NFT Collections Rise In Value After FED Rate Hike

Over the past 24 hours, the prices of some of the most popular NFT collections have risen as the Federal Reserve announced an interest rate hike yesterday.

As of 2:00 PM ET, popular collections Mutant Ape Yacht Club, Bored Ape Yacht Club, Otherdeed for Otherside, and CryptoPunks are up more than 17% in the last 24 hours, according to DappRadar.

Mutant Ape Yacht Club’s floor price is almost 27% to $27,390 in the last 24 hours. Next comes the CryptoPunks collection, which has seen its floor price rise 23% to $115,860 in the same period.

While prices were rising, sales volumes were also increasing. For example, Mutant Ape Yacht Club’s sales increased by 139% over the past day to $1.17 million. Sales of Bored Ape Yacht Club rose 6% to $889,040, and Otherdeed rose 14% to $777,630.

CryptoPunks was the only collection whose sales volume was down 30% in the last 24 hours, falling to $468,040.

Signs of bullishness in the NFT space could also be seen in the price movements of the ApeCoin (APE) token. This token currently ranks 33rd in terms of market capitalization. It has risen 14% over the past 24 hours, reaching $6.55. Thus, APE has doubled in price since hitting a low of $3.1 in mid-June. APE also rose 11.4% w/w and 28% m/m.

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