Ethereum Reclaims Top Spot in NFT Sales Volume Ranking
In a recent shakeup in the Non-Fungible Token (NFT) scene, Bitcoin made a significant entry, displacing Ethereum as the dominant NFT network. However, new data from Coin98 Analytics indicates that Ethereum has reclaimed the top spot, particularly in the last 30 days. The analysis shows that the sales volume on the Ethereum network reached $356 million in January, while Bitcoin recorded a sales volume of $335 million, making it the only other network in the same volume bracket. Thus, the competition between the two networks in the NFT sales volume race continues.
Ethereum Maintains Higher Sales Volume Trend in the Last Seven Days
According to an analysis of NFT sales volume on Cryptoslam, Ethereum has maintained a higher sales volume in the last seven days, continuing its momentum from the past month. At the time of writing this article, the total seven-day volume for Ethereum was over $182.8 million, with an actual volume of over $143.3 million after considering wash trade volume. On the other hand, Bitcoin recorded a total seven-day volume of over $54.7 million, with a wash trade volume of around $746,000, bringing the total volume to about $54 million. This indicates that Ethereum is dominating the sales volume at the moment.
Ethereum’s Price Trend Nears $2,500
An analysis of the Ethereum price trend on a daily timeframe reveals its proximity to entering the $2,500 price range. The chart shows a consistent uptrend over the past few days, with a 2.75% increase on February 9th, reaching a trading value of $2,486. As of now, Ethereum continues its upward momentum, trading at about $2,491. The Relative Strength Index (RSI) has also crossed the 60 threshold, signifying a bull trend. If this upward momentum persists, Ethereum could enter the overbought zone.
With Ethereum reclaiming its top spot in NFT sales volume and its price closing in on $2,500, it is evident that Ethereum is regaining its dominance in the market. This competition between Ethereum and Bitcoin in the NFT space will likely continue, with each network vying for supremacy and attracting more users and investors. As the popularity of NFTs continues to surge, it will be interesting to see how the rankings evolve and whether Ethereum can maintain its position at the top.
Analyst comment
Positive news: Ethereum Reclaims Top Spot in NFT Sales Volume Ranking
As an analyst, I foresee a positive outcome for the market. With Ethereum regaining dominance in NFT sales volume and its price nearing $2,500, competition between Ethereum and Bitcoin will continue. This will attract more users and investors, driving market growth. The popularity of NFTs will contribute to the evolution of rankings, and Ethereum will likely maintain its position at the top.
