As Bitcoin surges toward the $100,000 mark, touching a new all-time high of $99,655.50, the non-fungible token (NFT) sales volume has shown a drop of 9.6% to $160.9 million.

The global cryptocurrency market capitalization has continued to surge, reaching $3.35 trillion from last week’s $3.03 trillion. This marks a 2% increase over the last day, with Bitcoin (BTC) currently trading at $98,620.

The last week’s NFT sales volume stood at $178.8 million. However, according to recent data from CryptoSlam, the NFT market has seen a pullback.

• NFT sales volume decreased to $160.9 million
• Ethereum (ETH) blockchain leads with $51.3 million in sales (23.07% decrease)
• Bitcoin follows with $44.6 million (25.67% decrease)
• NFT buyers surged by 52.93% to 450,512
• NFT sellers increased by 46.74% to 277,767
• NFT transactions slightly decreased by 1.26% to 1,606,261

Ethereum NFT sales decline by 23.07%

The Ethereum NFT blockchain sales volume fell to $51.3 million this week, marking a 23.07% decrease in the last seven days.

The number of NFT buyers on the Ethereum blockchain grew to 42,157, showing a 31.45% increase.

Bitcoin maintained its second position despite a 25.67% decrease in the last seven days.

According to the data, Bitcoin blockchain’s NFT volume stood at $44.63 million, with wash trading increasing by 46.05% to $1.57 million.

Solana (SOL) secured the third position with $25.8 million, showing resilience with a 6.83% increase during the last seven days.

Polygon (POL) jumped to fourth place with $13.5 million, displaying remarkable growth of 289.66% during the last seven days.

Mythos Chain (MYTH) took the fifth position with $10.7 million in sales, showing a marginal decline of 0.71%.

BRC-20 NFTs maintain market leadership

BRC-20 NFTs continue to lead with $16.6 million in sales volume, despite a 41.39% decrease.

MGGA Hat on Polygon secured second place with $10 million in sales, while CryptoPunks followed with $9.2 million, showing a 60.26% decrease.

The latest data shows that the following NFT collections topped the sales in the last week:

• Uncategorized Ordinals #016 sold for $3,795,420 (39.0083 BTC)
• CryptoPunks #7098 sold for $368,889 (118 ETH)
• CryptoPunks #6285 sold for $339,618 (100 ETH)
• CryptoPunks #3152 sold for $332,825 (98 ETH)
• Autoglyphs #210 sold for $279,868 (90 WETH)

A widely followed cryptocurrency analyst and trader is turning bullish on a large-cap altcoin that has more than doubled in price over the past two weeks.

The analyst pseudonymously known as Credible Crypto tells his 436,700 followers on the social media platform X that XRP is primed to reach a new all-time high a “lot quicker than most are expecting.”

“And I think it’s going to vastly outperform both Bitcoin and Ethereum from current levels while doing it.”

XRP is trading at $1.41 at time of writing, up by around 156% over the past two weeks.

Credible Crypto further says that XRP is on the cusp of entering the overbought zone of the Relative Strength Index (RSI) indicator on the monthly time frame. The RSI indicator, which is calibrated from 0 to 100, is used to determine overbought or oversold conditions, with levels between 70 to 100 indicating overbought conditions and levels between 0 to 30 indicating oversold conditions.

“This is bullish as f**k.

Contrary to popular belief, the higher RSI goes, the stronger the momentum is and the more bullish a coin is (absent bearish divergences) and like every other form of technical analysis the higher the time frame this is on, the more significant it is.

Next target is $2 and after that, we go for a new all-time high.”

According to the pseudonymous analyst, XRP also appears highly bullish in its Ethereum (ETH) pair and could be poised for triple-digit percentage gains against the second-largest crypto asset.

“XRP/ETH just reclaimed and retested a four-year-long range, with the first target being ~250% higher.”

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Bitcoin Cash (BCH) added nearly 35% to its value in the past month and rallied 12% on Nov. 21. Bitcoin’s (BTC) observed a rally to $98,384 early on Nov. 21, with BCH and other top cryptocurrencies tagging along for the ride. 

An analysis of on-chain and technical indicators and data from the derivatives market shows that BCH could extend gains and retest its mid-April 2024 peak of $569.10. 

Bitcoin hits all-time high, fork from 2017 ignites hope for traders

Bitcoin hit a record high of $98,384 on Nov. 21, a key milestone as the cryptocurrency eyes a run to the $100,000 target. BTC was forked in 2017, creating a spin-off or alternative, Bitcoin Cash. 

BCH hit a peak of $1,650 in May 2021. Since April 2024, BCH has been consolidating with no clear trend formation. 

BCH price rallied nearly 30% since Nov. 15, on-chain indicators show that further rally is likely in the Bitcoin spin-off token. 

Bitcoin Cash’s active addresses have climbed consistently since August 2024. Santiment data shows an uptrend in active addresses, meaning BCH traders have sustained demand for the token, supporting a bullish thesis for the cryptocurrency. 

The ratio of daily on-chain transaction volume in profit to loss exceeds 2, is 2.141 on Thursday. BCH traded on-chain noted twice as many profitable transactions on the day, as the ones where losses were incurred. This is another key metric that paints a bullish picture for the token forked from Bitcoin. 

Binance funding rate is positive since Nov. 10. In the past eleven days, traders have been optimistic about gains in BCH price, according to Santiment data. 

The network realized profit/loss metric identifies the net gain or loss of all traders who traded the token within a 24 hour period. NPL metric for Bitcoin Cash shows traders have been taking profits on their holdings, small positive spikes on the daily price chart represent NPL. 

Investors need to keep their eyes peeled for significant movements in NPL, large positive spikes imply heavy profit-taking activities that could increase selling pressure across exchange platforms. 

84.48% of Bitcoin Cash’s supply is currently profitable, as of Nov. 21. This metric helps traders consider the likelihood of high profit-taking or exits from existing BCH holders, to time an entry/ exit in spot market trades. 

Derivatives traders are bullish on BCH

Derivatives market data from Coinglass shows a 33% increase in open interest in Bitcoin Cash. Open interest represents the total number of active contracts that haven’t been settled, representing demand for the BCH token among derivatives traders. 

Derivatives trade volume climbed 613% in the same timeframe, to $2.35 billion. Across exchanges, Binance and OKX, the long/short ratio is above 1, closer to 2, meaning traders remain bullish on BCH and expect prices to rally. 

BCH futures open interest chart shows a steady increase in the metric, alongside BCH price gain since November 5, 2024. Open interest climbed from $190.74 million to $254.87 million between November 5 and 21.  

Technical indicators show BCH could gain 18%

The BCH/USDT daily price chart on Tradingview.com shows that the token remains within the consolidation. The token is stuck within a range from $272.70 to $568.20. BCH could attempt to break past the upper boundary of the range, a daily candlestick close above $568.20 could confirm the bullish breakout. 

The April 2024 high of $719.50 is the next major resistance for BCH and the second key level is at $805.80, a key level from May 2021. 

The relative strength index reads 64, well below the “overvalued” zone above 70. RSI supports a bullish thesis for BCH. Another key momentum indicator, moving average convergence divergence flashes green histogram bars above the neutral line. This means BCH price trend has an underlying positive momentum. 

The awesome oscillator is in agreement with the findings of RSI and MACD, all three technical indicators point at likelihood of gains. 

A failure to close above the upper boundary of the range could invalidate the bullish thesis. BCH could find support at the midpoint of the range at $419.90 and the 50-day exponential moving average at $388.50.