After a significant fall on July 2nd, the floor price of BAYC now fluctuates around 33 Ether (ETH).
On July 2nd, the Bored Ape Yacht Club (BAYC) NFT collection saw its floor price fall below 30 ETH. This figure marks the new low not reached since October 2021, suggesting a cooling in the NFT market.
Bored Ape Yacht Club, a popular non-fungible token collection, witnessed a downward trend in the average price of its NFTs.
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The BAYC floor price dipped to an all-time low of 27.4 ETH, or approximately $53,000, on the evening of July 2nd. However, it experienced a minor recovery afterward.
This drop is noteworthy as the BAYC floor price hadn't dipped below 30 ETH since October 2021, just before the NFT market's significant boom. At its peak in April 2022, BAYC hit a floor price of 153.7 ETH, equating to roughly $430,000.
Since April of this year, the collection's floor price has witnessed a 50% decrease. At the beginning of the month, the NFTs were trading at 64 ETH, or $126,000.
At the time of writing, the collection's floor price has made a recovery to 33 ETH, roughly $64,500, as per OpenSea.
OpenSea reports a 19% decrease in BAYC's trading volume over the last 24 hours. According to CryptoSlam data, BAYC maintains a spot as the most substantial NFT collection by sales volume, with almost $3 million in sales in the last 24 hours.
This dip is part of a broader downturn in the NFT market, fueled by an extended crypto winter impacting the value of Ethereum, a key player in many NFT collections.
A downward trend was also observed in other significant collections, such as Mutant Ape Yacht Club (MAYC), Azuki, CryptoPunks, and DeGods, with their floor prices decreasing over the week.
Despite the recent decline in value, the last 24 hours have offered a slight relief for NFT holders, with most top collections witnessing a recovery in floor prices. Leading the rebound was the Azuki Elementals collection, experiencing a nearly 32% increase in its floor price.
