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Bitcoin Overtakes Ethereum in NFT Market Dominance

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2 hours ago

The global non-fungible token (NFT) market is regaining momentum with soaring trading volumes and rising digital collectible prices.

Bitcoin's Dominance in the NFT Market

Data from cryptoslam.io shows that Bitcoin recorded a trading sales volume of $6.6 million in the last 24 hours, up 195% from the previous day. Known for its Ordinal, BRC-20, and Runes NFT collections, Bitcoin has overtaken Ethereum in market leadership. During the same period, Ethereum recorded sales of $4 million, down by 6.38%.

Revival of Bitcoin's Uncategorized Ordinals

Bitcoin's Uncategorized Ordinals, once facing a decline, are making a comeback with a trading sales volume increase of +8,000%. They accumulated $4.6 million in the past 24 hours. Launched by Bitcoin developers on January 20, 2023, using the Satoshi Nakamoto Ordinal protocol, this category includes diverse digital assets not yet part of an established collection.

Current Positions of Other Blockchains in the NFT Market

Solana ranks third in the NFT market, with a trading volume of $2.2 million over the last day. Mythos Chain and Polygon hold the fourth and fifth positions, with trading volumes of $673,327 and $576,606 respectively.

Bitcoin is once again a leading force in the NFT market thanks to its impressive trading volume growth and renewed interest in its ordinals. The positive market trend also presents new opportunities for other blockchains moving forward.

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