We can all notice that the bear market has affected every corner of the crypto industry. The onslaught sent the leading cryptocurrency and NFT plummeting from its all-time high in 2021, and is now trading at a fraction of that price. However, some performed better than others. In this report, we’ll take a look at the top NFTs (blue chips) and top cryptocurrencies by market capitalization to see how they’re performing.
Blue Chip NFTs and Top Coins
When it comes to blue chip NFTs, they are easy to spot. These are NFTs that have been able to achieve high value and have been able to maintain their value without wild fluctuations. In a way, they tend to behave similarly to the top 10 cryptocurrencies. However, the top coins have a better chance of preserving their value.
Now, look at blue chips like Bored Ape Yacht Club (BAYC) and Cryptopunks, which have fallen a lot from their peaks. For example, BAYC is currently trading at $103,000 after peaking above $460,000, down 77% from its all-time high. Likewise, the price of Cryptopunks has fallen by 75% after dropping to around $400,000 from its current average price of just over $100,000.
Other NFTs like Moonbirds and CloneX fared even worse, down 94.6% and 94.1%, respectively, from their all-time highs. In some cases, many of these collections also sold for well above the average price, meaning the percentage lost was even higher when it came to top sales.
The ATH of each blue chip compared to its current price:
BAYC $468K / $103K
MAYC $112k/ $21k
CloneX $85,000/$5,000
Graffiti $65k/ $5k
Moonbird $94k/ $5k
Cypherpunk $399k/ $101kLearned knowledge:
There is no such thing as a “blue chip stock”
profit as much as possible
— NFT God (@NFT_GOD) March 26, 2023
In comparison, the top cryptocurrencies in the market seem to be doing better. Take a look at the current value of Bitcoin which is down 59.51% from its all-time high, according to data from Messari. Ethereum, on the other hand, lost 64.19%.
BTC is down 59% from its all-time high in November 2021. Source: TradingView.
Cryptocurrencies are actually doing better than the top 2 NFT series BAYC and Cryptopunks. There is also the fact that cryptocurrencies are much more liquid than NFTs, and thus their trading volume is much higher.
However, it remains to be seen which of these two asset classes is most likely to hold its value in the next bull run. Both NFTs and cryptocurrencies have performed very well in the last round of the bull market and have received a lot of attention.
Users are also less likely to participate in the NFT space, as the total number of new addresses using NFTs dropped from 81,590 at the end of February to just under 6,000 addresses at the end of March. Meanwhile, digital assets such as Bitcoin and Ethereum have seen their trading volumes and usage increase.
According to Glassnode data, the transaction volume of the Ethereum network hit a new high in one month, and the number of addresses holding more than 0.1 BTC hit a new high.
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board pass
according to bitcoinist
