Ethereum Surges in NFT Trading Sales
Ethereum, the largest blockchain for non-fungible tokens, has seen a significant increase in trading sales, pushing past the resistance level to become the most-traded blockchain network for NFTs. It has reclaimed its NFT market dominance from Bitcoin and Solana.
Ethereum Reclaims Its Initial NFT Market Dominance
Data from cryptoslam.io indicates that Ethereum’s NFT sales volume has surged, with a 22% spike in the past 24 hours. The platform has accumulated an NFT trading sales volume of $16 million, surpassing competitors.
Coming in second, Bitcoin’s NFT collections registered a trading sales volume of $9.7 million in the past 24 hours, while third-place Solana-based NFT collections saw a volume of $5.6 million.
Is The Bitcoin NFT Season About To End?
After dominating the NFT market last November, Bitcoin now appears to be losing its initial hype. In the past 24 hours, Bitcoin Ordinals ranks third behind Ethereum-based MintID and Pudgy Penguins NFT collection, with BRC-20 NFT collections also losing momentum.
Although Bitcoin NFTs are expected to continue thriving, the general NFT market is likely to see a retest of the Bull Run that is predicted to occur soon.
Hot Take: Ethereum Leads The NFT Market
Ethereum has surged to the top of the NFT market, surpassing Bitcoin and Solana. Despite Bitcoin’s previous dominance, Ethereum’s recent trading sales volume, as well as the decline in Bitcoin’s NFT hype, indicates a shift in the market. Ethereum is expected to maintain its lead, with the overall NFT market projected to experience a bullish trend in the coming months.
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.