Crypto Hebdo: From the collapse of Solana to the fall of BAYC, Top, Flop and prospects…

Crypto winter is approaching with a market struggling to revive. A trend that has an impact on other cryptocurrency -related assets such as NFTs. Speaking of non-fungible tokens, one of the industry’s flagship projects, BAYC, is largely affected by the bear market. To end this bad week, the Solana blockchain crashed.

Crypto winter is coming

“Crypto Winter”; it is not an academic expression specific to finance jargon. Better an empirical idea developed after the bear market in 2018. So, we define “ winter in crypto or crypto winter as a time when we have observed the flattening of the crypto market price curve. Chronologically, this period is between January 2018 and March 2020. Practically speaking, the value of cryptocurrencies has fallen by more than 75%.

This year, or at least since November 2021, we have witnessed the start of what could be considered a new “crypto winter”. The May crash will confirm the market’s shift in this dark time. Cryptocurrencies have already fallen 60.29% from 2924 billion to 1161 billion dollars between November 2021 and May 2022.

According to Dogecoin co-founder Jackson Palmer, cryptocurrencies have yet to go through their worst situation. In an interview with the newspaper Crikey, he admitted that a much bigger disaster is set to happen in the crypto sphere.

To learn more, read the following article:

👉: Could a new crypto crisis arise?

Global interest in NFT is declining

These famous virtual objects worship the crypto sphere, to the point where some pay millions to get the masterpieces of their favorite creators. However, for some time now, NFTs (non-fungible tokens) no longer have the same hype. A study by Be[In]Crypto has shown that global interest in NFTs has declined by 70% in the past six months. On Google Trends, the usage rate for this keyword dropped to 26.

Sales figures attest to this lack of interest from the crypto community for NFTs. The volume of sales of non-fungible tokens increased from a monthly high of 16.54 billion in January to 4 billion in the month of May. The overall market decline was captured by the sector. However, NFTs, like DeFi or even the metaverse, are for the most part the future of the crypto world. And for once, Christine Lagarde was by our side. We learned last week that the latter launched an NFT collection to warn of the danger of cryptocurrencies.

To learn more, read the following article:

👉: According to Google Trends, global interest in NFTs has dropped by 70%

NFT collection price, Bored Ape Yacht Club in freefall

As a result of the global lack of interest in non-fungible tokens, the price of NFT’s most famous collection dropped by 60% in the month of May. The average price for a BAYC actually dropped to $ 152,658 according to data seen by Nomics. That’s a drop of more than $ 200,000 from BAYC’s average price peak of $ 382,894. The sales volume of the collection also fell in May. It cost $ 214.91 million.

The decline in BAYC sales affected the price of the collection’s cryptocurrency, Apecoin (APE). The APE flow has therefore lost 66% of its value over the past thirty days. The failures of the Apecoin metaverse lands also did not help matters. From what we learned this week, Apecoin DAO members are considering leaving the network to integrate Otherside into a more scalable network.

To learn more, read the following article:

👉: NFT Bored Ape Yacht Club (BAYC) prices fell 60% in May

4-hour paralysis for Solana blockchain

Solana’s network continues to confuse developers. During the day of June 1, the network crashed for the 8th time since September 2021. This time, the problem stemmed from the “transaction durable nonces” function. The blockchain enters a situation where one block generates multiple results between validating nodes.

Solana’s price dropped 12% in the 12 hours after the incident. Currently, crypto is up more (-80%) from a high of $ 259.

To learn more, read the following article:

👉: After Solana’s disappearance, the value of her SOL token decreases

Top and Flop: The waves are higher than other crypto market projects

At the beginning of the week, there was a recovery attempt but like everything the crypto market has seen in the past, this one is also unsustainable. But that didn’t stop crypto Waves from signing a performance of 93.11% in 7 days. The crypto owes its rise to the explosion of its TVL and the stabilization of its stablecoin with its big de-peg during the month of April.

The waves were followed by Helium (HNT) and Cardano (ADA). The price of the latter has risen due to Vasil’s fork being able to intervene sooner than expected.

As for the flops, Solana’s ecosystem shines in the wrong place. First, there’s the SOL price, which retreated due to a bug the network experienced on Wednesday. The “move-to-earn” application, Stepn (GMT) is also going through a difficult time. Its price fell 9.79% per week. Over the past 30 days, the GMT price has also fallen by 65.9% according to data received by Coingecko.

Here are the highs and flops of the week:

surface

Cryptos Current course Claim in 7 days
WAVES $ 8.38 93.11%
Helium (HNT) $ 9.30 27.90%
Cardano (ADA) $ 0.566 18.80%
Source: CoinMarketCap

flop

Cryptos Current course Loss of 7 days
Solana (SOL) $ 39.35 -12.45%
Convex Finance (CVX) $ 8.33 -11.59%
Stepn (GMT) $ 0.9419 -9.74%
Source: CoinMarketCap

Palaaboton

As we recalled in the previous section, the crypto market started a slight recovery at the beginning of the week, but it didn’t last. This is the trend observed since the beginning of the year.

However, whenever the crypto market loses momentum, the bears take advantage of it to get it to lower levels. And the two lows that were frequently mentioned for Bitcoin at the time were: $ 20,000 and $ 15,000. As such, in almost two weeks we saw a long fight for the price from $ 28,000 to $ 31,000. It remains to be seen if the bulls will be able to defend above this range to bring the BTC back to its highest.

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