Latest Posts

ApeCoin Shed $2.5 Billion From Its Market Cap In May – Investor Appetite Fading?

- Advertisement -


The catastrophe in the crypto market in May did not fail to bring down with it one of the “rising stars” in the crypto space, ApeCoin.

- Advertisement -

ApeCoin price has shown consistent performance in the face of a devastating cryptocurrency market crash. However, the bulls were still able to push the APE around 50% above the coin’s low at $3.11.

- Advertisement -

At the time of this writing, APE was trading at $4.25, up 4.1% over the past seven days, and trading just below the recently set swing high at $4.35.

- Advertisement -

Suggested literature | Bitcoin stabilized above $20K after dropping to $17K – slow climb to green?

ApeCoin market capitalization halved

Thursday’s data from Coingecko shows ApeCoin among the top 50 crypto assets by market capitalization, ending 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 seems large, but it reflects a 56 percent decline in its market value. APE’s high trading volume of $3.37 billion as of May 1 has translated into a market value in excess of $4.55 billion.

The high volume of liquidation by coin holders surged on May 1st and accelerated from May 9th to May 13th, which greatly contributed to the decline in the market value of APE.

Experts say this is due to the wider geopolitical and global climate, including uncertainty about the ongoing war in Ukraine, among other factors.

Factors driving down APE prices

Not everything is so rosy, not only in the cryptosphere. Living costs are rising, interest rates are rising, a recession is approaching, inflation is skyrocketing. The US S&P 500 is currently in a bear market and the stock markets are also reeling.

APE total market cap at $1.27 billion on the daily chart | Source: TradingView.com

According to a number of market analysts, these are some of the reasons for APE’s price decline.

On May 1, APE started at $20.02, reached an intraday high of $20.04, fell 21 percent to an intraday low of $15.69, and ended at $15.97.

As a result of losing more than one-fifth of its value on the first trading day of the month, the APE failed to recover and continued to fall until the end of May, hitting new lows.

Suggested literature | Dogecoin price jumps as Elon Musk confirms support for Crypto meme on Qatar forum

APE began trading on May 1 at $20.02, reached a monthly high of $20.04 on the same day, reached a monthly low of $5.25 on May 11, and ended the month at $6.76.

This represents a 66 percent decline between APE opening and closing prices in May.

Featured image from Gravitate.news, chart from TradingView.com



Credit : www.newsbtc.com

- Advertisement -

Latest Posts

Don't Miss