NFTs
Bitcoin NFT Sales Surge, Turns Ethereum: A Sign of BTC Season?
- Interest in Bitcoin NFTs has grown as weekly sales have increased.
- Activity on the Bitcoin network continued to decline.
Ethereum [ETH] It has been the undisputed champion in the NFT sector for some time now. However, in recent months, Bitcoin [BTC] managed to dethrone Ethereum and took first place.
NFTs are back
Bitcoin took the lead in NFT sales, experiencing a significant increase of 55.42%, bringing its total sales to an impressive $49.74 million.
However, this increase came with a caveat. Wash trading, a practice of inflating business volume through artificial purchases and sales, also rose 15.39%, exceeding US$39 thousand.
This may cause concerns and questions about the legitimacy of some of these activities.
Interestingly, despite the increase in wash trades, the number of active Bitcoin buyers plummeted by almost 96%, with just 2,056 addresses participating in the market.
Ethereum, the previous leader, followed closely with $35 million in NFT sales. This represented a slight drop of 0.31% compared to the previous week.
However, unlike Bitcoin, Ethereum saw a greater number of active buyers engaging in the market, although this number still reflected a significant drop of 56.33% from the previous week.
Meanwhile, alternative blockchains were also making progress. Polygon saw a healthy 29.43% increase in sales, reaching $19.63 million.
Solana also witnessed growth, grabbing the fourth position with $18.225 million in sales. Immutable X joined the party with a 12.77% increase in sales, further solidifying its presence in the NFT ecosystem.
Source: Crypto Slam
One of the most popular collections on the Bitcoin network was Quantum Cats. Last month, NFT collection witnessed a 51% increase in sales volume.
Furthermore, sales transactions for this collection also grew significantly by 33% during this period.
Source: CryptoSlam
Network activity
Despite the great interest in Bitcoin NFTs, the number of active addresses on the Bitcoin network has dropped materially. AMBCrypto’s analysis of Santiment data indicated that daily active addresses on the Bitcoin network fell from 1.17 million to 613 thousand over the last 30 days.
Decreased activity on the network also affects miners and affects their ability to generate income based on transactions on the network.
To read Bitcoins [BTC] Price prediction 2024-25
Due to this, miners may be forced to sell their holdings to remain profitable, causing selling pressure on BTC. However, recent interest in BTC from whales ca help to BTC to get rid of selling pressure.
Source: Santíment