NFTs emerge as a portfolio saver amid crypto market downturn |

NFTs emerge as a portfolio saver amid crypto market downturn |

Cryptocurrencies have seen their values fluctuate significantly over the past year. Even as some investors continue to remain bullish on crypto, others are reevaluating their holdings and finding new methods of diversification. NFTs (non-fungible tokens) offer a potential solution for this issue by giving users more control over assets than traditional cryptocurrencies do.

Register now on Binance, add 50$ and get 100$ bonus voucher!

The “real-time cryptocurrency news” is a new form of investment that emerged as a portfolio saver amid the crypto market downturn. It’s called NFTs, or non-fungible tokens.

NFTs emerge as a portfolio saver amid crypto market downturn |

Crypto markets are struggling against a background of macroeconomic uncertainty. However, Bitwise fund performance data reveals that NFTs are holding up well in the face of uncertainty.

Cryptocurrency markets are under pressure.

Since the beginning of April, crypto markets have been in a notable decline. The overall crypto market value has dropped $448 billion from its local high of $2.1 trillion during this time.

Investor mood has shifted risk-on due to wider macroeconomic considerations, according to analysts. And, since cryptocurrencies are often seen as high-risk investments, others believe the bear market has already begun.

Since mid-February, the $1.6 trillion level has proved to be firm support, with repeated rebounds. The most recent testing occurred on April 30, resulting in a 5% increase.

However, the future remains bleak, given that the whole crypto market worth is down 43% from its all-time peak in November 2021.

NFTs emerge as a portfolio saver amid crypto market downturn |CRYPTOCAP on TradingView.com is the source.

Bitwise CEO Hunter Horsley shared YTD performance numbers for several of the crypto asset management firm’s funds on Twitter. The Bitwise DeFi Index (Uniswap, Aave, and Maker are the top three contributors) had the most dramatic loss, at -53 percent.

Surprisingly, the Bitwise Blue-Chip NFT Index (Bored Ape Yacht Club, CryptoPunks, and Mutant Ape Yacht Club are the top three components) was the sole fund in the black.

YTD:

Register now on Binance, add 50$ and get 100$ bonus voucher!

-53 percent on the Bitwise DeFi Index -23 percent in the Bitwise 10 Large Cap Index -17 percent in the Bitwise Crypto Industry Index (Equities). +16 percent (!!!) Bitwise Blue-Chip NFT Index

Cryptocurrency is said to be more volatile, yet… -22 percent for $QQQ -50 percent on $ARKK… -10% %AGG %AGG %AGG %AGG %

May 2, 2022 — Hunter Horsley (@HHorsley)

One Twitter user commented on the funds’ YTD performance, saying that a situation in which NFTs “rescue our portfolios” would have been absurd a year ago.

“A year ago if you told someone that all stocks & crypto would crash but NFTs would save our portfolios they would’ve laughed so hard.”

Is it the NFTs that are slowing things down?

Jpegs for the sake of jpegs, or the ultimate status symbol? While it’s true that non-fungible tokens are used for more than simply digital artworks, the argument over their use remains.

According to a recent Bloomberg report, the average selling price of NFTs has dropped from $6,900 on January 2, 2022 to less than $2,000 by the beginning of March, indicating that the market is cooling. Furthermore, overall daily average sales have dropped from $160.2 million on January 31, 2022 to $26.2 million on March 3, 2022.

This design, however, does not appear in the top-tier NFT collections. The current floor price for the Bored Ape Yacht Club (BAYC) Collection is 114.3 ETH ($325,000 at today’s pricing). The average selling price has dropped significantly since the beginning of May, according to the analysis. However, the average selling price will continue to rise until 2022.

NFTs emerge as a portfolio saver amid crypto market downturn |opensea.io is the source of this information.

As a result, the data suggests a market split. While the average price and volume of NFT sales are declining, top-tier collections such as BAYC are defying the trend.

Will top-tier NFTs, on the other hand, continue to outperform as the year progresses?

Obtain a Competitive Advantage in the Crypto Market

Join Edge to get access to our own Discord community, as well as more exclusive material and commentary.

Analyses of the whole chain

Snapshots of prices

a little more context

For just $19 a month, you can become a member right now. Examine all of the advantages.

Cryptocurrency market downturns have led to an increase in NFTs. This new type of token is a portfolio saver amid the current cryptocurrency market downturn. Reference: u.s. cryptocurrency regulation.

  • crypto news today
  • cryptocurrency news predictions
  • crypto crash
  • cryptocurrency news cardano
  • crypto crash today

Register now on Binance, add 50$ and get 100$ bonus voucher!

More Stories
Billionaire Ray Dalio likes Bitcoin but would choose gold every time