Bitcoin Blasts Towards $73K, As NFTs Heat Up Again

Bitcoin Blasts Towards $73K, As NFTs Heat Up Again – Is The Bull Market Back?

Updated: 30 October 2024

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The crypto market, spearheaded by the flagship crypto, Bitcoin, is skyrocketing again after several weeks of consolidation. Earlier this week, Bitcoin price climbed back to $70,000 levels and has since been blasting towards $73,000 a few hours ago. On the other hand, the non-fungible token market has also turned positive, with global NFT sales volume pumping to +$11 million during this short crypto market rally.

Source: Coinmarketcap.com; Bitcoin trading activity in the past 24 hours

It’s worth noting that the crypto and non-fungible token markets have a close relationship similar to that of a child and mother. Therefore, the impact in the crypto market is often delegated to the non-fungible token market. There is a strong crossover between cryptocurrency market participants and NFT market participants. This happens because cryptos are often used to pay for NFTs.

Daily NFT Sales Jump +4%, As Bitcoin NFTs Pump +20%

Data recorded by cryptoslam.io, an on-chain non-fungible token market data aggregator, shows that the global NFT market has turned positive today, primarily because of the recent resurgence in the crypto market. In the past 24 hours, the NFT market has amassed a trading sales volume of $11 million, representing 4.57% from the past day. During this period, NFT buyers have plunged by 21%.

Source: cryptoslam.io, NFT sales volume by blockchain networks in the past 24 hours

NFTs created on Ethereum, the blockchain network renowned in the NFT market for powering most blue-chip NFT collections, are today’s most-selling NFT collections in the NFT market. In the past 24 hours, the Ethereum–based NFTs have amassed a trading sales volume of over $3.9 million. During this time, the Ethereum-based NFT trading sales volume has surged +11% from the past day.

NFTs created on Bitcoin, the same blockchain network powering the flagship crypto Bitcoin and renowned in the NFT market for hosting BRC-20, Runes, and Ordinal collections, are the second most-selling NFT collection today. In the past 24 hours, the Bitcoin-based NFTs have attracted a trading sales volume of $2.4 million, representing a 20% surge from the previous day.

Top Bitcoin NFT Collections Today, October 30

Bitcoin Puppets, an Ordinals collection featuring a limited supply of 10,001 unique PFPs (profile pictures) hand-drawn in MS Paint by a 12-year-old artist, is today’s most-selling ordinal collection in the Bitcoin NFT market. In the past 24 hours, the Bitcoin Puppets NFT collection has amassed a trading sales volume of $554,518. The Bitcoin Puppets NFT sales volume has surged by 63% from the past day.

Source: cryptoslam.io, top-selling Bitcoin-based NFTs by volume in the past 24 hours

Quantum Cats, an NFT collection from the digital asset Taproot Wizard featuring a limited set of 3,333 cat images minted using Ordinals Inscriptions, is today’s second most-selling NFT series in the Bitcoin NFT market. In the past 24 hours, the Quantum Cats NFT collection has attracted a trading sales volume of $390,352. Quantum Cats NFT trading sales volume has surged by 137% from the past day.