The NFT (Non-Fungible Token) market is undergoing a notable shift, propelled by the rise of Bitcoin NFT projects like NodeMonkes, which are gaining substantial momentum.
According to the latest data from CoinGecko, the floor price of NodeMonkes climbed by 53.3% to reach 0.83 BTC, equivalent to $55,890, as of 11:00 a.m. Hong Kong time. This increase places it as the second-largest NFT project by market capitalization, trailing only behind CryptoPunks.
This surge has propelled NodeMonkes ahead of the Bored Ape Yacht Club (BAYC), with NodeMonkes now boasting a market capitalization of $558 million, compared to BAYC’s $493.5 million. Meanwhile, CryptoPunks remains at the top with a $1.74 billion market cap. This shift highlights the growing interest in Bitcoin-based NFTs and reflects the changing dynamics within the broader NFT market.
NodeMonkes has also seen a substantial increase in sales volume, further solidifying its position within the cryptocurrency market. Over the past 24 hours, sales have increased by 161.5%, amassing $5.5 million, as reported by CryptoSlam. Another notable mention in this emerging market is Runestone, which has seen its floor price jump by 40.7%. Its market capitalization now sits at $306.5 million, making it the sixth-largest NFT collection in market cap.
NodeMonkes have flipped BAYC after going from 0.54 to 0.78 BTC floor today.
You can't fully see it, but figured I'd show the full chart.
NodeMonke floor: $52,600
BAYC floor: $48,780 pic.twitter.com/QNkAe5jUiV— NFTstats.eth (@punk9059) March 18, 2024
Surge of Bitcoin NFTs
The growing interest in Bitcoin NFTs marks a significant trend in the digital asset world. As enthusiasts and investors increasingly move towards these assets, platforms hosting Bitcoin NFTs like NodeMonkes and Runestone are witnessing a surge in attention. This shift is partly attributed to the escalating transaction costs on the Ethereum network and a perceived saturation in the Ethereum-based NFT market, which has seen a decline in prices across several prominent projects.
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Market Dynamics and Transition
The transition from Ethereum to Bitcoin NFTs is evident in the trading volumes recorded on NFT marketplaces. Data reveals a downturn in monthly trading volumes on Ethereum-based platforms, with February’s figures dropping to $786.5 million from January’s $867.8 million. This trend has continued into March, with a recorded trading volume of $503.1 million thus far.
As Bitcoin NFTs like NodeMonkes and Runestone gain prominence, they open new avenues for investors and collectors. This transition reflects a broader trend within the cryptocurrency space, where innovation and adaptability continue to drive market movements and investment decisions.
The rise of NodeMonkes as a leading Bitcoin NFT project underscores a shift in the NFT market. With its market capitalization surpassing established projects like BAYC, NodeMonkes represents the growing appeal of Bitcoin-based NFTs among investors and collectors. This trend signifies a broader movement within the digital asset space, marking a pivotal moment in the evolution of NFTs and their place in the cryptocurrency ecosystem.
