NFT Fizzles, Altcoins Suffer As Bitcoin Loses 4%

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Last Updated on 8 April 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The average price of NFTs (Non Fungible Tokens) is fizzling out and dropping to a mean again, Bitcoin remains lower than yesterday and altcoins suffer.

Meanwhile global stock markets were trading near all time highs and wondering what is happening next now that Covid-19 vaccination programs are picking up.

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Bitcoin near $56k

The most famous cryptocurrency is trading near $57k and has now lost some 3% in the past week, which in crypto terms of volatility is very boring. Ethereum is battling the $2k level while other smaller altcoins saw somewhat of a correction. The altseason that most were hoping for is off to a slow start.

XRP is trading back below $1 after all the hype of the past few days with traders seeing what will come of the SEC lawsuit eventually. Still, the coin of Ripple Labs is seeing a phenomenal 2021 so far and is back in the top 5 at CoinMarketCap. Other altcoins were generally losing between 5 and 8% at the time of writing.

Further down the list Indian cryptocoin WazirX suffered a major correction after it reached a peak of $6 this week and dropped back down to $4, but is now up 44% again today.

NFT average price fizzling out

Meanwhile Bloomberg interviewed Mike Novogratz and asked him about the dropping average price of NFTs.

The former Goldman Sachs trader who’s now running a crypto fund admitted that there would be bubbles and unicorns in the NFT space but that this would ultimately change the way intellectual property is done in the US.

Meanwhile US stock markets traded near their all-time-highs (just like many European indexes) and were clearly awaiting direction as many traders wonder what is coming next. Both in stocks and crypto, traders seem to be undecided about the next move.