The non-fungible token (NFT) market is back in the spotlight, surging to a market capitalization of over $9.3 billion as Ethereum-based collections ride the wave of Ether’s $ETH bullish momentum.
According to NFT data tracker NFT Price Floor, the NFT market cap has climbed 40% since July, jumping from $6.6 billion last month (DappRadar) to the current $9.3 billion mark.
The rally coincides with Ether $ETH smashing through the $4,000 level and trading above $4,600 at the time of writing, with a total market cap exceeding $557 billion (CoinGecko).
Because most leading NFT collections are minted on Ethereum, their valuations are typically denominated in ETH. This means that when ETH’s price surges, so do NFT market values — a dynamic currently fueling the sector’s growth.
Notably, all of the top 10 NFT assets by market capitalization are Ethereum-based, underscoring the network’s dominance in the digital collectibles space.
With ETH’s bullish trend still intact, NFT traders and collectors are watching closely to see if this momentum pushes the sector into double-digit billion-dollar territory. #Ethereum #nft #ETH5kNext? #ETHETFsApproved #cryptonews