It’s hard to get past the fact that the cryptocurrency market has had a disastrous start to the week. At the same time, the majority of the largest collections of non-fungible tokens (NFTs) have seen a huge explosion in their trading volumes over the past 24 hours.
BAYC, Cryptopunks and Sorare up over 100
As the week began, the Bitcoin (BTC) price broke its last supports from below, dragging the entire cryptocurrency market down with it. At the time of writing, the queen of cryptocurrencies is trading at $22,500, down 20% from the last weekly close.
Meanwhile, one part of the crypto ecosystem seems to be holding up well: non-fungible tokens (NFTs). While cryptocurrency prices are in the red, trading volumes of major collections have seen a rise of tens of percent since the beginning of the week.
According to CryptoSlam’s data, 18 of the top 20 collections on the market are up over the past 24 hours. As an example, the blockchain game Sorare and the Bored Ape Yacht Club (BAYC) and CryptoPunks collections are up over 100 percent.
Leading the way, Bored Ape saw over $7 million in sales volume on the day yesterday. On the other hand, it is interesting to note that it was the 3 collections from Yuga Labs studio that led the way, namely BAYC, Mutant Ape Yacht Club (MAYC) and Otherdeed.
An increase to be put in its context
Although this increase may seem positive for the NFT market, it is important to put it in context. First of all, the floor prices of the main collections have fallen drastically over the last few days.
The Bored Ape has seen its floor price drop from more than 150 Ether (or more than $400,000 at this moment) to only 80 Ether today (or less than $90,000). This is most likely the reason why trading volumes have exploded, as users want to take advantage of the low prices the market is currently offering.
Moreover, it is important to observe these statistics in a larger time scale. Indeed, the Bored Ape collection saw a nice increase and generated $7 million in sales in one day, but this is still relatively low compared to previous months.
Still, it will be interesting to watch this trend over the next few days and observe if the NFT industry will continue to move against the grain of the cryptocurrency market.