ApeCoin is on the Verge of Disappearing! Loses US$2.5B in a Month
ApeCoin is in danger as the market value price drops down.
The month of May’s crypto market disaster did not fail to bring down along with it one of the “rising stars” in the crypto space, ApeCoin. ApeCoin’s price has shown robust performance in the face of the crippling crypto market crash. However, the bulls were still able to lift APE by about 50% higher from the coin’s low at $3.11. As of this writing, APE was trading at $4.25, up 4.1% in the last seven days, and selling just below the newly established swing high at $4.35.
Thursday’s data from Coingecko indicates that ApeCoin is among the top 50 crypto assets by market capitalization, having closed in May with a market value of around $1.27 billion. As a result of the decline in the value of other digital currencies, this amount appears large, but it reflects a 56 percent decline from its market value. APE’s high trading volume of $3.37 billion as of May 1 translated to a market value in excess of $4.55 billion.
A high volume of liquidation by coin holders rose on May 1 and accelerated from May 9 to 13, contributing significantly to the decrease in APE’s market value. Experts say this is because of the broader geopolitical and global climate, including uncertainties in the ongoing war in Ukraine, among other factors. Trading volumes were around $5.7 billion at the start of May but fell to $498 million by the end of the month. Since then, the market cap has continued to slide to $1.3 billion, with a price of $4.40 per token at the time of writing, while 24-hour trading volume is currently totaling around $264 million. That’s the lowest since it launched in March. Overall, Apecoin is down 83.5% since its all-time high market cap of $6.81 billion at a price of $26.70 per token on April 28.
Because ApeCoin is a top 50 cryptocurrency by market capitalization, many analysts, gurus, and experts believe that ApeCoin should be considered a good investment in comparison to other coins. Despite the ups and downs in the young price history of APE, analysts think ApeCoin’s price could grow substantially in the long term. Some of the factors that will influence investing in ApeCoin in 2022 is having the backing of all the cryptocurrency exchanges and stakeholders in the decentralized finance space.
ApeCoin is a new cryptocurrency and entered the market in March 2022. Despite the heavily bearish cryptocurrency market at the time, ApeCoin entered the market at $7.2 and, by April 28th, had rallied to $26.3. Since then, ApeCoin has been on a downtrend, largely weighed down by the bearish trend in the broader market. In June, ApeCoin dropped to a low of $4, and selling volumes are still high. Essentially, anyone who bought ApeCoin when it first hit the market is now at a loss.
Market analysts expect ApeCoin to trade at over $14 by the end of 2022. ApeCoin price predictions are even more bullish long term. For instance, the consensus price forecast for ApeCoin for 2022 stands at $50 and above.
The post ApeCoin is on the Verge of Disappearing! Loses US$2.5B in a Month appeared first on .
ApeCoin is in danger as the market value price drops down.
The month of May’s crypto market disaster did not fail to bring down along with it one of the “rising stars” in the crypto space, ApeCoin. ApeCoin’s price has shown robust performance in the face of the crippling crypto market crash. However, the bulls were still able to lift APE by about 50% higher from the coin’s low at $3.11. As of this writing, APE was trading at $4.25, up 4.1% in the last seven days, and selling just below the newly established swing high at $4.35.
Thursday’s data from Coingecko indicates that ApeCoin is among the top 50 crypto assets by market capitalization, having closed in May with a market value of around $1.27 billion. As a result of the decline in the value of other digital currencies, this amount appears large, but it reflects a 56 percent decline from its market value. APE’s high trading volume of $3.37 billion as of May 1 translated to a market value in excess of $4.55 billion.
A high volume of liquidation by coin holders rose on May 1 and accelerated from May 9 to 13, contributing significantly to the decrease in APE’s market value. Experts say this is because of the broader geopolitical and global climate, including uncertainties in the ongoing war in Ukraine, among other factors. Trading volumes were around $5.7 billion at the start of May but fell to $498 million by the end of the month. Since then, the market cap has continued to slide to $1.3 billion, with a price of $4.40 per token at the time of writing, while 24-hour trading volume is currently totaling around $264 million. That’s the lowest since it launched in March. Overall, Apecoin is down 83.5% since its all-time high market cap of $6.81 billion at a price of $26.70 per token on April 28.
Because ApeCoin is a top 50 cryptocurrency by market capitalization, many analysts, gurus, and experts believe that ApeCoin should be considered a good investment in comparison to other coins. Despite the ups and downs in the young price history of APE, analysts think ApeCoin’s price could grow substantially in the long term. Some of the factors that will influence investing in ApeCoin in 2022 is having the backing of all the cryptocurrency exchanges and stakeholders in the decentralized finance space.
ApeCoin is a new cryptocurrency and entered the market in March 2022. Despite the heavily bearish cryptocurrency market at the time, ApeCoin entered the market at $7.2 and, by April 28th, had rallied to $26.3. Since then, ApeCoin has been on a downtrend, largely weighed down by the bearish trend in the broader market. In June, ApeCoin dropped to a low of $4, and selling volumes are still high. Essentially, anyone who bought ApeCoin when it first hit the market is now at a loss.
Market analysts expect ApeCoin to trade at over $14 by the end of 2022. ApeCoin price predictions are even more bullish long term. For instance, the consensus price forecast for ApeCoin for 2022 stands at $50 and above.
The post ApeCoin is on the Verge of Disappearing! Loses US$2.5B in a Month appeared first on .
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