NewsletterBitcoin (BTC) and Ethereum (ETH) Rally Boosts NFT Market Surge
The recent upswing in the values of Bitcoin and Ethereum has led to a significant boost in various NFT markets. Notably, collections on Ethereum and Solana are experiencing a surge in value and interest. Pudgy Penguins, an Ethereum-based collection, has seen a 77% increase in its USD floor price over the past week, while trading volume has escalated by 397%. This surge indicates a strong recovery and growing investor confidence in NFTs linked to these blockchain networks.
Significant Rises in Major NFT Collections
Other Ethereum NFT collections are also riding the wave of this revival. Azuki’s floor price has risen by 25%, and stalwarts like Bored Ape Yacht Club and CryptoPunks have seen increases of 30% and 15%, respectively. Even the controversial Milady Maker collection has enjoyed an over 70% increase in floor price. These trends underscore a broader market revival, transcending beyond individual projects and signaling a possible end to the prolonged NFT winter.
Solana Collections Joining the Upswing
The positive trend isn’t confined to Ethereum alone. Solana’s NFT collections are also witnessing considerable growth. Mad Lads, a prominent Solana project, has seen its floor price jump by 52.6%, now valued at an impressive $10,219. This growth is not solely attributed to the recent Solana rally but also the unique benefits offered to the holders, such as connections to the Backpack app and an upcoming crypto exchange.
Other Solana collections like Claynosaurz and Chads have also recorded significant gains in floor price and trading volume. Significantly, the recent developments in the NFT market, buoyed by the uptick in major cryptocurrencies like Bitcoin and Ethereum, point towards a rejuvenated interest and confidence in digital collectibles.
Read Also: Crypto Champion Patrick McHenry Ends 20-Year Congressional Run
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