BAYC rebound drives NFT recovery, Bored Ape floor price doubles in a month sparking market recovery expectations

According to Odaily, as risk appetite in the crypto market recovers, the "Bored Ape" BAYC is experiencing a significant rebound, with market expectations for a recovery in the NFT sector heating up accordingly. Over the past month, its floor price has doubled from approximately 5 ETH to 10 ETH, while trading volume for the ecosystem token ApeCoin has also notably increased. Market analysts believe this rally is linked to renewed capital flows into high-risk assets, with recent memecoins and other high-beta assets outperforming defensive sectors like DeFi, signaling a rise in retail risk appetite.

Yuga Labs' new CEO, Michael Figge, stated that blue-chip NFTs had been "oversold," with prices showing a clear divergence from user activity. He added that the current uptick is more of a market correction, as the number of actual NFT holders hasn't doubled in tandem, indicating that this cycle is primarily driven by valuation recovery. (CoinDesk)