The post CryptoPunk Prices Surge as Bitcoin Gains Help Pump NFT Market appeared on BitcoinEthereumNews.com.

CryptoPunks reestablished a floor price of $100,000 this week amid major gains for Bitcoin and the broader cryptocurrency market, marking a resurgence for the prominent NFT project following months of diminished demand. This marks the first time the CryptoPunks floor—aka the price of the cheapest asset listed on a marketplace—has been above $100,000 since June according to data from NFT Floor Price. The rise in floor price has been buoyed by a sharp increase in trading volume for the Ethereum NFT collection, which traded more than $14.5 million in the last week and registered more sales in the last four days than any other similar period in the last year as reported by pseudonymous analyst Punk9059. CryptoPunks trading volume jumped by 730% over the past week compared to the previous span, per data from CryptoSlam. Broadly, the NFT market saw a 95% week-over-week jump in trading volume to $163 million worth. A portion of that increased volume can be attributed to new entrants entering the CryptoPunks ecosystem in the last week, bringing the unique owner count to an all-time high of 3,793, per on-chain data sourced from block explorer Etherscan. The growing unique holder count bucks a trend for the collection, which was initially claimed for free by a small group of early adopters of Ethereum and NFTs, creating a concentrated distribution of holders. Why would new entrants be looking at Punks now? Some buyers may be seeking to level up their NFT status thanks to newfound wealth from the cryptocurrency market, which CoinGecko indicates gained more than $500 billion in total market cap in the last seven days. One such example of that phenomenon comes from the pseudonymous Wheresrare on Twitter (aka X), who claims they were able to purchase CryptoPunk #2965 for approximately $117,000 due to gains from…

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Filed under: News - @ November 15, 2024 1:25 am