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Top NFT Collections Rise in Price After Latest US Fed Hike

Source: AdobeStock / whitehoune

Floor prices of some of the most popular collections of non-fungible tokens (NFTs) rose over the past 24 hours, as the US Federal Reserve (Fed) on Wednesday announced yet another rate hike in line with what the market was expecting.

According to the NFT data provider DappRadar, the floor prices of the popular NFT collections Mutant Ape Yacht Club, Bored Ape Yacht Club, Otherdeed for Otherside, and CryptoPunks all rose by over 17% in the past 24 hours as of Thursday at 11:11 UTC.

Most bullish among the four collections was Mutant Ape Yacht Club, which saw its floor price rise by nearly 27% over the past 24 hours to USD 27,390, per DappRadar. CryptoPunks came in second with a floor price of USD 115,860, up 23% over the same time period.

The floor price of a collection is the lowest price a single NFT from that collection is selling for at any given time.

And while prices rose, trading volumes also ticked higher. For the Mutant Ape Yacht Club collection, volume was up a strong 139% for the past day to USD 1.17m. Meanwhile, Bored Ape Yacht Club saw its volume rise by 6% to USD 889,040, and Otherdeed rose by 14% to USD 777,630.

CryptoPunks, on the other hand, was the only collection out of the four that saw falling trading volumes. Over the past 24 hours, by the time of writing, CryptoPunks’ volume fell by 30% to USD 468,040.

Meanwhile, signs of bullishness in the NFT market could also be sensed from the price of ApeCoin (APE), a token used by the Bored Ape Yacht Club and Mutant Ape Yacht Club community, and a useful proxy for the broader NFT market.

At the time of writing, the token, ranked 33 by market capitalization, was up by 14% for the previous 24 hours to a price of USD 6.55. The price means that ApeCoin has now more than doubled in price since reaching a bottom of USD 3.1 in mid-June. APE is also up 11.4% in a week and 28% in a month. 

ApeCoin price past 30 days:

Source: coingecko.com

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