ApeCoin held up well against the crippling crash in the cryptocurrency market. The bulls managed to lift the APE around 50% higher from its low of $3.11 a few days ago.
As of this writing, APE is trading at $4.25, up 4.1% over the past seven days, and selling just below the new high of $4.35.
ApeCoin market value has halved
Thursday’s 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.
Due to the drop in value of other digital currencies, this amount seems significant, but it reflects a 56% drop from its market value. APE’s high trading volume of $3.37 billion as of May 1 translated into a market value of over $4.55 billion.
A high volume of liquidation by coin holders increased on May 1 and accelerated from May 9 to May 13, contributing significantly to the decline in the market value of APE.
Experts say this is due to the broader geopolitical and global climate, including uncertainties related to the ongoing war in Ukraine, among other factors.
Factors contributing to the decline in the price of APE
It’s not just in the crypto realm that things aren’t looking too good. The cost of living is rising, 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 also shaky.
According to a number of market analysts, these are some of the causes that reduce the value of APE. On May 1, APE started at $20.02, reached an intraday high of $20.04, fell 21% to an intraday low of $15.69 and ended at $15.97.
After 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 remainder of May, reaching new lows. .
APE began trading May 1 at $20.02, reached a monthly high of $20.04 on the same day, touched a monthly low of $5.25 on May 11, and ended the month at $6.76. This represents a drop of 66% between the opening and closing prices of the APE in May.
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