Bitcoin Dominates NFT Market
Bitcoin, the network behind the popular cryptocurrency Bitcoin ‘BTC,’ has once again surpassed Ethereum in non-fungible token (NFT) trading sales volume. This is the second time that Bitcoin has outperformed Ethereum in the NFT market.
Data Confirms Bitcoin’s Lead
Data from Cryptoslam.io, an on-chain market data aggregator, confirms that NFTs hosted on the Bitcoin blockchain are now the most traded. In the past 24 hours, Bitcoin Ordinals recorded a sales volume of $13.5 million, surpassing Ethereum-based NFTs, which had sales of just $11 million.
Last week, Bitcoin NFTs emerged as the top traded NFTs for the first time. They soared to $17.17 million in sales, surpassing Ethereum-based NFT sales of $15.77 million within 24 hours.
Bitcoin’s Growing Capabilities
This milestone marked a pivotal moment for the Bitcoin blockchain network, demonstrating its expanding capabilities beyond its traditional role as a digital currency. The achievement also paved the way for its integration into the rapidly evolving NFT landscape.
The Rise and Fall of Bitcoin Ordinals
Introduced this year by developer Casey Rodarmor, Bitcoin Ordinals apply serial numbers to individual satoshis, the smallest unit of Bitcoin. Initially well-received by traders, they attracted the creation of BRC-20 tokens attached to Ordinals, opening up more possibilities for DeFi and tokenization directly on Bitcoin. However, after a prolonged downturn, Ordinal inscriptions witnessed a resurgence in activity this month.
SATS BRC-20 NFTs Surpass Bored Ape Yacht Club
In a surprising turn of events, $SATS BRC-20 NFTs have surpassed Bored Ape Yacht Club in terms of sales over the past 24 hours. In that time frame, $SATS BRC-20 NFTs recorded a trading sales volume of $5 million compared to Bored Ape Yacht Club’s $2.8 million.
The Global NFT Market Uptick
As Bitcoin and Ethereum vie for dominance in the NFT market, there has been an uptick in the global NFT market this second week of November. In just 24 hours, it recorded a trading sales volume of $29 million, marking a 12% increase.
Hot Take: Bitcoin Continues to Lead in Non-Fungible Token Sales
The recent surge in non-fungible token trading has seen Bitcoin once again outperform Ethereum in this market. With increasing capabilities and rising popularity among traders and collectors alike, it’s clear that Bitcoin is making significant strides in establishing itself as a dominant force in non-fungible token sales.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.