The month of May\u2019s crypto market disaster did not fail to bring down along with it one of the \u201crising stars\u201d in the crypto space, ApeCoin.<\/p>\n
ApeCoin price has shown a robust performance in the face of the crippling crypto market crash. However, the bulls were still able to lift APE by about 50% higher from the coin\u2019s low at $3.11.<\/p>\n
As of this writing, APE was trading at $4.25, up 4.1% in the last seven days, and selling just below the newly established swing high at $4.35.<\/p>\n
Suggested Reading | Bitcoin Steady Above $20K After Drop To $17K \u2013 A Slow Climb To Green?<\/p>\n
ApeCoin Market Cap Down By Half<\/p>\n
Thursday\u2019s data from Coingecko indicates that ApeCoin is among the top 50 crypto assets by market capitalization, having closed May with a market value of around $1.27 billion.<\/p>\n
As a result of the decline in the value of other digital currencies, this amount appears large, but it reflects a 56 percent decline from its market value. APE\u2019s high trading volume of $3.37 billion as of May 1 translated to a market value in excess of $4.55 billion.<\/p>\n
A high volume of liquidation by coin holders rose on May 1 and accelerated from May 9 to 13, contributing significantly to the decrease in APE\u2019s market value.<\/p>\n
Experts say this is because of the broader geopolitical and global climate, including uncertainties in the ongoing war in Ukraine, among other factors.<\/p>\n
Factors Contributing To APE Price Decline<\/p>\n
It\u2019s not just in the crypto field that things are not looking bright. Living expenses are growing, interest rates are rising, a recession is approaching, and inflation is skyrocketing. The US S&P 500 is currently in a bear market, and stock markets are shaky as well.<\/p>\n\n
APE total market cap at $1.27 billion on the daily chart | Source: TradingView.com<\/p>\n
According to a number of market analysts, these are some of the causes chipping away at\u00a0the value of APE.<\/p>\n
On May 1, APE began at $20.02, achieved an intraday high of $20.04, dropped 21 percent to an intraday low of $15.69, and ended at $15.97.<\/p>\n
As a result of losing more than one-fifth of its value on the first trading day of the month, APE was unable to recover and continued to fall throughout the rest of\u00a0May, reaching new lows.<\/p>\n
Suggested Reading |\u00a0Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum<\/p>\n
APE began trading on May 1 at $20.02, achieved a monthly top of $20.04 on the same day, hit a monthly low of $5.25 on May 11, and finished the month at $6.76.<\/p>\n
This represents a 66 percent decline between the opening and closing prices of APE in May.<\/p>\n
Featured image from Gravitate.news, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The month of May\u2019s crypto market disaster did not fail to bring down along with it one of the \u201crising stars\u201d in the crypto space, ApeCoin.<\/p>\n
ApeCoin price has shown a robust performance in the face of the crippling crypto market crash. However, the bulls were still able to lift APE by about 50% higher from the coin\u2019s low at $3.11.<\/p>\n
As of this writing, APE was trading at $4.25, up 4.1% in the last seven days, and selling just below the newly established swing high at $4.35.<\/p>\n
Suggested Reading | Bitcoin Steady Above $20K After Drop To $17K \u2013 A Slow Climb To Green?<\/p>\n
ApeCoin Market Cap Down By Half<\/p>\n
Thursday\u2019s data from Coingecko indicates that ApeCoin is among the top 50 crypto assets by market capitalization, having closed May with a market value of around $1.27 billion.<\/p>\n
As a result of the decline in the value of other digital currencies, this amount appears large, but it reflects a 56 percent decline from its market value. APE\u2019s high trading volume of $3.37 billion as of May 1 translated to a market value in excess of $4.55 billion.<\/p>\n
A high volume of liquidation by coin holders rose on May 1 and accelerated from May 9 to 13, contributing significantly to the decrease in APE\u2019s market value.<\/p>\n
Experts say this is because of the broader geopolitical and global climate, including uncertainties in the ongoing war in Ukraine, among other factors.<\/p>\n
Factors Contributing To APE Price Decline<\/p>\n
It\u2019s not just in the crypto field that things are not looking bright. Living expenses are growing, interest rates are rising, a recession is approaching, and inflation is skyrocketing. The US S&P 500 is currently in a bear market, and stock markets are shaky as well.<\/p>\n
APE total market cap at $1.27 billion on the daily chart | Source: TradingView.com<\/p>\n
According to a number of market analysts, these are some of the causes chipping away at\u00a0the value of APE.<\/p>\n
On May 1, APE began at $20.02, achieved an intraday high of $20.04, dropped 21 percent to an intraday low of $15.69, and ended at $15.97.<\/p>\n
As a result of losing more than one-fifth of its value on the first trading day of the month, APE was unable to recover and continued to fall throughout the rest of\u00a0May, reaching new lows.<\/p>\n
Suggested Reading |\u00a0Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum<\/p>\n
APE began trading on May 1 at $20.02, achieved a monthly top of $20.04 on the same day, hit a monthly low of $5.25 on May 11, and finished the month at $6.76.<\/p>\n
This represents a 66 percent decline between the opening and closing prices of APE in May.<\/p>\n
Featured image from Gravitate.news, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1879","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1879"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1879\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1879"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}