It’s no secret that the bear market has affected every part of the crypto industry. The attack has seen top cryptocurrencies and NFTs drop drastically from their 2021 highs, and are now trading at a small percentage of their value. However, some have done better than others. In this report, we will examine the top NFTs (Blue Chips) and cryptocurrencies by market cap and see how they perform compared to each other.
Blue Chip NFTs Vs. Top Cryptocurrencies
When it comes to blue-chip NFTs, it’s pretty easy to find. These are NFTs that have been able to reach high values and maintain their value without wild fluctuations. In a way, they tend to work like the top 10 cryptocurrencies that have a better chance of holding their value.
Now, when looking at blue chips like Bored Ape Yacht Club (BAYC) and Cryptopunks, they have shed a lot from their peak. For example, BAYC is currently trading at $103,000 after peaking above $460,000, representing a 77% decline from its all-time high. Additionally, the price of Cryptopunks has recorded a 75% drop after reaching an average price of around $400,000 to its current price of just above $100,000.
Others such as Moonbirds and CloneX have suffered worse, down 94.6% and 94.1%, respectively, from their highs. In some cases, many of these collections also see sales that are higher than the average price, which means that the percentage of loss is higher if the highest sales are used.
Each blue chip ATH is compared to the current price:
BAYC $468k / $103k
MAYC $112k / $21k
CloneX $85k/ $5k
Doodles $65k / $5k
Moonbirds $94k / $5k
Cryptopunks $399k / $101kLessons learned:
There is no such thing as a ‘blue chip’
Take profit as often as humanly possible
– NFT God (@NFT_GOD) March 26, 2023
On the contrary, the top cryptocurrencies in the market seem to be doing better. A look at the current price of Bitcoin compared to the all-time high price shows a decline of 59.51%, according to data from Messari. Ethereum on the other hand is down 64.19%.
BTC down 59% from November 2021 all-time high | Source: BTCUSD on TradingView.com
Compared to the top 2 NFT collections BAYC and Cryptopunks, cryptocurrencies are much better. There is also the fact that cryptocurrencies are more liquid compared to NFTs, so trading volumes are higher.
However, when it comes to deciding which of these two asset classes will deliver the best value for the next bull market, it remains to be seen. Both NFTs and cryptocurrencies are doing incredibly well in the last bull market, and have a lot of eyes and interest in people.
NFT also saw less participation as the total number of new addresses using NFT dropped from 81,590 at the end of February to less than 6,000 addresses at the end of March. Meanwhile, digital assets such as Bitcoin and Ethereum have seen a rise in trading volume and usage.
number from transactions on the Ethereum network reached a new high one month, when the number of addresses holding over 0.1 BTC in the balance recorded a new all-time high, according to data from Glassnode.