In a dramatic turn of events in the world of non-fungible tokens (NFTs), NodeMonkes, the premier NFT collection linked to Bitcoin, has witnessed an astounding surge in its floor price, surpassing the esteemed Bored Ape Yacht Club (BAYC) in market capitalization. Bitcoin Ordinals NFT interest soars as NodeMonkes’ market cap expands to around $558.9 million, solidifying its position as the second-largest NFT collection. According to data from CoinGecko, this surge has been remarkable, with the floor price skyrocketing by over 50% in just 24 hours.
NodeMonkes Ascends to Second-Largest NFT Collection
Bitcoin Ordinals NFT interest soars as NodeMonkes’ surge in market capitalization surpasses Bored Ape Yacht Club. As of 11:00 a.m. Hong Kong time, NodeMonkes’ floor price soared by a staggering 53.3%, reaching 0.83 BTC (approximately $55,890). This surge propelled its market capitalization to a noteworthy $558.9 million, securing NodeMonkes’ position as the second-largest NFT collection, as per CoinGecko’s data. Surpassing the Bored Ape Yacht Club, NodeMonkes now stands only second to CryptoPunks in terms of market cap, with CryptoPunks holding a market cap of $1.76 billion.
The surge in NodeMonkes’ floor price is accompanied by a remarkable increase in sales volume, which escalated by a staggering 140.8% in the past 24 hours, totalling a sales volume of $5.1 million, according to data from CryptoSlam. This exponential rise in sales reflects a burgeoning interest and enthusiasm among buyers and enthusiasts alike.
Runestone Joins the Bitcoin NFT Surge
Notably, NodeMonkes is not alone in this surge within the Bitcoin NFT realm. Runestone, another Bitcoin-based NFT collection, has witnessed a significant surge in its floor price, jumping by 40.7%, leading to a market capitalization of $306.5 million. This surge propels Runestone to become the sixth-largest NFT collection by market cap.
Nick Ruck, the chief operating officer of ContentFi Labs, attributes this surge in Bitcoin NFTs to a multitude of factors. He suggests that traders may be shifting focus from Ethereum to Bitcoin NFTs, potentially driven by rising gas costs and what he terms an “exhausted NFT market” on Ethereum.
Decline in Ethereum-Based NFT Trading Volume
Indeed, data from The Block’s dashboard reveals a decline in the monthly trading volume on Ethereum-based NFT marketplaces, dropping from $867.8 million in January to $786.5 million in February. The trading volume for March thus far stands at $503.1 million, further indicating a potential shift in trader preferences within the NFT space.
Bitcoin Ordinals NFT interest soars as NodeMonkes emerges as the second-largest NFT collection by market cap, with its floor price experiencing a remarkable surge of 53.3% in just 24 hours. One of the key factors driving the recent surge in NodeMonkes and other Bitcoin-based NFT collections is a notable shift in trader behaviour from Ethereum to Bitcoin NFTs. Ethereum has long been the dominant platform for NFT trading, but rising gas costs and what experts describe as an “exhausted NFT market” on Ethereum have prompted traders to explore alternatives. Bitcoin, with its established reputation and growing adoption in the NFT space, presents an appealing option for traders seeking new opportunities.
The surge in NodeMonkes and Runestone, along with the decline in trading volume on Ethereum-based NFT marketplaces, underscores this shift. Traders are drawn to the lower transaction costs and potentially untapped market opportunities offered by Bitcoin NFTs. This trend highlights the dynamic nature of the NFT market and the importance of staying attuned to evolving trends and platforms.
Another factor contributing to the surge in Bitcoin NFTs is the role of market sentiment and investor behaviour. NodeMonkes’ rapid ascent to becoming the second-largest NFT collection in terms of market capitalization reflects not only the intrinsic value of the collection but also the enthusiasm and confidence of investors. The spread of NodeMonkes’ surge will likely fuel further interest and investment within the NFT community.
Also Read: US Senators Advocate Regulatory Caution: Push SEC to Stop Approving Spot Crypto ETFs.
