Bitcoin Surpasses Ethereum in NFT Sales Volume
Bitcoin has made a significant breakthrough in the non-fungible token (NFT) market by exceeding Ethereum’s 24-hour NFT sales volume for the first time. This milestone indicates a shift in the NFT market and a growing interest in Bitcoin’s role in it.
Bitcoin’s Growing Relevance in the NFT Market
For a long time, Ethereum has been the dominant blockchain for NFTs. However, Bitcoin’s entry into this space demonstrates its increasing relevance and appeal to NFT enthusiasts and collectors.
Data Comparison
According to data from CryptoSlam.io, Bitcoin achieved $17,291,694 in NFT sales with 575 buyers, while Ethereum recorded $26,689,252 in total sales with 11,225 buyers. Although Ethereum had higher total sales, Bitcoin’s relatively lower wash percentage suggests a potentially healthier and more organic market activity.
Market Trends and Price Movements
Data from Deribit, a leading crypto derivatives exchange, shows that the spread between ETH and BTC volatility has narrowed significantly since October 23rd. This indicates a change in investor sentiment and increased attention towards Ethereum and altcoins. Over the past fourteen days, Ethereum has outperformed Bitcoin with significant price movements.
Ethereum has seen a price increase of over 2% in the last 24 hours, 6% in the last seven days, and 4% in the last fourteen days, bringing its current price to $1,899. Meanwhile, Bitcoin’s negative correlation with the US dollar has weakened to around 11%, signifying a reduced tendency for Bitcoin’s value to move opposite to the US dollar.
Bitcoin’s Relationship with Gold
Although there has been some upward momentum in Bitcoin’s correlation with gold since August, the average correlation throughout the year has remained relatively low at 12%. This suggests a potential divergence in investment characteristics between Bitcoin and gold.
Hot Take: The Changing Dynamics of NFT Sales
The recent surge of Bitcoin in NFT sales volume represents an evolving trend in the cryptocurrency market. As Bitcoin gains more traction in the NFT space and exhibits changing correlations with traditional assets like gold and the US dollar, it is clear that its influence is expanding beyond just being a store of value.
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