Nfts
Bitcoin and Ethereum Lead May NFT Scene Amid Decline in Sales – How?
- Over the past seven days, BTC NFT sales volume has decreased by 4%.
- The weekly price charts of both coins remained green.
Bitcoin [BTC] And Ethereum [ETH]two of the largest blockchains, continued to dominate the NFT market in May.
While at first glance this seems optimistic, closer inspection revealed that NFT sales volume of ETH and BTC has actually fallen over the past 30 days.
Bitcoin, Ethereum NFT in May
Coin98 Analytics published a Tweeter revealing the behavior of several blockchains in May. According to the tweet, BTC and ETH topped the blockchain list in terms of total sales volume in May.
While the sales volume of BTC reached $157 million, that of ETH stood at $147 million.
Solana [SOL] ranked in the top three of the same list. Interestingly, Blast was the only layer 2 blockchain to make the list, with its sales volume reaching $36 million.
According to DappRadar dataNode Monkes, Bitcoin Puppets, and Runestine were the top three Bitcoin NFT collections last month.
Likewise, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Pudgy Penguins were the top three Ethereum NFT collections.
Analysis by AMBCrypto of CRYPTOSLAM data revealed that although ETH and BTC topped the list, their sales volume actually decreased in May.
To be precise, BTC’s NFT sales volume fell by 71% and ETH’s by over 56%.
June looks better
Although NFT sales volumes fell last month, last week saw signs of recovery. The number of buyers and sellers of BTC NFTs increased by over 20%. However, its sales volume still fell by 4%.
Source: CRYPTOSLAM
The state of Ethereum in terms of sales volume was better than that of BTC, as their number jumped by more than 4%.
Apart from this, the number of sellers and buyers of ETH has also increased by more than 10% in the last seven days.
Source: CRYPTOSLAM
BTC and ETH remain bullish
While all this was happening, CoinMarketCap data revealed that the weekly charts of the two major coins remained green.
Bitcoin and Ethereum prices jumped 4.2% and 2.2%, respectively, last week. At press time, BTC was trading at $71,091, while ETH had a value of $3,815.
AMBCrypto’s analysis of Santiment data revealed that social volumes for Bitcoin and Ethereum remained elevated throughout the past week.
Read Bitcoin [BTC] Price prediction 2024-25
Thanks to the price rise, the weighted sentiment of ETH has entered the positive zone.
However, it was surprising to see that despite an increase in value, the weighted BTC sentiment was in the negative zone. This meant that bearish sentiment around the king of cryptos was dominant in the market.
Source: Santiment