The NFT market is showing an unexpected capital surge which may signal the beginning of a new phase.
Market Capitalization and Trading Volume
NFT market capitalization has increased from $5.1 billion to $6.3 billion within 24 hours, translating to a growth of over 20%. Daily trading volume also saw a significant surge, reaching $37.4 million.
Top NFT Collections Show Growth
The CryptoPunks collection led the charge with a 16% increase in floor price to 47.5 ETH, amounting to over $14 million in sales. Additionally, the Pudgy Penguins collection experienced a 15% rise with a daily volume of $5.7 million.
Correlation with Ethereum Prices
The recent price surge of Ethereum may be linked to the renewed interest in the NFT sector. Recent reports indicate that ETH has reached its highest price since mid-December, coinciding with a period of active interest in NFTs.
The increase in market capitalization and trading volume for NFTs may signal the beginning of a new cycle in this market, especially given the current shifts in Ethereum pricing.
