The month of May’s crypto market disaster did not fail to bring with it Apcoin, one of the “rising stars” in the crypto space.
The price of Apcoin has shown a strong performance in the face of the crippling crypto market crash. However, the bulls were still able to lift the APE by almost 50% above the coin’s low of $3.11.
At the time of writing, APE was trading at $4.25, up 4.1% over the past seven days, and was selling just below the newly established swing high at $4.35.
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Apcoin’s market capitalization halved
Thursday’s data from Coingecko indicates that ApeCoin is one of the top 50 crypto assets by market capitalization, with a market cap of approximately $1.27 billion.
As a result of the decline in the value of other digital currencies, this amount appears to be large, but represents a 56 percent drop from its market value. APE’s high trading volume of $3.37 billion on May 1 surpassed a market cap of over $4.55 billion.
A high volume of liquidations by coin holders peaked on May 1 and intensified from May 9 to May 13, reducing the market value of APE.
Experts say this is due to the wider geopolitical and global climate, which includes uncertainties in the ongoing war in Ukraine, among other factors.
Factors contributing to the decline in APE value
It is not just in the crypto sector that things are not looking bright. Living expenses are rising, interest rates are rising, a recession is coming, and inflation is skyrocketing. The US S&P 500 is currently in a bear market, and the stock markets are also volatile.
APE total market cap at $1.27 billion on the daily chart | Source: TradingView.com
According to several market analysts, these are some of the reasons that are driving down the value of APE.
On May 1, the APE began at $20.02, achieved 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 a fifth of its value on the first trading day of the month, the APE was unable to recover and continued to fall for the rest of May, reaching new lows.
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APE began trading at $20.02 on May 1, achieved a monthly top 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 shows a 66 percent drop between APE’s opening and closing prices in May.
Featured image from Gravitate.news, chart from TradingView.com