Crypto trading is again stuck in a bearish streak after one of its hardest tokens, ApeCoin, fell below $6 in value. A large number of APE investors are reportedly hopeless with the token after it was trending down for more than 90 days, according to CoinMarketCap.
ApeCoin is the most popular token in the NFT market due to its belonging to the BAYC series and the latest developments it has promised. From the beginning, the APE project had worked, feeling optimism and hope among its investors. Even the token came to be listed at $39.40 for March. Eventually, its good streak would slow until it lost 89 percent of its value, reaching $ 5.74 today.
ApeCoin drop after experiencing a bullish week in its value
Crypto analytics web platform CoinMarkerCap shows that ApeCoin was valued at over $6.4 while its market capitalization hovers over $5 million. But as the days went by, the token lost more than 10 percent of its price, showing this unfavorable environment for the average investor.
While the week has been intense for crypto trading, APE fans still have a bit of hope. Many investors believe it is a good time to invest in ApeCoin.
ApeCoin Future and the entire crypto market
For over half of the year’s second quarter, cryptocurrencies experienced a bearish streak, and many fans wonder if this will continue in the third quarter. The reality is that everything is uncertain, although it is expected that the latest decisions made by the financial policy of the United States will be in favor of the cryptos so that their price volatility stabilizes.
The FED increased its tax rates while the FOMC in the country takes harsh verdicts on the commissions where they are expected to cover some 75 simple points. These regulations would cause more imbalance in crypto trading, creating more distrust in investing in the coming days.
However, the ApeCoin community and cryptocurrency fans believe these forecasts could be wrong. Lately, it has been seen how Bitcoin or other tokens have increased their value slowly. Crypto fans hope that most of the tokens will increase their prices for this new quarter.