Bitcoin Hits $103K Historic High – Are NFTs Next To Explode?

Updated: 05 December 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

The crypto market led by the flagship crypto “Bitcoin” is experiencing another wave of bull cycle, which has left the Bitcoin price reaching a new record high of over $100,000 for the first time in history. This market surge was fueled by the recent appointment of a crypto-friendly Paul Atkins as the next United States Securities and Exchange Commission chairman among other factors. In this article, we shall discuss whether the NFT market will follow the footprints of the crypto market in reaching new highs.

I am delighted to announce the nomination of Paul Atkins to be the next Chairman of the Securities & Exchange Commission.

Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of…

— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) December 4, 2024

Bitcoin Hits New Historic All-time High

Data compiled by CoinMarketCap.com, an o-chain crypto market aggregator and a non-fungible token explorer, shows that the flagship crypto “Bitcoin” has hit a new record high of $103,000. Bitcoin price began rising in November after crypto-friendly Donald Trump was re-elected as the 47th President in the United States of America. During his campaign, Donald Trump promised to offer friendly environment for crypto investors.

On December 05, the global non-fungible token market appeared to be following in the footsteps of the crypto market. In the past 24 hours, the NFT market has turned green, with the majority of NFTs recording positive growth. Pudgy Penguins, a non-fungible token collection that features a limited edition of 8,888 NFTs, is the NFT market leader. In the past 24 hours, the NFT market has amassed a trading sales volume of 906 ETH, up 40% from the previous day.

ONE HUNDRED THOUSAND DOLLARS pic.twitter.com/wwPcZMfBle

— beeple (@beeple) December 5, 2024

The NFT market Health Today

Bored Ape Yacht Club, a non-fungible token featuring a limited edition of 10,000 NFTs hosted on the Ethereum blockchain network, is today’s second most-selling NFT collection in the NFT market. In the past 24 hours, the Bored Ape NFT collection has raised a trading sales volume of 826 ETH, up 26% from the past day. Mutant Ape Yacht Club, another NFT collection featuring a limited edition of 20,000 NFTs, is today’s third most-selling NFT collection, recording a trading sales volume of 496 ETH.

Source: Coinmarketcap.com, top-selling NFTs by daily sales volume

Lil Pudgys, another non-fungible token collection from the Pudgy Penguins creator featuring a limited edition of 22,000 NFTs hosted on the Ethereum blockchain network, is today’s fourth most-selling NFT collection. In the past 24 hours, the Lil Pudgys NFT collection has recorded a trading sales volume of 250 ETH, up 46% from the past day. Liberty Cats NFT collection has also seen its trading sales volume pumping +95% to 1.005 million MATICs.