The month of May’s crypto market disaster did not fail to bring down along with it one of the “rising stars” in the crypto space, ApeCoin.
ApeCoin price has shown a robust performance in the face of the crippling crypto market crash. However, the bulls were still able to lift APE by about 50% higher from the coin’s low at $3.11.
As of this writing, APE was trading at $4.25, up 4.1% in the last seven days, and selling just below the newly established swing high at $4.35.
Suggested Reading | Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green?
ApeCoin Market Cap Down By Half
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.
As a result of the decline in the value of other digital currencies, this amount appears large, but it reflects a 56 percent decline from its market value. APE’s high trading volume of $3.37 billion as of May 1 translated to a market value in excess of $4.55 billion.
A high volume of liquidation by coin holders rose on May 1 and accelerated from May 9 to 13, contributing significantly to the decrease in APE’s market value.
Experts say this is because of the broader geopolitical and global climate, including uncertainties in the ongoing war in Ukraine, among other factors.
Factors Contributing To APE Price Decline
It’s not just in the crypto field that things are not looking bright. Living expenses are growing, 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 shaky as well.
APE total market cap at $1.27 billion on the daily chart | Source: TradingView.com
According to a number of market analysts, these are some of the causes chipping away at the value of APE.
On May 1, APE began at $20.02, achieved an intraday high of $20.04, dropped 21 percent to an intraday low of $15.69, and ended at $15.97.
As a result of losing more than one-fifth of its value on the first trading day of the month, APE was unable to recover and continued to fall throughout the rest of May, reaching new lows.
APE began trading on May 1 at $20.02, achieved a monthly top of $20.04 on the same day, hit a monthly low of $5.25 on May 11, and finished the month at $6.76.
This represents a 66 percent decline between the opening and closing prices of APE in May.
Featured image from Gravitate.news, chart from TradingView.com