quick take
- Ethereum dominates the trade volume of NFT sales.
- The price of ETH approaches $2,500.
Bitcoin made a notable debut in the NFT market, initially surpassing Ethereum as the leading NFT network. Yet, recent data reveals that Ethereum has regained its position at the top, particularly within the last month.
Ethereum leads the ranking for NFT sales volume.
According to Coin98 Analytics, Ethereum has once again emerged as the leader in Non-Fungible Token (NFT) sales volume rankings, with a January sales volume of $356 million. Bitcoin, recording a sales volume of $335 million, was the only other network in this volume range, indicating a growing competition between the two networks as Bitcoin recently entered the NFT sales volume market.
The trend in sales volume for Ethereum and Bitcoin.
According to Cryptoslam’s analysis, Ethereum has sustained higher NFT sales volume over the past seven days, continuing its upward momentum from the previous month. The total seven-day volume exceeded $182.8 million, with a wash trade volume surpassing $39.5 million, resulting in an actual volume of over $143.3 million.
In contrast, Bitcoin’s seven-day volume amounted to over $54.7 million, with a wash trade volume of approximately $746,000, resulting in a total volume of about $54 million. At the time of reporting, Ethereum held dominance in sales volume, registering approximately $25 million in volume and a wash trade volume of around $3.5 million, while Bitcoin’s volume stood at approximately $6.4 million.
The price of Ethereum rises.
An analysis of Ethereum’s daily price movement indicates its nearing proximity to the $2,500 price threshold. The chart displays a consistent uptrend in recent days, with a 2.75% increase observed on February 9th, reaching a trading value of $2,486. Currently, Ethereum maintains its upward trajectory, trading at approximately $2,491. Additionally, the Relative Strength Index (RSI) has surpassed the 60 threshold, indicating a bullish trend. However, if the upward momentum continues, Ethereum may enter the overbought zone.
