NFT Market Skyrockets: A Surge Led by Ethereum and Iconic Collections
Market Overview
In a whirlwind 24 hours, the NFT market’s valuation soared to a powerful $6.8 billion. This substantial growth has been largely driven by a number of the most recognized collections, including CryptoPunks, Pudgy Penguins, Infinex Patrons, Bored Ape Yacht Club, and Chromie Squiggle by Snowfro.
Ethereum’s Dominance
Ethereum projects took the highlight with probably the most remarkable increases, spearheaded by the renowned CryptoPunks. All five major projects on the Ethereum network boasted double-digit percentage gains, underscoring Ethereum’s pivotal role on this recent upswing.
28% Rally: Breaking It Down
As of 9:00 AM (UTC) this Monday, the NFT market experienced an astonishing climb, reaching a complete valuation of $6.71 billion. This marks over a 28% increase, the very best because the market took a dip in January. Alongside this, trading volumes exploded by 369%, a staggering figure reported by Coingecko.
Leading the Charge: Key Players
CryptoPunks led the charge, boasting a market cap of 477,214 ETH, roughly $1.8 billion at current exchange rates. The floor price saw a notable 16% rise. Not far behind, Pudgy Penguins secured a market cap of $562 million, also with a 16% increase in floor price. Infinex Patrons followed with a $513 million market cap and a 13% floor price hike.
Fourth and fifth place were occupied by Bored Ape Yacht Club and Chromie Squiggle by Snowfro, with market caps of $509 million and $224 million, and impressive floor price gains of 23% and 39%, respectively.
Other Notable Performances
A bunch of other collections saw significant value jumps: Ringers by Dmitri Cherniak rose by 77%, Bored Ape Chemistry Club by 74%, and the Solana-based Tensorians by 73%.
What’s Driving the Surge?
This unexpected NFT boom left analysts scratching their heads, but some speculate that the tightly-knit NFT community from the 2021 bull market is making a comeback. On social media, chatter suggests that these enthusiasts are returning in droves.
The Whale Effect
Adding fuel to the hearth, Lookonchain uncovered that a crypto whale recently arrange a brand new wallet and went on a spending spree, acquiring 45 CryptoPunk NFTs valued at 2,082 ETH, or about $5.87 million. This massive purchase could be the spark that reignited interest within the NFT space.
Market Rotation
Some analysts consider this surge could be as a consequence of investors reallocating their assets from Bitcoin to alternative digital collectibles, as Bitcoin’s market dominance appears to be waning.
What’s Your Take?
How do you react to this NFT market frenzy? Is one other boom on the horizon, potentially eclipsing the 2021 bull season? Share your thoughts!
Image Credit: blockzeit.com
