Daily Crypto News

Bitcoin leads NFT market with over US$16 mln in sales

Bitcoin emerged as Monday’s top blockchain in non-fungible token (NFT) sales in the 24 hours to noon ET, with sales reaching US$16.63 million.

Bitcoin topped the day’s rankings despite a 36.67% drop in sales volume, CryptoSlam’s data shows.

The drop is considered a recovery from last week for the world’s first blockchain network, when it couldn’t break the US$10 million mark for the entire trading week.

Meanwhile, Ethereum’s 22% sales increase was just enough to push it past the US$10 million mark on Monday for second place.

Bitcoin edged out the all-time NFT sales leader by a comfortable margin despite a CryptoPunk netting another US$1 million sale.

CryptoPunk 2306, was sold for 320 ETH, roughly US$1.095 million, for the 73rd largest CryptoPunk transaction in history. The previous owner held the asset for two years before Monday’s sale.

The cryptocurrency market on Monday rallied as Bitcoin traded above US$70,000 for the first time in April. The total cryptocurrency market capitalization rose 3.6% to US$2.8 trillion.

Native cryptocurrencies of both Bitcoin and Ethereum are up by more than 5% over seven days.

Solana, ranking third in NFT sales, has experienced a contrasting fortune.

Daily NFT sales have fallen by 20% to US$4.6 million, which is less than half of Ethereum’s tally. Solana’s native cryptocurrency, SOL, is down 3.6% over the past week, although it saw a small bump of 0.4% on the day.

Recently, Solana’s network has been the focus of controversy due to the majority of its transactions failing, as shown on the Dune Analytics dashboard.

While many market watchers quickly blamed a faulty network for this issue, others have explained that the failed transactions are primarily the result of bots attempting and failing arbitrage trades.

“This is usually not a big problem for users because your wallet will simulate the txn and let you know that it will not work beforehand anyway,” Helius Labs Chief Executive Officer Mert Mumtaz said in an X post.

Read More: Bitcoin leads NFT market with over US$16 mln in sales

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.