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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, the NFT market cap dropped 12% to $8.1 billion as Ether’s price took a tumble, Thailand will allow tourists to use crypto for payments, and the Qubic community voted to target Dogecoin after a recent 51% attack on Monero.
NFT market cap drops by $1.2 billion as Ether rally loses steam
The non-fungible token (NFT) market lost more than $1.2 billion in value in less than a week as Ether’s rally slowed, according to sector data.
On Monday, NFT Price Floor data showed that the total valuation of NFT collections had dropped to $8.1 billion, a 12% decline from Wednesday’s NFT market cap of $9.3 billion, which had surged 40% since July.
NFTs losing $1.2 billion in valuation in less than a week coincided with a 9% drop in Ether
prices. At the time of writing, Cointelegraph data showed ETH traded at $4,260, down from a high of about $4,700 on Wednesday.
Many NFTs are minted on the Ethereum network. With valuations and sales denominated in ETH, bullish or bearish momentum in the crypto asset often translates into increased or decreased value in the NFT sector. As ETH went down 4% in the last 24 hours, a majority of the top 10 collections also showed declines in value.
