ApeCoin (APE) has once again blown the cryptocurrency world out of the water with its latest record-breaking price spike.
Over the past 24 hours, APE has shot past the $26 mark to hit an all-time high, sending its market capitalization soaring to over $7 billion and placing it among some of the top cryptos in terms of value. Meanwhile, ApeCoin’s 24-hour trading volume is almost equal to its market cap, indicating that there is a lot of interest and activity surrounding this innovative crypto.
In fact, the Bored Ape Yacht Club liquidity provider has already become one of the top 25 cryptos in the space, thanks also to its exciting updates, growth potential and ongoing accumulation by top Ether (ETH) whales in recent days.
That said, the cryptocurrency market has been experiencing some major fluctuations recently, with coins like APE, which launched on March 17, 2022, reaching all-time highs and then falling drastically in just a matter of days.
On March 18, APE reached an all-time high of $16.47, according to data from CoinMarketCap. Two days later, the coin dipped below the $10 psychological level for a loss of 41%.
During the past month and a half however, the token has been on a roll, surging by over 150 percent- suggesting that the initial downtrend was a corrective move from the increased buying pressure.
Ever since breaking above the $18 mark on April 25, this NFT token has been making a steady climb, rallying all the way to new highs of over $26 on April 28, and closing the multi-day trading sessions with a gain of 45%.
APE has pulled back somewhat and is currently trading near the $23 mark, up 2.34% in the last 24 hours. While the low end of the token’s March 20 range should be kept in focus, the recent reversal reflects the buyers’ successful attempt to start an upside trend and re-validates the altcoin’s bullish thesis.
Given the token’s recent impressive performance and continued potential for growth, an end-of-year $75 price-point wouldn’t be a stretch.
Disclaimer: This article is provided for informational purposes only. It is not intended to be used as investment or financial advice
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