The post NFT Trading Hits Lowest Point Since October 2023 Amid Crypto Rally appeared on BitcoinEthereumNews.com.

May 2024 saw the lowest NFT trading volumes since October 2023, impacting the Ethereum, Bitcoin, and Solana ecosystems. Top NFT projects like BAYC and CryptoPunks have felt the market’s dip, with BAYC’s trading hitting its lowest since August 2021. The global cryptocurrency market is displaying a surge, with Bitcoin (BTC) and Ethereum (ETH) reaching new highs. Bitcoin has soared to new peaks, trading between $68,000 and $70,000, while Ethereum is approaching the $4,000 mark. The excitement around these gains is heightened by the anticipation of Bitcoin and Ethereum ETF approval, which has grabbed significant attention. However, amidst this market rally, it’s important to note that May displayed a significant downturn in the trading volumes of NFTs and Ordinals, hitting their lowest levels since October 2023. This decline is evident across major ecosystems, including Ethereum, Bitcoin, and Solana, all witnessing substantial drops in activity. Ordinals represent the initial version of nonfungible tokens (NFTs) minted on the Bitcoin network. Don’t let the pump in BTC and ETH distract you from the fact that May was the month with the lowest trading volume for NFTs and Ordinals since October 2023. Volume has fallen heavily across the board, with all three major ecosystems (ETH, BTC, SOL) taking a hit. Are floor… pic.twitter.com/GpP3KA5FwD — wale.moca 🐳 (@waleswoosh) May 27, 2024 Floor prices have been resistant to this trend. According to NFT analyst @waleswoosh X’s post, leading NFT projects across various chains have seen significant value decreases over the past 30 days.  Crypto Market Peaks: NFTs Plunge For instance, Bored Ape Yacht Club (BAYC) has showcased a sharp drop of $1,927.58, while other projects like Pudgy Penguins and Nodemonkes have fallen by $1,457.31 and $8,794.06, respectively. Bitcoin Puppets saw a significant reduction of $11,942.25, and MadLads and SMB also reported declines of $2,986.08 and $1,989.64, respectively.…

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Filed under: News - @ May 28, 2024 4:16 pm