor price was around 10.89 ETH. The floor price represents the lowest price for his Ethereum-based NFT collection, which the graph shows has fallen over 67% over the past year.
The decline in BAYC and other Yuga collections has also affected ApeCoin, with ApeCoin approaching its lowest price.
APE approaches ATL
ApeCoin analysis shows negative trends for the de facto ecosystem coin of the Ethereum-based collection. An examination of the Relative Strength Index (RSI) indicates an oversold condition.
Realistic or not, the APE market cap in BTC terms is as follows:
At the time of writing, the RSI was below 30, indicating a strong bearish trend and oversold conditions. Additionally, APE was trading around $1.15, reflecting his over 4% decline.
Further analysis revealed that APE's all-time low is around $1.01, suggesting that further declines could push the price down into this region.
Source: TradingView
