GB Market Commentary 03/01/2022
by Marcus Sotiriou
Bitcoin’s downtrend remains in the short term as it is still below some key moving averages like the 200-daily moving average and the 21-week exponential moving average. However, after Bitcoin broke out of the down-trending line dating back to the all-time high, it has now retested that line as support. This suggests a move back to the local range highs at $51,000-52,000 could be on the cards soon.
NFTs continue their rise into the mainstream as more celebrities have joined the BAYC (Bored Ape Yacht Club) train. Eminem announced recently a BAYC investment of $450,000, whilst Britney Spears is also rumoured to have bought a BAYC NFT, as her talent manager has signed with the BAYC creators. Currently, the market valuation of all BAYC’s totals to around $2.7 billion with the floor price of a single BAYC costing around $270,000 in ETH. The MAYC NFT (Mutant Ape Yacht Club) has seen higher growth recently, as trading volume has risen 93% over the past 7 days to just over $90 million. The MAYC NFT floor price has spiked more than 40% over the same timeframe, whilst Chelsea footballer Reece James also recently announced a MAYC purchase. I think that this NFT boom will continue in 2022, with blue chips like BAYC and MAYC continuing to perform well, and that over the next few years most people will be owning an NFT as mass adoption ensues.