Nfts
Sharp rise in Bitcoin NFT sales, topples Ethereum: a sign of BTC season?
- Interest in Bitcoin NFTs has increased as weekly sales have increased.
- Activity on the Bitcoin network continued to decline.
Ethereum [ETH] has been the undisputed champion of the NFT sector for some time. However, in recent months, Bitcoin [BTC] managed to dethrone Ethereum and take first place.
NFTs are making a comeback
Bitcoin took the lead in NFT sales, seeing a significant increase of 55.42%, bringing its total sales to $49.74 million.
However, this push comes with a caveat. Wash Trading, the practice of inflating trading volume through artificial buying and selling, also increased by 15.39%, exceeding $39,000.
This may raise concerns and questions about the legitimacy of some of these activities.
Interestingly, despite the increase in fictitious transactions, the number of active buyers on Bitcoin fell by almost 96%, with only 2,056 addresses participating in the market.
Ethereum, the former leader, followed closely with $35 million in NFT sales. This represents a slight decrease of 0.31% compared to the previous week.
However, unlike Bitcoin, Ethereum saw a higher number of active buyers engaging in the market, although this number still reflects a significant decline of 56.33% from the previous week.
Meanwhile, alternative blockchains were also making progress. Polygon saw a healthy 29.43% increase in sales, reaching $19.63 million.
Solana also saw growth, occupying the fourth position with revenue of $18.225 million. Immutable X joined the party with a 12.77% increase in sales, strengthening its presence in the NFT ecosystem.
Source: Crypto Slam
One of the most popular collections on the Bitcoin network was Quantum Cats. Over the past month, the NFT collection has seen a 51% increase in sales volume.
Furthermore, sales transactions of this collection also saw a significant growth of 33% during this period.
Source: CryptoSlam
Network activity
Despite the high interest in Bitcoin NFTs, the number of active addresses on the Bitcoin network has decreased significantly. AMBCrypto’s analysis of Santiment data indicated that daily active addresses on the Bitcoin network increased from 1.17 million to 613 thousand over the past 30 days.
The decrease in network activity also affects miners and affects their ability to generate revenue based on network transactions.
Read Bitcoin [BTC] Price prediction 2024-25
Because of this, miners may be forced to sell their holdings to remain profitable, leading to selling pressure on BTC. However, recent interest in BTC from whales chelps BTC get rid of selling pressure.
Source: Santiment
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