Crypto week at a glance: Market appears bright as ApeCoin surges on launch

economictimes.indiatimes.com:

By Analytics Team, Giottus Crypto ExchangeBitcoin (BTC) managed to reverse its losses mid-week and gained 7% last week as the interest rate hike by US Federal Reserve has had a minimal effect on the market. BTC is currently trading near $41,700 with Ethereum (ETH) inching towards $3,000 with a 14% weekly gain. The breakout story of the week belongs to ApeCoin (APE), the token that powers APE NFT ecosystem. The newly launched token is already amongst the top 40 cryptocurrencies by market cap after high volumes of trade in its first week.

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Billed as India's first blockchain wedding, in the presence of a digital priest,

We track this story and more themes playing out this week.Understanding ApeCoin and the ecosystem The APE ecosystem is a community consisting of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), two of the most popular NFT collections on the Ethereum blockchain. ApeCoin (APE) is the native governance token that empowers the decentralized community of APE ecosystem. APE has been created as the primary token for all new products and services from Yuga Labs, the company behind NFT projects. Since its launch in April 2021, BAYC has become the biggest brand in the NFT world with multi-million dollar sales and a growing list of celebrity owners including Serena Williams, Adam Draper, Eminem and Mark Cuban. The floor price to buy any of the 10,000 unique BAYC NFTs is currently set at 100 ETH (equivalent to Rs 2.2 crore). Yuga Labs has recently acquired two of the other biggest names in NFTs — CryptoPunks and Meebits — to expand its portfolio. APE, with a current market cap of $3.6 billion, is available for trade in certain exchanges in India including Giottus.Met