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Our analysis of the situation
NodeMonkes, a groundbreaking non-fungible token (NFT) collection minted on the Bitcoin (BTC) blockchain, has made waves once again by achieving an outstanding sales volume of $11.4 million earlier this month.
The floor price of Bitcoin NodeMonkes has skyrocketed by over 50%, reaching a remarkable all-time high of 0.82 BTC for one of its distinctive collections, featuring 10,000 characters in ordinals. This surge has propelled the figure to a staggering $55,853, triumphantly surpassing other renowned NFT projects like the Bored Ape Yacht Club (BAYC).
In a phenomenal development, NodeMonkes has now cemented its status as the second-largest NFT collection in the market, with its total market capitalization exceeding $558.9 million in the past 24 hours, as per data from CoinGecko. Impressively, the ordinal collection boasts a sales volume of $4 million, with 80 recorded sales, and has experienced a 0.2% surge in NFT ownership in the last 24 hours.
The Unity in Bitcoin-Based NFT Triumph
The dream run of NodeMonkes is not an isolated phenomenon within the Bitcoin-based NFT community. The recent surge of Bitcoin to a new all-time high above $70,000 has sparked a remarkable upsurge of interest in the BTC ecosystem.
Amidst this fervor, other Bitcoin-based NFT collections have also experienced remarkable performance gains. For instance, Ordinal Maxi Biz (OMB) has displayed noteworthy progress, boasting a 32.6% increase in floor price, now commanding a price tag of 0.4 BTC and a market cap of $69 million, with a soaring sales volume exceeding $2 million.
Similarly, Runestone, another distinguished Bitcoin NFT, has witnessed momentous growth, surging by over 50% in the past week to surpass 0.04 BTC in value. With a substantial market capitalization of $310 million, Runestone has successfully surpassed Mutant Ape Yacht Club (MAYC) to secure the sixth position among the largest NFT projects.
Rooted Insights into the Surge
Offering insights into this spectacular performance of Bitcoin-based NFTs, Nick Ruck, a senior executive at ContentFi Labs, explained that the surge can be attributed to NFT traders redirecting their attention from the Ethereum (Ether) ecosystem to Bitcoin.
With great enthusiasm, Ruck commented, “Just as token traders pivoted from ETH to SOL memecoins, NFT traders have been pouring into Bitcoin NFTs. Runestone and NodeMonkes have witnessed a surge in buyers and enthusiasts, with the latter dramatically flipping BAYC, which has seen a major selloff in recent weeks.”
The meteoric rise of Bitcoin-based NFTs presents a thrilling narrative, underscoring the dynamic and ever-evolving landscape of digital assets. With their resounding success, these NFT collections are redefining the contours of the crypto world and capturing the imagination of enthusiasts and traders alike, all within the unparalleled realm of the Bitcoin blockchain.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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