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CryptoPunks enamor investors with BAYC following suit

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CryptoPunks enamor investors with BAYC following suit

Larva Labs-designed NFT collection CryptoPunks saw a rise in prices after Ethereum [ETH] increased 48.45% to reach $1,562 in the past seven days.

Recall that the NFT market had been in a sorry state since the crypto market crashed. Top collections, including Bored Ape Yacht Club (BAYC), CryptoPunks, and Mutant Ape Yacht Club (MAYC), had experienced a massive price plunge.  

But, according to data from NFT Floor Price, the least listed CryptoPunk is now worth 82.49 ETH. At press time, this amounted to about $127,370.

Interestingly, the floor price crossed the $100,000 mark on Sunday (17 July). This new development may be a good signal for NFT traders. For over two months, CryptoPunks’ floor price had not gotten that high. As of 18 June, it was as low as 49.45 ETH.

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Crypto Punks floor price | Source: NFT Floor Price

This week’s rising prices followed after the collection ranked above others amid a reviving NFT market.

Trades, trades, and trades

Besides the price improvement, CryptoPunks witnessed some of its highest trading volumes. A look at the CryptoPunksBot on Twitter showed that trading activities have substantially increased.

Punk 7844 has a new bid of 200 ETH ($308,082.01 USD) placed by 0xb5696e. https://t.co/z0F9cmyXaZ #cryptopunks #ethereum pic.twitter.com/xEsNsGRWoS

— CryptoPunks Bot (@cryptopunksbot) July 19, 2022

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With the ETH price rise, not only did CryptoPunks show movement in a good direction, but BAYC too did manage to show some changes in the right direction.

Crypto Slam reported that both BAYC and CryptoPunks made their mark in the top five NFT collection rankings by sales volume. As of this writing, CryptoPunks had 24-hour sales of $1,033,013.

BAYC, superseded the former and at press time, it stood at $2,399,514. Sorare, Otherdeed, and Doodles ranked second, third, and fifth, respectively. 

Not yet there

While BAYC remained in the lead considering the last 24 hours, the entire NFT market has still not left turmoil. At press time, the 24-hour global sales volume was down 10.42% down, totaling $22,189,465.

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Source: CryptoSlam

Of course, CryptoPunks have climbed up a bit. Nevertheless, the NFT collection is in a significant loss, as the collection is still failing to reach its floor price of January.

As of then, it was worth over $250,000. In March and April, it stayed around the same zone. Later, the collapse of the crypto market sent it on an uncontrollable fall.

However, with ETH still in an excellent green level, the odds of CryptoPunks taking the place of BAYC to stand at #1 can be a possibility in the near future.

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APE

Bitpay Adds APE And EUROC Support — Luxury Retail Giant Gucci Accepts Apecoin Payments

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Bitpay Adds APE And EUROC Support — Luxury Retail Giant Gucci Accepts Apecoin Payments

On August 2, the Atlanta-based crypto payment services provider Bitpay announced that it has expanded its crypto asset support with two different crypto assets. Bitpay revealed the company has integrated apecoin and euro coin into the firm’s platform and the luxury retailer and designer Gucci has announced it will be the first merchant to accept apecoin through Bitpay.

APE and EUROC Now Supported by Bitpay’s Payments Platform, Gucci Becomes the First Merchant to Accept APE via Bitpay’s Services

Bitpay has added two new crypto assets to the company’s payment platform after Bitpay’s payment processor already accepted digital currencies like bitcoin, bitcoin cash, ethereum, xrp, dogecoin, shiba inu, and litecoin.

Alongside those coins, Bitpay supports a few stablecoin assets as well like Circle’s usd coin (USDC). This week, Bitpay expanded the platform’s options by adding apecoin (APE) and euro coin (EUROC).

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Apecoin (APE) is well known for being a crypto asset designed for the Bored Ape Yacht Club (BAYC) metaverse called the “Otherside.” The digital currency euro coin (EUROC) is the newly launched Circle stablecoin backed by 1:1 with the euro (EUR).

Both crypto assets were launched this year and Bitpay details that the luxury retailer and designer Gucci will be the first merchant to accept APE via Bitpay’s system in U.S. stores.

Gucci already accepts ten different crypto assets and Bitpay’s co-founder and CEO Stephen Pair said luxury merchants like Gucci, asked Bitpay to support APE and the new euro-based stablecoin EUROC.

“We added apecoin and euro coin because customers of our luxury merchant partners asked for it,” Pair said in a statement sent to Bitcoin.com News. Bitpay also explained that apecoin holders can leverage the coin with the Bitpay Mastercard.

Apecoin is ranked 33 out of more than 13,000 crypto asset market capitalizations and it reached an all-time high three months ago on April 28, 2022. At that time APE tapped $26.70 per token and today, apecoin is down 74.5% from the all-time price high.

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Circle introduced euro coin in mid-June 2022 and the number of euro-pegged stablecoins has swelled 1,683% since 2020. Prior to supporting EUROC, Bitpay already supported five USD-pegged stable coins BUSD, DAI, GUSD, USDP, and USDC.

Tags in this story

APE, Apecoin, Apecoin (APE), Apecoin Bitpay Mastercard, BAYC, BitPay, Bitpay CEO, Bitpay co-founder, Bitpay new coins, Bitpay Support, blockchain payments, Bored Ape Yacht Club, Circle, crypto payments, euro coin, euro coin (EUROC), euro Stablecoins, EUROC, Gucci, Gucci APE, Gucci Apecoin, Luxury retailers, Otherside Coin, Stablecoin, Stephen Pair

What do you think about Bitpay adding APE and EUROC to the company’s supported lineup of crypto assets? What do you think about the luxury retailer and designer Gucci accepting APE at its U.S. stores? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Grey82 / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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APE

Yuga Labs Drops Otherside Litepaper — Document Covers The ‘Foundational Principles’ Of The Metaverse Platform

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Yuga Labs Drops Otherside Litepaper — Document Covers The ‘Foundational Principles’ Of The Metaverse Platform

Following the introduction of the Otherside metaverse and the apecoin (APE) launch, Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), published the Otherside’s litepaper. The team says the “document serves as a starter guide for the Otherside, [and] it covers foundational principles of the platform, capabilities of its developers, and possibilities for community co-creation.”

Otherside Litepaper Says Platform is a World-Building Platform That Provides an Exciting Environment to Play

  • BAYC creators Yuga Labs via the Othersidemeta Twitter account released the BAYC and NFT-based metaverse litepaper on July 16, 2022. “If you’re already hungry for more Otherside, we’ve released a litepaper,” the team tweeted.
  • Essentially, the Otherside is a Bored Ape Yacht Club-fueled metaverse or blockchain virtual world that is made up of 200,000 plots of virtual land. Similar to other metaverse lands from projects like Decentraland and The Sandbox, non-fungible tokens (NFTs) “Otherdeeds” are bought and sold on the open market.
Image from the Otherside litepaper’s web portal.
  • Seven-day statistics collected from cryptoslam.io indicates that Otherdeed NFT sales are the third largest in terms of weekly NFT sales from specific collections. This past week, Otherdeed sales saw $8,540,410 in volume, which is up 28.67% higher than the week before.
  • The Otherside Litepaper website gives a full summary of the metaverse and the possibilities and opportunities it can offer. “In the future, we look forward to seeing what new experiences and games our community can create to expand the possibilities of the metaverse,” Yuga Labs explains.
  • “[The] Otherside is a world-building platform that provides an exciting environment to play, create, compete, connect, and explore together,” the website details. “Initially, users will experience Otherside through a narrative gameplay experience (aka The Voyager’s Journey) co-developed by Yuga Labs and Improbable and based on the technology from M².”
  • “This document serves as a starter guide for the Otherside. It covers foundational principles of the platform, capabilities of its developers, and possibilities for community co-creation,” the Othersidemeta Twitter account said in its Twitter thread on Saturday.
  • The Otherside metaverse land adventure will start with Phase 1, and all Voyagers are invited to join in on an “11-part storyline surrounding a mysterious Obelisk that has appeared in the Otherside universe.”
  • Meanwhile, apecoin (APE), the crypto asset that will be used in the Otherside metaverse has increased by 48.2% during the last month outperforming most crypto assets in recent times. While APE jumped 10.6% during the last two weeks, 9.7% of those gains came during the past 24 hours of trading.
  • Otherside metaverse participants engaged in the “First Trip” on Saturday, which was one of several trips Voyagers can partake in. “Each subsequent Trip will take place on a different date in order to accommodate as many Voyagers as possible,” the litepaper website adds. “Specific details on date and time will always be announced on our official social media accounts.”

What do you think about Yuga Labs releasing the Otherside litepaper on Saturday? Let us know your thoughts on this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Otherside litepaper website,

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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ApeCoin Performance Lags Behind Other Altcoins – Here’s What Happened To APE

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ApeCoin Performance Lags Behind Other Altcoins – Here’s What Happened To APE

ApeCoin (APE), the Bored Ape Yacht Club collection’s native coin, has been continuously falling since the June slump, reaching a low of $3.05.

Even though APE is now trading at a premium of 6.5% over its initial price on Friday, its performance still pales in comparison to other altcoins.

As of this writing, APE is trading at $4.69, a decrease of 3.5% in the last 24 hours, according to data provided by Coingecko on Friday.

APE reversed the downtrend on the 4-hour chart after reaching $3.06 in the previous month. Nevertheless, the price encountered numerous obstacles at the $5.3 and $5.5 levels and became sluggish from there.  APE is now reevaluating the $4 support.

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Suggested Reading | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive Noise?

Further Downturn In The Offing For ApeCoin?

ApeCoin is approaching a standstill, which could initiate a reverse. Due to the possibility of a further decline in the market value of APE, investors must be wary of the downturn, which has the ability to disrupt the gains and cause further weakening.

Since the middle of June, the price of ApeCoin has fluctuated laterally. If the $4.00 barrier holds as support, a rally to $6.00 is likely. A break of the $4.00 threshold may result in an extra 33 percent dropping to $3.00.

The NFT market is one of ApeCoin’s attractions, although the market is currently displaying very dismal numbers.

After reaching $42.1 million in sales in May, BAYC NFTs have not produced substantial volume for the past two months. During this time period, the BAYC’s average volume was $2.1 million.

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APE total market cap at $1.4 billion on the daily chart | Source: TradingView.com

APE Drops More Than 80% From ATH

Since the June 30 swing low of $4.20, ApeCoin’s price has increased by around a quarter. This gain briefly surpassed the $5.02 barrier, but purchasers were unable to sustain this recent turnaround. As a result, APE moved below the mentioned level, indicating an impending downward trend.

Suggested Reading | CEL Token Price Plummets 50% As Celsius Goes Bankrupt

In addition, it is vital to remember that NFT sales for the month of June barely surpassed $1.3 billion. Prior to that month, OpenSea executed around $3.1 billion worth of transactions.

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In other words, APE will continue on its current course if the scenario on these aspects does not change.

Prior to the April sale of Otherdeed land by YUGA labs, the price of Apecoin followed a parabolic trend. Since then, however, the coin has been in a steep decline, falling more than 80 percent from its all-time high of $26.7.

Featured image from CoinChapter, chart from TradingView.com

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