Rising Demand for Bitcoin NFTs as NodeMonkes Overtake BAYC
The market for non-fungible tokens (NFTs) has been experiencing a slowdown, but there is one segment that is defying the trend โ Bitcoin ordinals NFTs. Specifically, Bitcoin NodeMonkes NFTs have been in high demand recently, surpassing some of the top players in the market.
NodeMonkes Surpass Bored Ape Yacht Club (BAYC)
In the past 24 hours, the base price of Bitcoin NFT NodeMonkes has increased by over 50%, reaching 0.82 BTC and a market capitalization of $554 million. This surge has propelled NodeMonkes to overtake Bored Ape Yacht Club (BAYC) and secure its position as the second-largest NFT project, following CryptoPunks. CryptoPunks currently has a market capitalization of $1.76 billion, while Bored Ape Yacht Club (BAYC) stands at $490.9 million, according to data from CoinGecko.
NodeMonkes has also experienced a significant increase in sales, with a 140.8% surge in the last 24 hours, resulting in a sales volume of $5.1 million.
Another Bitcoin NFT project, Runestone, has also seen substantial growth. Its value has surged by more than 50% in the past week, exceeding 0.04 BTC. With a market capitalization of $310 million, Runestone has surpassed Mutant Ape Yacht Club (MAYC) and now holds the sixth position among the largest NFT projects.
Shifting Focus to Bitcoin NFTs
There is a notable shift happening within the cryptocurrency space, as NFT traders are redirecting their attention to Bitcoin NFTs. This trend is similar to the recent pivot observed among token traders who have moved from Ethereum (ETH) to SOL meme coins. As a result, there has been an influx of buyers and enthusiasts flocking to platforms that host Bitcoin NFTs. Projects like Runestone and NodeMonkes are experiencing increased attention as a result.
One significant development is NodeMonkes overtaking the popular Bored Ape Yacht Club (BAYC) NFT. BAYC has been facing significant selling pressure in recent weeks. Analysts suggest that this shift may be driven by escalating gas costs on the Ethereum network and a perceived saturation in the NFT market, which has led to declining prices even for prominent projects like PudgyPenguins.
Data from The Blockโs data dashboard reveals a noticeable decline in monthly trading volume on Ethereum-based NFT marketplaces. In February, the total volume was $786.5 million, down from Januaryโs figure of $867.8 million. This trend has continued into March, with a trading volume of $503.1 million so far.
The growing interest in Bitcoin NFTs amidst these changing market dynamics highlights the evolving preferences and strategies of NFT traders.
Hot Take: Bitcoin NodeMonkes and Runestone Shake Up the NFT Market
While the broader NFT market has been witnessing a slowdown, interest in Bitcoin ordinals NFT has been rising on the other hand. Bitcoin NodeMonkes NFTs have been in major demand recently surpassing some of the top and existing players in the market.
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