Bitcoin
surge in activity and notable sales drive market momentum
Published
3 months agoon
By
adminThe NFT market saw a significant boost in activity this week, with a 48% rise in buyers and several high-profile sales.
In an eventful week for the NFT market, the Ethereum (ETH) and Solana (SOL) blockchains maintained their dominance, with digital collectibles on these chains seeing significant sales and capturing the attention of buyers and sellers alike.
According to data from CryptoSlam!, the NFT landscape saw notable growth, with overall sales volumes reaching $107,965,224, marking a 7.05% increase from the previous week.
The rising number of buyers and sellers also reflected the overall health of the market. This week, more than 721,000 buyers entered the market, a 48.05% increase, while nearly 263,000 sellers represented a 32.74% rise.
The total number of NFT transactions also saw a boost, reaching 2,870,607, a 10.69% increase on the week.
Blockchain highlights
As shown in the snapshot below from CryptoSlam, Ethereum remained the top blockchain by NFT sales volume, generating $32.6 million in sales, a 7.54% increase over the week.
Despite the growth, wash trading on the network accounted for 18% of the total sales volume. Additionally, the blockchain recorded 46,043 buyers, a 30.63% increase from the previous week.
Solana followed closely with $26,710,307 in sales, experiencing a 14.76% rise. The blockchain saw a remarkable 53.33% increase in buyers, totaling 289,036. Its wash trading volume constituted 5.4% of its total sales.
Bitcoin (BTC) maintained third position, even as it registered a nearly 17% drop in sales volume to rake in $17,417,258. Interestingly, the number of NFT buyers on the network increased by 46.47% to 35,091.
In fourth spot, Polygon (MATIC) generated $11.3 million in sales, with a notable 31.49% increase. NFT buyers on the blockchain rose by 48.75% to 147,368, while wash trading was relatively low at 2.39%.
Immutable (IMX) stayed in fifth place for the second week running. It witnessed about $6.7 million in sales, up 21.26%, with buyers increasing by 39.33% to 14,419.
Furthermore, the blockchain had the least amount of reported wash trading among the top 5 NFT networks by sales volume, at only $397.
Top NFT collections
Regarding best-performing NFT collections, the Solana Monkey Business collection on Solana led the rankings with $4,630,626 in sales, followed by DMarket on Mythos with $4,174,797.
The DogeZuki Collection on Solana also made notable gains, securing $3,246,797 in sales. The Guild of Guardians Heroes on Immutable-Zk saw an astonishing 264.18% increase, generating $3,012,724.
Gods Unchained Cards on Immutable rounded out the top five with $3,006,298 in sales, a 17% dip from the previous week.
Notable NFT sales
Several high-profile NFT sales made headlines this week:
- ORDI BRC-20 NFT sold for a staggering $877,068.09 (13.0294 BTC).
- Uncategorized Ordinals NFT fetched $297,102.89 (4.454 BTC).
- CryptoPunks #335 sold for $164,170.73 (49.99 ETH).
- CryptoPunks #9825 changed hands for $130,938.00 (38 ETH).
- CryptoPunks #3613 sold for $128,868.50 (37 ETH).
Market insights
Some market analysts have attributed the surge in activity to growing investor confidence and increased interest in digital collectibles. The rise in unique buyers suggests a broadening base of participants, indicating healthy market growth.
However, the high levels of wash trading on certain blockchains raise concerns about market manipulation and the need for better regulatory oversight.
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Benjamin Cowen Issues Bitcoin Alert, Says Potential Plunge ‘That Scares People’ Incoming – Here’s His Outlook
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November 7, 2024By
adminWidely followed analyst Benjamin Cowen is issuing a warning on Bitcoin (BTC) as the flagship crypto asset trades near its all-time high.
In a new video, Cowen tells his 820,000 YouTube subscribers that Bitcoin could turn bearish around one month after the US general election.
“I just want to put that out there as one potential outcome that following the election, there’s going to be a lot of really bold calls as to what will happen. And what I think could happen is a drop sometime in early December that scares people. And I think it might be around the time of the labor market release [Non-Farm Payroll report is scheduled for December 6th].”
According to Cowen, Bitcoin could drop somewhere between 12% to 46% from the current level if the bearish scenario plays out.
“What is unclear to me right now is whether that drop by Bitcoin is just back-testing this [around $65,000] and then going up in 2025 or if it’s back-testing down here [around $40,000] and then going up. That is what I still remain somewhat unsure of…”
At time of writing, Bitcoin is trading at $73,813, down about 2% from its all-time high of around $75,400.
The widely followed analyst says that his envisaged Bitcoin correction in December would likely be temporary if it happens.
“I could envision a scenario where after the political outcomes are all decided if Bitcoin doesn’t immediately move up and then it starts to crash people might assume that the cycle is over. But it could very well just simply be the soft landing scenario…
…you could get a situation where you know Bitcoin sort of falls here and then rallies on up to new all-time highs in 2025.”
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Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep
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Trump victory creates over 11k new Bitcoin millionaires
Published
10 hours agoon
November 7, 2024By
adminDonald Trump’s 2024 election victory has created over 11,000 new Bitcoin millionaires.
According to data from Finbold, the number of Bitcoin wallets valued at $1 million or more rose to 132,842 on November 6, as Bitcoin prices increased by 7.8% in just 24 hours.
Last month, there were 121,061 Bitcoin addresses worth over $1 million. This figure has now grown by 11,487 wallets, indicating significant wealth gains among Bitcoin holders, per Finbold.
At the time of writing, Bitcoin (BTC) has passed its all-time high and is currently trading at $75, 428.
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This spike follows a strong month for Bitcoin, which has risen 20% over the past 30 days. With Trump’s win and an overwhelming lead in the electoral college, Bitcoin saw renewed interest and broke past previous high prices.
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