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NFT floor price

Floor Prices Of BAYC, Top NFT Collections Rising: Why Is This Analyst Skeptical?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in NFT
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to one non-fungible token (NFT) researcher on X, the floor prices of some of the largest collections might be up between 10% and 30% in the past few weeks, but that doesn’t mean the markets are preparing for a big bull run.

Taking to X on October 22, “Wale.Swoosh” acknowledged that the markets have been performing well. However, based on several factors, the NFT trading community shouldn’t be excited that the market is ready for a big rally in the coming sessions.

NFT Floor Prices Rising

At spot rates, some of NFTs’ popular and valuable collections, such as the Bored Ape Yacht Collection (BAYC), Mutant Ape Yacht Club (MAYC), and even CryptoPunks, have posted gains in trading volume and floor prices.

Related Reading: Ripple Execs’ Case Officially Dismissed: Here’s What It Means

To illustrate, the floor price of BAYC is at around 26.19 ETH, up from 23 ETH recorded in late August 2023. Meanwhile, Azuki’s floor price stands at 5.33 ETH, up from 3.41 ETH in late August. 

Floor price of top NFT collections| Source: Coingecko
Floor price of top NFT collections| Source: Coingecko

Looking at trends, however, there could be a notable spike in floor price and trading volume in the past week, though trading activity is suppressed. As a demonstration, while BAYC’s floor price is at 26.19 ETH, up roughly 9.8% on the last trading day, there has been no change in the number of owners. There has been a 0.1% increase in new owners for CryptoPunks in the past trading day.

Only a tiny percentage of the bigger NFT collectors or traders showed interest, subsequently buying an item. It suggests that though floor prices are rising, only a few active trading wallets exist.

Crypto Prices Rising, Readying An NFT Bull Run?

The floor price of an NFT is the lowest asking price set for any collection. While this metric changes between collections, it can gauge interest and how the broader crypto community perceives the value of that collection to be. Moreover, since the market determines the floor price, it tends to fluctuate, as evidenced in the last year. 

Related Reading: CipherBlade Founder Accuses New Management Of Theft And Forgery In Legal Complaint

Based on available data and the current market conditions, the researcher didn’t dismiss the odds of floor prices rising even further. Even so, based on the analyst’s view, citing historical performance, floor prices tend to expand at a faster rate only once Ethereum (ETH) and BTC volatility drops.

Bitcoin price on October 24 when floor prices of top NFT collections are rising| Source: BTCUSDT on Binance, TradingView
Bitcoin price on October 24| Source: BTCUSDT on Binance, TradingView

At spot rates, Bitcoin and Ethereum prices are steadily rising. Bitcoin has already pierced above July 2023 highs, racing above $33,000 as the crypto community expects even more gains. The spike has lifted the markets, channeling more liquidity to crypto, a precursor for a “real NFT bull run” to begin, according to Wale.Swoosh.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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