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The global digital asset market printed red indexes on Tuesday morning as Bitcoin price dropped below $63,000 levels. With this decline, the once hype <a href="https://news.todayq.com/bored-ape-yacht-club-and-cryptopunks-nfts-soar-defying-the-bear-market/" rel="noopener noreferrer nofollow">Bored Apes Yacht Club</a> (BAYC) saw a decrease in its value. Data shows that its price plunged by around 90% as compared to its peak recorded in 2021. Bored Apes on a decline 
As per the data provided, Bored Apes Yacht Club NFT’s minimum price dropped to stand slightly above 10 Ethereum. However, this is seen as a major decrease from the average of 120 Ether recorded in May 2022. If we calculate it in terms of dollar value then the NFT price has dropped from over $400,000 per NFT to just above $30,000.
Data provided by NFT Price Floor shows that BAYC’s price floor stands at 11.05 ETH (approx value of $33,931), at the press time. Its 24 hour trading volume is calculated to be 1,161.4 ETH (approx value $3.6 million). However, its market cap stands at around 110,240 Ethereum (approx value of $337.2 million).
Data from CryptoSlam indicates that trading volumes for BAYC have remained stable at around $1 million daily since 2022. It is important to note that Bored Apes is a collection of 10,000 digital monkeys on the Ethereum blockchain. Meanwhile, nearly 20% of the collection is still held by ten individual wallets, suggesting a concentrated ownership.
A decline in NFTs’ or particularly BAYC signals a broader decrease in retail interest in Ethereum based NFT collections. This is also been proven by Google search data. Meanwhile, newer NFT collections on Bitcoin and Solana are gaining traction among investors. Crypto market crashes 
On Tuesday, top cryptos saw a pullback, with Bitcoin trading below $63,000 and Ethereum nearing the $3,000 mark. Other top altcoins, including Cardano (ADA), Solana (SOL), and XRP recorded the same kind of losses.
Bitcoin is down by almost 4% to trade at $62,375. It’s holding a trading volume of $45 billion and a market capitalization of $1.22 trillion.
The biggest altcoin, Ethereum price is down by more than 18% in the last 30 days. It is trading at an average price of $3,023, at the press time. Its 24 hour trading volume dropped by 2% to stand at $21.8 billion. ETH is holding a market cap of over $362 billion.

Bored Apes NFTs down by 90% from peak, What happened?

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