Bitcoin

NFT sales surge 34%, Ethereum network enjoys sales spike

Published

2 weeks ago

December 7, 2024

The non-fungible token, or NFT, market has shown decent growth amid Bitcoin’s historic breakthrough exceeding $100,000.

The surge in cryptocurrency prices continues as Ethereum (ETH) strengthens its position, climbing 3.5% in the last 24 hours to reclaim the $4,000 level.

The global cryptocurrency market capitalization has expanded to $3.67 trillion from last week’s $3.42 trillion. This is a 2.3% increase over the last day, with Bitcoin (BTC) trading around $99,611 at last check Saturday. See below.

NFT sales surge 34% to $196.2m, Ethereum network showcases 97% spike in sales - 1 — Source: CoinGecko

According to the latest data from CryptoSlam, the NFT market has experienced a major upswing, with total sales volume reaching $196.2 million. This is a 34.23% increase from last week’s $146.5 million.

The market metrics show expansion across all key indicators:

NFT buyers have increased to 693,833, showing a healthy 20.29% growth
NFT sellers have grown to 402,069, with a 15.97% increase
NFT transactions have slightly decreased by 1.92% to 1,405,054

Ethereum Leads with major Growth

The Ethereum NFT blockchain has shown the highest performance, nearly doubling its sales volume to $100.9 million. This marks a 97.33% increase in the last seven days. The network has attracted 61,020 buyers, representing a 23.15% growth. Notably, wash trading also increased by 52.79% to $18.2 million, indicating heightened market activity.

NFT sales surge 34% to $196.2m, Ethereum network showcases 97% spike in sales - 2 — Source: Blockchains by NFT Sales Volume (CryptoSlam)

Bitcoin’s NFT ecosystem, while maintaining its second position, experienced a slight decline of 6.84%. The sales volume of the Bitcoin network stood at $45.1 million. However, the network continues to show strong user engagement with 67,188 buyers, a 22.38% increase from the previous period.

Solana (SOL) has maintained its third position with $16.2 million in sales. Solana has shown only a modest 6.58% increase. However, the network has strong user participation with 269,871 buyers.

Mythos Chain and ImmutableX (IMX) round out the top five, with sales of $11.2 million and $10.6 million, respectively.

Pudgy Penguins Lead Collection Rankings

The announcement of their PENGU token launch has pushed Pudgy Penguins to the top position with $21.6 million in sales. This marks a 384.26% increase in the last seven days.

NFT sales surge 34% to $196.2m, Ethereum network showcases 97% spike in sales - 3 — Top NFT sales: Data from CryptoSlam

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Bitcoin

Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC

Published

51 minutes ago

December 23, 2024

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Tokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.

Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.

According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.

The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).

The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.

Metaplanet buys dip

The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.

Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.

Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.

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Altcoin Season

End of Altcoin Season? Glassnode Co-Founders Warn Alts in Danger of Lagging Behind After Last Week’s Correction

Published

4 hours ago

December 23, 2024

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The creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.

Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts witnessed deep pullbacks over the last seven days.

According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.

“Is This the End of Altcoin Season?

Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.

If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”

The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.

At time of writing, BTC.D is hovering at 59%.

Looking at Bitcoin itself, the Glassnode executives say long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.

“The Board Keeps Shifting.

As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.

Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.

New hands are absorbing the sales.”

At time of writing, Bitcoin is worth $97,246.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

Bitwise CIO Matt Hougan Predicts Institutional Interest in Altcoins, Says 2025 the Year of Crypto Diversification

Published

20 hours ago

December 22, 2024

admin

Bitwise CIO Matt Hougan says a wave of institutional interest in altcoins is coming next year, largely due to potential regulatory clarity and more exchange-traded funds (ETFs).

In a new interview with Bloomberg, Hougan says that institutional money is in the early stages of broadening out to other crypto assets besides just Bitcoin (BTC).

Hougan forecasts that 2025 will be the year that institutional investors will begin to incorporate more diversification in their crypto-investing strategies the same way they do in other asset classes like equities or bonds.

“You’re already seeing it broaden out actually. A lot of people were worried about the Ethereum ETFs for instance, which launched this summer and had tepid inflows.

But over the last month or so, you’ve seen billions of dollars flow into those products.

Again, the things that have happened in crypto in the past keep happening. Historically, most people enter crypto through Bitcoin, and then they discover Ethereum, and then they think about Solana. There’s no reason to assume that the institutions that came into Bitcoin won’t move on to other assets in the future.

In fact, I think in 2025, you’re going to see an explosion of interest in index space strategies that give diversified exposure to crypto. Of course, [that is] something we’ve been doing at Bitwise since 2017 when we pioneered that concept. I think 2025 is when that becomes a mainstream way to allocate to this space, the same way it is to stocks and bonds and real estate and everything else.”

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