ApeCoin (APE) Surpasses Algorand in Market Capitalization

• ApeCoin (APE) dethrones Algorand (ALGO) in market capitalization.
• APE’s market cap stands at $1,286,600,932.
• ALGO’s market cap is just $5 million lower than that of APE.

As per the data from CoinMarketCap, ApeCoin (APE) surpasses Algorand (ALGO) in terms of market capitalization. At the time of publication, APE’s market capitalization was $1,286,579,460. ALGO is just $9 million away from going head-to-head with APE’s market cap. Algorand’s market cap stands at $1,277,673,109 and continues to plummet at press time.

However, in terms of price, APE and ALGO are not in their best shape right now. AP has lost 12.51% over the last seven days, whereas ALGO has lost over 19.4% during the same period. ApeCoin is trading at $3.55 at press time as opposed to $0.1792 of ALGO.

The bearish standing of the cryptocurrency market continues to persist. The NFT market, which was plummeting over the last few months, has shown slight signs of recovery. However, the metaverse and NFT tokens have taken a huge hit and have continued to plummet.

APE, which has gained 16.83% over the last 30 days, switched directions to lose a chunk of its gains over the last seven days. The market cap of APE is currently up by 0.5%. However, the exact reason for the rise in market cap is unclear at the moment.

The 24-hour trading volume of APE is down by 13.21%. ALGO is also going through a similar situation, where there is a drop in trading volume of 31.8%. The market cap of ALGO is also down by 0.57%. If the wind turns in favor of ALGO, then it can easily take back its throne from ApeCoin.