It is no secret that the bear market has affected each a part of the crypto trade. The assault has seen each the highest cryptocurrencies and NFTs drop drastically from their 2021 highs, now buying and selling for a small share of that worth. Nevertheless, some have carried out higher in comparison with others. On this report, we’ll check out each the highest NFTs (Blue Chips) and the highest cryptocurrencies by market cap and see how nicely they’ve carried out in opposition to one another.
Blue Chip NFTs Vs. High Cryptocurrencies
Talking of blue-chip NFTs, they’re fairly straightforward to identify. These are the NFTs which were in a position to attain a excessive worth and managed to take care of their worth with out wild swings. In a way, they have a tendency to behave as the highest 10 cryptocurrencies which have had a greater probability of retaining their worth.
Now, taking a look at blue chips like Bored Ape Yacht Membership (BAYC) and Cryptopunks, they’ve dumped loads from the highest. For instance, BAYC is at present buying and selling at $103,000 after peaking above $460,000, representing a 77% drop from its all-time excessive. Equally, the value of Cryptopunks has recorded a 75% decline after reaching a mean value of round $400,000 to right this moment’s value of simply over $100,000.
Others corresponding to Moonbirds and CloneX have suffered even worse, falling 94.6% and 94.1% respectively from their all-time highs. In some instances, many of those collections additionally noticed gross sales a lot increased than the typical value, which might imply an excellent increased share loss if the very best gross sales had been for use.
Every blue chip has ATH in comparison with the present value:
BAYC $468k/$103k
MAYC $112k/$21k
CloneX $85k / $5k
Doodles $65k/$5k
Moonbirds $94k/$5k
Cryptopunks $399k / $101kLesson discovered:
There is no such thing as a such factor as a “blue chip”
Take income as typically as humanly doable
— NFT God (@NFT_GOD) March 26, 2023
Conversely, the highest cryptocurrencies available in the market appeared to have outperformed. A take a look at Bitcoin’s present value in comparison with its all-time excessive exhibits a decline of 59.51%, in keeping with information from Messari. Ethereum then again is down 64.19%.
BTC down 59% from November 2021 all-time excessive | Supply: BTCUSD on TradingView.com
In comparison with the highest 2 NFT collections BAYC and Cryptopunks, the cryptocurrencies are literally doing higher when it comes to value. There may be additionally the truth that cryptocurrencies are way more liquid in comparison with NFTs, so their buying and selling quantity is far increased.
However on the subject of figuring out which of those two asset courses will maintain their worth finest into the following bull market, that continues to be to be seen. Each NFTs and cryptocurrencies did extremely nicely within the latest bull market and have many eyes and curiosity in them.
NFTs are additionally seeing much less participation as the overall variety of new addresses utilizing NFTs fell from 81,590 on the finish of February to beneath 6,000 addresses on the finish of March. In the meantime, digital belongings corresponding to Bitcoin and Ethereum have seen a rise in buying and selling quantity and utilization.
The quantity of transactions on the Ethereum community hit a brand new one-month excessive, whereas variety of addresses holding over 0.1 BTC on their stability sheet registered a brand new all-time excessive, in keeping with information from Glassnode.
