As Bitcoin continues to face resistance near the $100,000 mark, the NFT market has experienced a 1.6% drop, with total sales volume settling at $146.5 million.

While Bitcoin (BTC) trades at $96,800, Ethereum (ETH) has shown strength by surging 3.5% in the last 24 hours to reclaim the $3,700 level. The global cryptocurrency market capitalization has expanded to $3.42 trillion from last week’s $3.35 trillion. This marks a 2.5% increase over the last day.

According to the latest data from CryptoSlam, while overall sales have declined, individual blockchain networks are showing signs of recovery:

• NFT (non-fungible token) sales volume dropped from last week’s $160.9 million.
• NFT buyers have surged to 574,853, marking a 27.57% increase.
• NFT sellers have grown to 342,382, showing a surge of 23.21%
• NFT transactions have declined by 11.22% to 1,424,770.

Ethereum and Bitcoin show signs of recovery

The Ethereum NFT blockchain has shown resilience with $51.3 million in sales, marking a 2.87% increase.

The network has seen 49,462 buyers, representing a healthy 17.33% growth. Notably, wash trading on Ethereum increased by 16.02% to $9.1 million, suggesting increased market activity.

Bitcoin’s NFT ecosystem has maintained strong momentum. The network has recorded $48.2 million in sales volume, a 6.58% increase. The network has seen decent growth in buyer participation, with 54,903 active buyers marking a 28.89% increase.

Solana (SOL), while maintaining its third position, experienced a major decline of 37.86%, with sales dropping to $15.7 million. However, the network continues to show strong user engagement with 230,954 buyers.

Mythos Chain secured the fourth position with $10.6 million in sales, showing a marginal decline of 1.66%. However, ImmutableX (IMX) rounded out the top five with $7.1 million in sales, showing a surge of 14.22%.

BRC-20 and new collections lead rankings

BRC-20 NFTs continue to dominate with $15 million in sales despite a 10.69% decrease. Uncategorized Ordinals has secured second place with $10.3 million in sales. Its sales have also seen an 81.86% increase in the last seven days.

The Bored Ape Yacht Club has reemerged in the rankings, taking third place with $7.7 million in sales, showing a strong 60.30% increase.

CryptoPunks followed closely with $7.7 million, despite a 14.56% decrease.

The latest data shows several large individual NFT sales:

• Uncategorized Ordinals #cb0 sold for $6,069,273 (63.4315 BTC)
• Uncategorized Ordinals #486 sold for $3,583,816 (38.8087 BTC)
• Bored Ape Chemistry Club #0 sold for $199,156 (59.84 ETH)
• CryptoPunks #9663 sold for $197,113 (55 ETH)
• Axie Infinity #115792089237 sold for $178,651 (52 ETH)

NFTs continue to evolve

In 2024, NFTs are expanding their utility through integration with gaming and DeFi, enabling in-game assets and serving as collateral in decentralized finance platforms.

Corporations are adopting NFTs for promotional campaigns, loyalty programs, and revenue generation, while hybrid and real-world asset tokenization are bridging the gap between physical and digital realms.

Cross-platform interoperability is growing, allowing NFTs to function seamlessly across various ecosystems. Sustainability efforts are addressing environmental concerns, with greener blockchain solutions gaining traction.

Additionally, AI-enhanced NFTs are emerging, enabling personalized and interactive experiences, showcasing the evolution of NFTs beyond simple digital collectibles.

It’s worth noting that the current uptick in NFT sales seems largely fueled by hype. It remains to be seen whether this trend will translate into long-term growth or if it’ll be short-lived momentum.

Bitcoin, the world’s largest cryptocurrency by market capitalization, is heading to the next target price of $100,000 after rising 33% in just a month, but Cardano’s founder projects beyond.

Founder of Cardano Charles Hoskinson projects that Bitcoin will reach the price target of $250,000 in just 2 years. He believes that the target price is the lowest target to achieve, yet the highest target is $500,000.

According to Hoskinson’s YouTube live video posted on Nov. 27, he noted that several factors would increase the Bitcoin price in the future, including the massive inflow into the crypto market as well as the institutional eyes that have been interested in Bitcoin in recent days.

“It is my believe that Bitcoin will go to quarter and half million dollars in the next 12 to 24 months, because of the investment inflow and and the great interest that has been achieved,” Hoskinson said.

He mentioned that Bitcoin as a value store of the internet remain useful for decentralized finance (DeFi) in the future. The DeFi mode, also known as the new capabilities of DeFi, could bring Bitcoin through the Cardano network so the holders could participate in the DeFi ecosystem.

Cardano’s outlook after Bitcoin rose

Cardano, as one of the biggest cryptocurrencies based on market capitalization, has grown in the past month following the rise of Bitcoin, increased 190% and reached a price of $1 for the first time after dropping in 2022. In the past 24 hours, the token was traded for $1.5 billion or dropped by almost 40%.

The market is also eyeing the possibility of Cardano spot ETF after several cryptocurrencies have already crypto product versions, including Bitcoin and Ethereum.

ADA projected would be bullish in the near future if the asset management pushes the ETF version to the Securities and Exchange Commission (SEC).

Bitcoin miners’ major player has announced their third-quarter financial report, resulting in billions of dollars in funding and spending.

According to TheMinerMag, on Nov. 28, key players in the cryptocurrency and Bitcoin mining industry published their financial reports. Since the beginning of this year, most of the publicly traded companies have raised $5 billion in funding through equity and debt financing.

The debt financing only accounts for 12.5% of the funding, around $625 million this year. Equity financing has a significant portion of $4.4 billion, with $813 million in funding in this quarter alone.

Those companies also reported the cumulative budget that has been spent on property, plant, and equipment (PP&E), which amounts to $3.6 billion. This spending on infrastructure for Bitcoin mining rose after global computing power dedicated to Bitcoin mining, also called hashrate, surged.

“Recently hit an all-time high near 790 exahashes per second or 790 EH/s (7-day moving average) despite the Bitcoin halving,” TheMinerMag mentioned.

Miners also committed to purchasing hardware for up to $2 billion between July 2023 and September 2024. The ASIC mining tools are still dominated by Bitmain, which captures a significant portion of purchases.

Bitcoin miners faced challenges

Bitcoin miners have played a significant role in the crypto industry, specifically for Bitcoin, due to their contributions to minting the crypto and selling it to the market. However, miners also faced another level of challenge in operations and regulations in several countries.

Recently, the U.S. Customs and Border Protections detained imported Bitcoin mining equipment, including Bitmain Antiminer ASIC miner, at the ports due to a request from the Federal Communications Commission.

The Russian government also targeted Bitcoin miners to be banned after an energy deficit occurred in the country. They also aim to tax profitable mining operators with a 15% personal income tax rate.