NFT Market Bounces Back As Bitcoin Gains Strength

The Non-Fungible Token (NFT) sector shows strong signs of recovery after months of slow growth . Reports show that the digital collectible market had its most significant weekly gain in a long time. NFTs Market Sees Increased Trading Activity and Participation Notably, this happened as Bitcoin’s (BTC) price increased to $105,000, and Ethereum (ETH) also saw a slight increase. The global crypto market cap grew slightly from $3.28 trillion to $3.29 trillion. Activity in the NFT space has grown significantly. The number of buyers increased by over 50%, reaching over 1 million. Sellers also increased, and the number of trades increased by nearly 8%. This shows that more people are getting back into the NFT market. Immutable Surpasses Ethereum in NFT Blockchain Sales This rise in activity comes as Immutable (IMX), a blockchain used for NFTs, became the top-selling platform this week, beating the Ethereum blockchain for the first time in months. It made $41.7 million in sales, jumping over 150%. Ethereum dropped to second place but still grew by around 7%. The Bitcoin network stayed third with $19.4 million in sales after a 22% rise. Polygon also saw strong growth and is now close to Bitcoin. Other blockchains, like Mythos, BNB Chain, and Solana, also had more NFT buyers. Polygon had the biggest jump in buyers, followed by Solana and Bitcoin. New NFT Market Collections on the Rise Immutable’s growth has helped bring attention to fresh Non-Fungible Token collections. Guild of Guardians Heroes was the top-selling NFT collection this week. It made $24.7 million in sales, doubling its previous performance. This collection runs on Immutable, which helped it grow fast. On the Polygon network, Courtyard came second with $17.2 million in sales. Another Guild of Guardians collection, Avatars, came third with $10.3 million. DMarket held onto fourth place, and Bitcoin’s Ordinals, a new entry, made it into the top five with a massive increase in sales. These changes in rankings show that newer collections and platforms are gaining ground while older names, like CryptoPunks, are beginning to fade. Surprisingly, CryptoPunks dropped out of the top five collections, even though some NFTs sold for high prices. In late March, CryptoPunks saw the highest growth, as sales spiked by a staggering 141% to reach $6.3 million. Amid the collection’s success, CryptoPunk #2967 made the top individual NFT sale of the week, selling 420 ETH for $843,070. However, new NFT collections are taking over, and CryptoPunks are no longer in the spotlight. The post NFT Market Bounces Back As Bitcoin Gains Strength appeared first on TheCoinrise.com .

Source: The Coin Rise