NFT trading volume surged 344% to $42.7 million, reaching its highest level in six months.
A whale wallet spent $5.7 million on 45 CryptoPunks, driving strong market momentum.
Crypto-linked blue-chip NFT prices rose sharply, with Moonbirds gaining 34% and Pudgy Penguins up 15%.
On July 21, the NFT market recorded a sharp daily rise in value, gaining over 22% and lifting total market capitalization from $5.1 billion to nearly $6.4 billion. The strong upswing was led by well-known collections including CryptoPunks, Pudgy Penguins, and Moonbirds.
CryptoPunks posted a 16% rise in floor price, reaching 47.5 ETH, valued at around $179,000. Several high-value transactions pushed demand higher. A newly created whale wallet acquired 45 CryptoPunks for approximately $5.7 million, contributing to a surge in both price and trading activity across the market.
Broad Market Movement Supports Gains
Other collections also saw marked price increases. Pudgy Penguins rose 15% to a floor price of 16.75 ETH, around $63,500. Meanwhile, Moonbirds recorded the highest percentage jump of the day, climbing 34% to a 1.94 ETH floor. Lil Pudgys followed with a 17% rise, closing the day at 1.78 ETH.
https://twitter.com/coingecko/status/1947108881559335068
Daily NFT trading volume reached $42.7 million, a 344% increase. This level marks the highest daily volume recorded in the past six months. The significant increase in market activity suggests that investor confidence may be returning following months of lower engagement.
Wider Crypto Market Trends Play a Role
NFTs are on the rise, and they are accompanied by a good performance in the wider cryptocurrency market. Ethereum maintained the upward trend, staying higher than $3,800. Bitcoin stayed above the 119000 mark. These have contributed to a bullish momentum in the sentiment across digital assets.
Large purchases by whale accounts have played a noticeable role in reigniting interest. Market observers noted that significant capital inflows into blue-chip NFTs not only lifted prices but also set off renewed speculative activity across other mid-tier collections.
Despite the gains, NFT participation remains well below peak 2021-2022 levels. Active buyer data remains down by 52%, and total global NFT transactions have declined by 11.6%.
The good performance of Ethereum and Bitcoin may help maintain NFT prices. Nevertheless, there is no clarity about whether the recent trends will cause an increase in the entire NFT ecosystem more broadly.
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