coinfomania.com
08 March 2022 09:00, UTC
The prices of many non-fungible token ($NFT) collections have recorded significant drops in recent weeks.This has raised fear, doubt, and uncertainty (FUD) in the minds of some of their holders, especially given the nascent nature of the $NFT market.
Data from $NFT tracking service $NFT Price Floor reveal that the top three $NFT collections have recorded a steep decline in recent months.
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On October 2, 2021, Crypto Punks $NFT attained an All-Time-High ($ATH) of almost 125 $ETH. However, since then the price has been on a continuous decrease with little increases along the chart. As at the time of the writing, the price of Crypto Punks has dropped to 66.5 $ETH, which is almost 50% decrease from its $ATH. Crypto Punks used to rank #1 on $NFT Price Floor, but as at the time of the writing, it ranks #2, after the Bored Ape Yacht Club.
After the Bored Ape Yacht Club (BAYC) collection hit an all-time high of nearly 119 $ETH on February 1, 2022, the collection has seen a price decrease of over 40%, putting its current price at 72 $ETH. However, BAYC still ranks #1 on the list of NFTs despite the price decrease.
Unlike the first two collections, the Mutant Ape Yacht Club (MAYC) has not had a huge decrease. On January 31, 2022, it saw an $ATH of 26.529 $ETH. Currently, MAYC is worth 15.14ETH, seeing just about 10% decrease. It still ranks #3 on the list of top $NFT collections.
The broader cryptocurrency market is also seeing a bearish downtrend similar to NFTs. For instance, the top three crypto assets are also seeing approximately 40%-50% declines from their previous highs.
Bitcoin (BTC) attained an $ATH of $69,000, but is currently trading around $38,507. Similarly, Ether ($ETH) is currently at $2,553 after reaching an $ATH of around $4,800, while Binance Coin (BNB) which had an $ATH of $650 is currently at $377.
Remarkably, these declines have not dampened the spirit of long-term investors. A handful remain cautiously optimistic that the market is capable of recovering from these steep decreases and attaining new highs.
