Bittime - Ethereum (ETH) has long been known as the king in the NFT realm. However, the latest data shows that its dominance is starting to falter. This coincides with the decline in popularity of ApeCoin (APE), the token associated with the popular Ethereum NFT collection, Bored Ape Yacht Club (BAYC). Here is the ApeCoin price prediction by crypto observer Adewale Olarinde.
Power Shifts in the NFT Landscape
Previously, Ethereum dominated the NFT space due to its extensive ecosystem of NFT projects. However, the emergence of alternative platforms is starting to challenge this monopoly. Surprisingly,
Bitcoin, despite having different functions, has emerged as a competitor in the NFT market. According to Crypto Slam, Bitcoin NFT volume has surpassed Ethereum over the past 30 days.
Bitcoin NFT volume reached over $455.59 million, while Ethereum lagged behind at $291.15 million.
Bitcoin collections even occupied the top three spots in terms of volume, with BAYC, the leading Ethereum collection, falling to sixth place.
The emergence of Bitcoin and other alternative platforms signals a significant power shift in the NFT landscape.
This shows that users and developers are starting to look for options outside of Ethereum for building and trading NFTs.
Also Read How To Buy Crypto:
Decreasing Popularity of Bored Ape Yacht Club and ApeCoin
Bored Ape Yacht Club (BAYC) is one of the most popular NFT collections on Ethereum. However, in recent months, its popularity has begun to decline.
This can be seen from the decline in BAYC's base price, which stands at 10.89 ETH at the time of writing, representing a drastic 67% drop in the last year.
BAYC's decline in popularity also had a negative impact on ApeCoin (APE), the token associated with the collection.
Harga APE to IDR via Bittime Exchange
APE price has been experiencing a bearish trend, with the Relative Strength Index (RSI) currently below 30, indicating an oversold state and a strong downtrend.
APE is trading around $1.15, reflecting a recent decline of more than 4%.
With its all-time lows around $1.01, further declines could bring APE back into this territory.
The decline in BAYC and APE shows that the NFT market is not static.
Project popularity can change quickly, and it is important for investors to do their research before investing in NFTs.
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Conclusion
The world of NFTs is undergoing significant changes. Ethereum's dominance is starting to falter, and alternative platforms such as Bitcoin and other altcoins are attracting the attention of users and developers. NFT investors need to be aware of this shift and conduct careful research before investing.
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How to Buy ApeCoin (APE) on Bittime
You can buy and sell ApeCoin (APE) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
ApeCoin (APE) is available on Bittime with the market pair APE/IDR . To be able to buy APE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy ApeCoin (APE) on Bittime .
Monitor price chart movements of ApeCoin (APE), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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