Ether hit a new high for the year today, with an increase of over 65% in the past month. However, the NFT market, priced in Ether, has seen a significant decline. Blue-chip NFTs such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) have experienced price drops of over 20% in the past week.
Yesterday, Ether broke through $3,800 but quickly dropped to a low of $3,179. However, it rebounded strongly today and reached a new high for the year at $3,856.73, with a daily increase of over 20%.
Although Ether has not surpassed its highest record of $4,878 in November 2021, its recent price surge has been remarkable. It has increased by 16.2% in the past 7 days and a staggering 65% in the past month, surpassing Bitcoin’s monthly increase of 55%.
The price of Ether. Source: Binance
Several blue-chip NFTs have experienced drops of over 20% in the past week. Interestingly, while the price of Ether has been rising, NFTs priced in ETH have seen significant declines. According to data from Blur, the largest NFT trading platform by trading volume, blue-chip PFP NFTs including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Pudgy Penguins, and Azuki have all experienced drops of over 20% in the past week. MAYC has even fallen below its initial Dutch auction price of 3 ETH and plummeted by 10.54% in the past day.
Furthermore, it is known that Blur’s perpetual lending protocol, Blend, launched in May last year, currently has over 70 Bored Ape Yacht Club (BAYC) and hundreds of Mutant Ape Yacht Club (MAYC) NFTs in auction liquidation. If these NFTs are liquidated, it may further contribute to their decline.
Investors shifting towards USD-priced NFTs?
In the previous NFT bull market, blue-chip projects usually did not experience drops when the price of Ether rose. This was because users evaluated the value of NFTs in Ether rather than the actual equivalent in USD. However, this time, the surge in Ether has led to a drop in NFT floor prices, suggesting that investors may be growing tired of the lofty ideals of these projects and are unwilling to hold them long-term. Whether the price trends of Ether and blue-chip NFTs will change in the future remains to be observed.
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