Crypto Hebdo: From the Solana failure to the fall of the BAYC, Top, Flop and prospects… – BeinCrypto International

Crypto winter is approaching with a market struggling to revive. A trend that has had an impact on other cryptocurrency-related assets such as NFTs. Speaking of non-fungible tokens, one of the industry’s flagship projects, BAYC, was largely affected by the bear market. To end this bad week, the Solana blockchain goes down.

Crypto winter is coming

“Crypto Winter”; it is not an academic expression specific to finance jargon. It is preferably an empirical notion that developed following the bear market in 2018. So, we define the “ crypto winter or crypto winter as being a period when we observe a flattening of the price curve on the crypto market. Chronologically, this period was between January 2018 and March 2020. Practically speaking, the value of cryptocurrencies fell by more than 75%.

This year, or at least since November 2021, we are witnessing the beginnings of what could be considered a new “crypto winter”. The crash of May would confirm the market’s transition to this dark period. Cryptocurrencies have already fallen by 60.29% from 2924 billion to 1161 billion dollars between November 2021 and May 2022.

According to Dogecoin co-founder Jackson Palmer, cryptocurrencies have yet to go through their worst-case scenario. In an interview with the Crikey newspaper, he claims an even greater cataclysm is set to befall the crypto sphere.

To learn more, read the following article:

👉: Could a new crypto crisis arise?

Global interest in NFTs on the decline

These famous virtual objects adored the crypto sphere, to the point where some paid millions to acquire the masterpieces of their favorite creators. But, for some time now, NFTs (non-fungible tokens) no longer have the same hype. A study by Be[In]Crypto shows that global interest in NFTs has dropped 70% over the past six months. On Google Trends, the usage rate for this keyword fell to 26.

The sales figures corroborate this lack of interest from the crypto community for NFTs. The sales volume of non-fungible tokens increased from a monthly high of 16.54 billion in January to 4 billion during the month of May. The general decline in the market has caught up with the sector. However, NFTs, like DeFi or even the metaverse, are for many the future of the crypto world. And for once, Christine Lagarde is on our side. We learned during the week that the latter launched an NFT collection to warn of the danger of cryptocurrencies.

To learn more, read the following article:

👉: According to Google Trends, global interest in NFTs has dropped by 70%

The price of the NFT collection, Bored Ape Yacht Club in freefall

As a corollary to the global lack of interest in non-fungible tokens, the price of the most famous NFT collection dropped by 60% during the month of May. The average price for a BAYC has indeed plunged all the way to $152,658 according to data seen on Nomics. So that’s a drop of more than $200,000 from the average BAYC price peak of $382,894. The sales volume of the collection also fell in May. It was valued at $214.91 million.

The decline in BAYC sales impacted the price of the collection’s cryptocurrency, Apecoin (APE). The course of the APE has therefore lost 66% of its value over the last thirty days. The setbacks of the Apecoin metaverse lands did not help matters either. From what we learned this week, the members of Apecoin DAO are thinking of leaving the network to integrate Otherside on a much more scalable network.

To learn more, read the following article:

👉: NFT Bored Ape Yacht Club (BAYC) prices fell 60% in May

4-hour paralysis for the Solana blockchain

Solana’s network continues to make developers dizzy. During the day of June 1, the network went down for the 8th time since September 2021. This time, the problem stemmed from the “transaction durable nonces” function. The blockchain got into a situation where a block generated multiple results between validating nodes.

Solana’s price slipped 12% in the 12 hours after the incident. Currently, the crypto is more than (-80%) away from its peak of $259.

To learn more, read the following article:

👉: Following the outage of Solana, the value of its SOL token plummets

Top and Flop: Waves outperforms other crypto market projects

At the beginning of the week, there was an attempted recovery but like all the others the crypto market has seen before, this one was also not sustainable. But that did not prevent the crypto Waves from signing a performance of 93.11% in 7 days. The crypto owes its rise to the explosion of its TVL and the stabilization of its stablecoin with its large de-peg during the month of April.

Waves is followed by Helium (HNT) and Cardano (ADA). The price of the latter has increased because of the fork of Vasil which could intervene sooner than expected.

On the flops side, Solana’s ecosystem shines in the wrong place. First, there is the price of the SOL, which retreated because of the bug that the network experienced during the day on Wednesday. The “move-to-earn” application, Stepn (GMT) is also going through a difficult period. Its price fell 9.79% weekly. Over the last 30 days, the price of GMT has also fallen by 65.9% according to data received on Coingecko.

Here are the highs and flops of the week:

top

Cryptos Current course Gain in 7 days
Waves (WAVES) $8.38 93.11%
Helium (HNT) $9.30 27.90%
Cardano (ADA) $0.566 18.80%
Source : CoinMarketCap

flop

Cryptos Current course Loss in 7 days
Solana (SOL) $39.35 -12.45%
Convex Finance (CVX) $8.33 -11.59%
Stepn (GMT) $0.9419 -9.74%
Source : CoinMarketCap

Prospects…

As we recalled in the previous section, the crypto market initiated a slight recovery at the start of the week, but this did not last. This is the trend observed since the beginning of the year.

However, each time the crypto market loses momentum, the bears take advantage of this to pull it towards low levels. And the two bottoms that keep being mentioned for Bitcoin during these are: $20,000 and $15,000. That said, for nearly two weeks we have seen a long battle for the price to go from $28,000 to $31,000. It remains to be seen if the bulls will be able to defend the top of this range to bring BTC back to its highs.

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Crypto Hebdo: From the Solana failure to the fall of the BAYC, Top, Flop and prospects… – BeinCrypto International


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