APE to $1? As Ethereum NFTs fall to Bitcoin, here is the impact

, the ecosystem token associated with Bored Ape Yacht Club – an Ethereum-based NFT collection – has experienced a decline in relevance, mirroring the recent downturn in BAYC’s floor price.in the past, given the multitude of projects hosted on the platform. However, the emergence of alternative platforms has disrupted this monopoly.Specifically, the NFT volume on the Bitcoin network was over $455.59 million, whereas it amounted to $291.15 million on Ethereum.

Data indicated that Bitcoin collections occupy the top three spots in volume. In contrast, popular ETH collections like Bored Ape Yacht Club only rank sixth.Particularly, in April, there has been a noticeable drop in the floor price. At the time of writing, the floor price was around 10.89 ETH. The floor price represents the lowest price for the Ethereum-based NFT collection, and the chart indicates a decline of over 67% over the past year.indicates a negative trend for the de facto ecosystem coin of Ethereum-based collections. Examination of the Relative Strength Index showed an oversold condition.At the time of writing, the RSI was below 30, signaling a strong bear trend and an oversold state.

Further analysis showed that APE’s all-time low was around $1.01, suggesting a further drop could bring the price to this region.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.

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