Bored Ape Yacht Club NFT Collection Sees Uptrend in Floor Price
The Bored Ape Yacht Club, a popular NFT collection owned by celebrities like Justin Bieber and Serena Williams, is experiencing an upward trend in its floor price, according to CoinGecko. As of October 30th, the floor price of the collection has reached 30 ETH, a value that hasn’t been seen in 72 days. This increase in price is attributed to the positive market sentiment for Bitcoin and other altcoins, as well as the growing interest in NFTs. While the current floor price reflects a 6.9 percent increase in the past 24 hours and a significant 42.4 percent increase in the last two weeks, it is important to note that it still represents a year-over-year decrease of 51.9 percent.
Market Cap and Response to Previous Decline
At present, the market cap of the Bored Ape Yacht Club collection stands at 304,032 ETH, equivalent to $552,750.574. The recent uptrend in floor price comes as a response to a previous decline in the NFT market, which affected both the Bored Ape Yacht Club and Mutant Ape Yacht Club collections. During that time, even Justin Bieber’s $1.3 million investment saw a significant devaluation. However, the current surge in interest and investment suggests that the market is recovering and gaining momentum once again.
Hot Take: NFTs on the Rise Amidst Crypto Market Recovery
The recent uptrend in floor price for the Bored Ape Yacht Club NFT collection indicates a broader trend of recovery and renewed interest in NFTs within the crypto market. As Bitcoin and altcoins experience positive market sentiment, investors are once again turning their attention to unique digital assets like NFTs. The involvement of high-profile individuals like Justin Bieber and Serena Williams further adds to the appeal and visibility of these NFT collections. While the market still faces challenges and fluctuations, the recent price increase reflects a growing confidence in the long-term potential of NFTs as a valuable investment option within the crypto space.
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