Apcoin was one of the hardest hit cryptocurrencies in the May market crash and this led to a sharp drop in its market cap. The property is backed by one of the most successful NFT projects ever – Bored Ape Yacht Club.
ApeCoin remains the top 50 digital asset by market capitalization in June 2022. According to Be, APE closed the fifth month of the year with a market cap of about $1.97 billion.[In]crypto research.
While the number seems high due to the fall in the value of other digital currencies, the figure was 56% below its market cap on May 1. On that day, APE saw an impressive trading volume of $3.37 billion, which was in line with a market. Capitalization in the region of $4.55 billion.
Why is the market capitalization falling?
Selling by holders intensified on the first day of May and intensified in the week of May 9 to 13 and played a large role in the declining market capitalization of Apcoin.
Many analysts credit the Federal Reserve’s pursuit of controlling inflation by raising interest rates as factors in inflation, the economic uncertainties of the Russian/Ukraine crisis, and the slowdown in APE valuations.
The number of large transactions involving APE reached a peak of 2,580 on May 1 at a price of $15.97.
This corresponded to a larger transaction volume of 94.36 million APE at the same price.
Multiplying APE of 94.36 million by the price of $15.97, the total volume equals approximately $1.51 billion.
On May 1, the APE opened at $20.02, reached an intraday high of $20.04, lost 21% of the day’s high to an intraday low of $15.69, and closed the day at $15.97. Losing more than one-fifth of its price early in the month, the APE could not recover and fell further to make higher levels throughout May.
ape price feedback
APE opened on May 1 at $20.02, reached a monthly high of $20.04 on the same day, tested a monthly low of $5.25 on May 11, and closed the month at a trading price of $6.76.
Overall, this equates to a 66% drop in APE’s opening and closing prices in May.