Bitcoin’s Price Surge Leads to Increased Sales in NFT Market
Bitcoin Reaches $73,000 as NFT Market Sees Positive Growth
Following a period of consolidation, the crypto market, led by Bitcoin, has seen a significant uptick in prices. Bitcoin recently surged past $70,000 and continued its upward trend, hitting $73,000 in recent hours. Concurrently, the non-fungible token (NFT) market has also experienced a boost, with global sales totaling over $11 million during this crypto market rally.
Interconnectedness of Crypto and NFT Markets
The relationship between the crypto and NFT markets is akin to that of a child and mother, with significant overlap in market participants. Cryptocurrency is frequently used to purchase NFTs, resulting in a close connection between the two markets.
Daily NFT Sales Rise by 4% with Bitcoin NFTs Surging by 20%
Data from cryptoslam.io reveals a positive shift in the global NFT market, largely influenced by the recent crypto market resurgence. Over the past 24 hours, NFT sales have totaled $11 million, marking a 4.57% increase. Despite a 21% decrease in NFT buyers, the market has shown strong growth.
Ethereum-based NFTs, known for hosting prominent NFT collections, lead the market in sales volume. In the last 24 hours, Ethereum NFTs garnered over $3.9 million in trading volume, up by 11% from the previous day. Bitcoin-based NFTs, including BRC-20, Runes, and Ordinal collections, follow closely with $2.4 million in sales, a 20% increase.
Top Bitcoin NFT Collections on October 30
The Bitcoin Puppets collection, featuring 10,001 unique PFPs hand-drawn by a young artist, has been the best-selling ordinal collection in the Bitcoin NFT market. Sales for this collection reached $554,518 in the past 24 hours, marking a 63% increase from the previous day.
Another notable collection, Quantum Cats from Taproot Wizard, saw significant traction with a sales volume of $390,352, a staggering 137% surge from the previous day.