Over the past few hours, a host of positive developments have taken place in the crypto space. Two prominent asset managing companies, WisdomTree and Invesco, applied for spot Bitcoin ETFs. Right before that, Citadel, Fidelity, and Charles Schwab backed crypto exchange platform, EDX Markets, made its debut. Seeing prominent institutions trying to get involved with crypto assets, the investor sentiment has gradually been refining.
Bitcoin claimed a new local peak of $29k a few hours back, rising by more than 8% over the past day. Most other assets followed suit, and as a result, the global crypto market valuation rose by around 6% to $1.14 trillion on Wednesday, June 21.
Also Read: Alibaba’s New Chairman ‘Likes’ Crypto
Are NFTs relishing the fruit too?
Whenever the crypto market rallies, the NFT market also notches up its performance. However today, the markets are not exactly moving in tandem. NFT sales on several prominent chains are down.
According to data from CryptoSlam, Ethereum managed to foster $14,452,201 in sales over the past 24-hours. The same marks an 81% drop when compared to the previous day. On Cardano, the sales dropped down by 49%. On other blockchains like Arbitrum and Ronin, the number was down by 15% to 23%. Others like Cronos and Fantom felt the pinch harder, for their numbers stood around 80% lower.
Bitcoin was one of the few networks where the trend was completely different. The blockchain fostered roughly $5.3 million in sales. The same translates to a 92% hike.
Prominent individual collections like Bored Ape Yacht Club and and CryptoPunks were seen bearing the brunt. At press time, they flashed red numbers in terms of buyers and sellers, bringing to light the drop in active participation in the market.
That said, it should be noted that the sellers are leaving the market at a much faster pace than buyers. In fact, at press time, the buyers were more in number when compared to sellers, making it a positive takeaway. Parallelly, the average holding period of NFTs from the Bored Ape Yacht Club Collection has inclined by 176% in just the past 24 hours. As of press time, the BAYC holding period was around two months.