Markets

June sales fall 47% but there are more buyers and sellers

Published

10 months ago

1 July, 2024

NFT market in flux: June sales drop 47% but there are more buyers and sellers

The non-fungible token (NFT) market has experienced a notable drop in activity over the past month, with significant drops in several metrics.

According to Crypto Slam data:

Global NFT sales volume reached $476.3 million in June, marking a 47.22% drop.
The number of NFT buyers has skyrocketed to 1.259 million — a staggering 1,700.83% increase.
The number of sellers rose to 744,965 – an increase of 1,059.64%.
The increase in buyers and sellers was juxtaposed with a 51.4% drop in NFT transactions month-over-month

Top Blockchains by NFT Sales Volume

Blockchains by Monthly NFT Sales Volume | Source: CryptoSlam

Here’s a closer look at the top five blockchains:

Ethereum (ETH) once again led the pack in blockchain sales volume, recording over $147.5 million in NFT sales, with a notable $123 million attributed to wash trading. Including these wash negotiations, total sales were US$270.5 million. The chain attracted 55,449 buyers, reflecting an increase of 95.41%.
Bitcoin (Bitcoin) has emerged as a formidable competitor in the NFT space. Despite a drop of almost 48%, it still achieved over $117 million in sales with minimal influence on the wash trade. The network also saw the active participation of 59,482 buyers, a number approximately similar to the May figures.
Polygon (MATIC) came in third, demonstrating its growing influence with $80.2 million in sales. The figure represented a 3.35% increase from the previous month, with over 245,000 buyers actively trading NFTs on the platform.
The Solana (SUN) The NFT marketplace recorded the fourth-highest NFT sales volume, raking in over $69.2 million in sales. However, the figure was still 42.82% lower than last month’s figure. Counting around $2.65 million attributed to wash trading, Solana’s total sales reached $71.9 million from 580,100 buyers.
Chain of Myths (MYTH) recorded $20.1 million in NFT sales in June, with wash trades contributing another $134,185 to its total sales value. The blockchain also had more buyers than Ethereum, with 57,269 getting their NFTs from there.

Top NFT Collections in June

Despite the general market crisis, several NFT collections stood out in June.

$PIZZA BRC-20 NFTs activated Bitcoin led the pack with $29.1 million in sales from more than 43,000 transactions. See below.

NFT market in flux: June sales down 47%, but there are more buyers and sellers - 2 NFT Collection Rankings by Monthly Sales Volume | Source: CryptoSlam

DMarket on Mythos followed with $18.9 million in sales from nearly 830,000 transactions. However, revenue from the fundraising was 21.8% lower than the previous month.

CryptoPunks on Ethereum continued to perform strongly, generating $16,405,442 in sales in just 141 transactions. Bored Ape Yacht Club (BAYC) also maintained its popularity, with sales jumping 6.54% to $13 million.

Another Bitcoin collection, NodeMonkes, rounded out the top five with $12.7 million in sales from 929 transactions.

Polygon’s OKX NFT creation has seen the highest percentage growth over the past 30 days, with its sales volume increasing by a staggering 132,509.44% to reach $2.4 million.

On the other hand, the worst-performing NFT collection in June was Blast’s Fantasy Top, which saw an 83.33% drop in sales volume, closely followed by DeGods on Ethereum, whose sales plummeted 82.9%.

Best-selling NFTs of the month

Regarding high-priced NFT collectibles, CryptoPunks #627 sold for a staggering $836,149 on Ethereum, making it the highest sale of the month. Punk #50 from Bitcoin’s Ordinal Punks collection sold for $306,725, while a Cardano NFT sold for $219,102.

The Solana blockchain was represented by Mad Lads #4575, which sold for $110,917, while TTAvatars #1280003 on Polygon changed hands for $100,500.

NFT market in flux: June sales down 47%, but there are more buyers and sellers - 3 Top Fan Tokens by Monthly Sales Volume | Source: CryptoSlam

The fan token market has also seen substantial activity.

The AS Roma (ASR) token led the way with $1.27 billion in sales on the Chiliz blockchain. Galatasaray’s GAL token came in a distant second with $344 million in sales, while Paris Saint-Germain (PSG) recorded $225.8 million.

OG and FC Barcelona completed the top five, with sales of US$132 million and US$126.2 million, respectively.

Market perspectives

The juxtaposition of declining sales volume with a growing number of buyers and sellers signals a complex phase in the NFT Marketplace.

The significant drop in transaction volume suggests that while interest and participation have reached higher levels, the average transaction size has declined, possibly indicating a shift to more affordable NFTs or a cautious approach on the part of investors.

This could also imply a maturing market, where the frenzy of high-value transactions is cooling off, giving way to broader, more democratic engagement.

As the market adjusts, platforms and collections that adapt to this changing landscape by offering diverse and accessible options could emerge as the new leaders in the NFT space.

Source

Markets

Crypto Markets Rebound as Spot Bitcoin ETFs Attract Massive Inflows

Published

9 months ago

17 July, 2024

FinCrypt Staff

Crypto Markets Rebound Ahead of Early Ethereum ETF Approval

This week saw $722 million worth of Bitcoin spot ETF inflows, including the largest daily inflow in a month.

Cryptocurrency markets rallied on Wednesday, driven by inflows into spot Bitcoin exchange-traded funds (ETFs).

The price of Bitcoin (BTC) is up 3% over the past 24 hours to last change hands at $65,200, according to CoinGecko. Ethereum (ETH) is up 2% and is trading at $3,471. Solana (SUN) and Polkadot (POINT) increased by 4%.

Bitcoin spot ETFs saw $422 million in daily inflows on Tuesday, the highest in the past 30 days, according to Far side data, . The all-time record for a single day was $1.05 billion on March 12.

Among Tuesday’s top contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC with $61 million. This week has already seen more than $722 million in inflows.

Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% increase, followed by Helium (HNT) with 20% and Lido DAO (LDO) with 15%.

Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced is extending the lockups for early investors and team members. This means that tokens will be gradually released through 2029, instead of the original 2027 plan. Token unlocks are generally seen as a negative because they increase supply and early investors can sell their tokens for profit.

Meanwhile, XRP, the token of the XRP Ledger network, jumped 8% after the CME and CF benchmarks introduced new indices and reference rates for XRP.

U.S. stocks faced a downturn on Wednesday. The S&P 500 fell 1%, while the Nasdaq Composite and Dow Jones Industrial Average both fell 2%.

Source

Markets

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Published

9 months ago

17 July, 2024

FinCrypt Staff

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Crypto markets appear to have been taken over by the bulls as major tokens have surged above their crucial resistance zone. Bitcoin surged above $65,000 while Ethereum was above $3,500, and XRP, which had remained passive for quite some time, surged over 40% in the past few days to hit $0.6. The uptrend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these tokens in the coming days.

Worldcoin (WLD) Price Analysis

O Worldcoin Price has been trading inside a descending wedge since it marked a new ATH near $12 in the final days of Q1 2024. The recent price action helped the price break out of the upper resistance of the wedge, breaking above the crucial resistance zone between $2.21 and $2.39. Market sentiments have changed, but technicals suggest that the bulls may remain passive for a while, which could offer some room for a bearish pullback.

The price broke out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper boundary, which could attract bearish forces. Additionally, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rally to $4.4 during the next bullish rally.

Arweave (AR) Price Analysis

Arweave formed a strong base around $25, which helped the rally trigger a recovery during the bearish attack. Mt. Gox and German terror forced the price to fall below $20. However, the recent price action has brought the altcoin within the bullish range and raised expectations of maintaining a decent uptrend for a few more days.

AR price has hit one of the major resistances around $30 to $31.5, which could act as a strong base once overcome. The buying volume is slowly increasing, which could keep the bullish hopes for the rally high. Moreover, the supertrend has just flashed a buy signal, indicating a clean reversal of the trend. Therefore, AR price seems primed to maintain a healthy uptrend and rally above $40. However, if the bulls maintain a similar trend, making new highs above $50 may not be a tedious task for the bulls.

Price Analysis of Injective (INJ)

Injective price has been showing sharp strength since the beginning of the year and hence, the recent turnaround is expected to revive a good uptrend going forward. The bears engulfed the rally to a large extent, but the recent price action suggests that the bulls have regained their dominance. Therefore, INJ price is expected to maintain a strong uptrend with a bearish interference on the way down.

INJ price has surged above the lower support zone and has registered consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a sharp uptrend. Furthermore, the Ichimoku cloud lead span B is heading towards the lead span A and a healthy crossover indicates the start of a new uptrend. However, INJ price may be out of the bears’ reach once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.

Source

Markets

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Published

9 months ago

17 July, 2024

FinCrypt Staff

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Ethereum (ETH) supply on exchanges has hit a 34-month high as the asset’s price surpassed the $3,500 mark.

ETH has risen 2.3% over the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a market cap of $419 billion — briefly touched an intraday high of $3,517 earlier today.

ETH Price, Whale Activity, RSI, and Exchange Supply – July 17 | Source: Santiment

Ethereum’s daily trading volume also increased by 7.6% to reach $19.8 billion.

According to data provided by Santiment, the supply of Ethereum on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading around the same price.

On the other hand, data from the market intelligence platform shows that the number of whale transactions has fallen by 12% in the last day — falling from 8,730 to 7,629 unique transactions per day.

The move shows that the supply of Ethereum on exchanges has been increasing with small deposits rather than large transactions from whales.

Additionally, the ETH Relative Strength Index (RSI) is currently hovering at the 60-mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point, but it may not be in a critical position due to its large market cap.

One of the main drivers of Ethereum price increase is ETH spot expectations ETFs in the US Investment products are scheduled to start trading on July 23rd.

Source

Markets

Bits + Beeps: How to Play the ‘Trump Trade’ in Cryptocurrencies After the Assassination Attempt

Published

9 months ago

17 July, 2024

FinCrypt Staff

Bits + Bips: How to Play the ‘Trump Trade’ in Crypto After the Assassination Attempt

Also, how much will the Fed cut rates (and when)? What will be the inflows into ETH ETFs? And what is the near future for Bitcoin?

Posted on July 17, 2024 at 12:00 PM EST.

Listen to the episode at Apple Podcasts, Spotify, Capsules, Source, Podcast Addict, Pocket molds, Amazon Musicor on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger and Joe McCann, joined by guest Jack Platts, dive into the market reaction to the recent assassination attempt on former President Donald Trump, analyzing how this event will influence the 2024 US presidential election and the cryptocurrency markets.

They also cover potential rate cuts: Could there be a cut in July? How big could the September rate cut be? Could the decision be influenced by the upcoming election?

They also give their predictions on what percentage of BTC ETF inflows the ETH ETFs will reach, and James talks about what he expects for Grayscale’s ETHE (hint: his outlook would be positive for ETH).

Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Just now?

Program Highlights:

Whether Trump’s shooting decided the election and whether the event caused a “flight to safety”
How election markets are becoming a place to watch election probabilities and whether cryptocurrencies “lean right”
Whether rate cuts will occur in July or September and by how much they will cut: 25 bps or 50 bps
How Joe sees the relationship between global liquidity cycles, rate cuts, and the potential rise of Bitcoin
What are the new updates about Ethereum ETFs and their expected launch?
Why Solana Hasn’t Performed Significantly Better Since Trump News
What Market Breadth Indicates About the Current Market Rally and the Impact of Rates on Small Caps
Everyone’s predictions on ETH ETF inflows and how much outflow we’ll see on Grayscale’s ETHE
What’s Next for BTC After German Government Exits Bitcoin and Mt. Gox Giveaways Starting This Week