Nfts
Bitcoin Leads NFT Market With Over $16 Million in Sales
Bitcoin became the leading blockchain on Monday in terms of non-fungible token (NFT) sales in the 24 hours before noon ET, with sales reaching $16.63 million.
Bitcoin topped the day’s leaderboard despite a 36.67% drop in sales volume, according to data from CryptoSlam.
The drop is seen as a recovery from last week for the world’s leading blockchain network, when it failed to cross the $10 million mark for the entire trading week.
Meanwhile, Ethereum’s 22% increase in sales was just enough to surpass the $10 million mark on Monday for second place.
Bitcoin edged out the all-time leader in NFT sales by a comfortable margin despite CryptoPunk making an additional US$1 million in sales.
CryptoPunk 2306 was sold for 320 ETH, or approximately US$1.095 million, for the 73rd largest CryptoPunk transaction in history. The previous owner held the asset for two years before Monday’s sale.
The cryptocurrency market rallied on Monday as Bitcoin traded above US$70,000 for the first time in April. The total market capitalization of cryptocurrencies increased by 3.6% to reach US$2.8 trillion.
Native cryptocurrencies Bitcoin and Ethereum are up more than 5% over seven days.
Solana, third in NFT sales, has experienced mixed fortunes.
Daily NFT sales fell 20% to $4.6 million, less than half of Ethereum’s total. Solana’s native cryptocurrency SOL is down 3.6% over the past week, although it saw a small rise of 0.4% on the day.
Recently, Solana’s network has been at the center of controversy due to the majority of its transactions failing, as shown on the Dune Analytics dashboard.
While many market observers were quick to blame the problem on a faulty network, others explained that failed trades are primarily the result of bots attempting and failing to enter arbitrage trades.
“This is generally not a big problem for users because your wallet will simulate the txn and let you know beforehand that it won’t work anyway,” Mert Mumtaz, CEO of Helius Labs, said in a statement . Message.