Bitcoin Dominates: Overtakes Ethereum In 24H NFT Sales Volume For The First Time

Ronaldo Marquez

1 year ago

3 mins read

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In a turn of events within the non-fungible token (NFT) market, Bitcoin (BTC) has achieved a significant milestone by surpassing Ethereum (ETH) in 24-hour NFT sales volume. This marks the first time that Bitcoin has outperformed Ethereum in this aspect.

BTC’s NFT Breakthrough

Bitcoin’s recent achievement of surpassing Ethereum in 24-hour NFT sales volume signals a changing trend and growing interest in the NFT market.

While Ethereum has long been recognized as the dominant blockchain for NFTs, Bitcoin’s entrance into the space demonstrates its increasing relevance and appeal to NFT enthusiasts and collectors.

The data highlights that Bitcoin accounted for $17,291,694 in NFT sales, with 575 buyers participating. On the other hand, Ethereum recorded $26,689,252 in total sales, with 11,225 buyers.

Despite Ethereum maintaining a higher total sales figure, the relatively lower wash percentage of Bitcoin suggests a potentially healthier and more organic market activity.

However, when it comes to volatility, data from Deribit, the leading crypto derivatives exchange, shows that the spread between ETH and BTC volatility, commonly referred to as the ETH DVOL vs. BTC DVOL spread, has narrowed significantly since October 23rd from -11.6 to just -0.6. This shift indicates a change in investor sentiment and increased attention towards Ethereum and altcoins.

In light of this development, Ethereum has outperformed Bitcoin over the past fourteen days. ETH has seen significant price movement, gaining over 2% in the last 24 hours, 6% in the last seven days, and 4% in the last fourteen days, bringing its current price to $1,899.

Meanwhile, Bitcoin has exhibited a slowdown in its upward momentum and is currently consolidating above $35,400. It has seen a 2% increase in the past 24 hours, 3% in the past seven days, and 1% in the fourteen-day timeframe.

However, it is important to note that BTC has gained more than 82% year-to-date, while ETH has only increased by 30% during the same period, according to CoinGecko data.

Nasdaq 100 Correlation With Bitcoin Plummets

According to recent Kaiko data, BTC has witnessed a significant decline in its correlation with traditional assets throughout the year. One notable development is the diminishing correlation between Bitcoin and the Nasdaq 100 index.

Over the past year, Bitcoin’s 60-day correlation with the Nasdaq 100 has substantially declined, plunging from over 70% in September 2022 to approximately 19% as of last week.

Bitcoin’s negative correlation with the US dollar, which ranged from 40% to 50%, has also weakened. Currently, the correlation is around 11%, signifying a reduced tendency for Bitcoin’s value to move in the opposite direction of the US dollar.

While Bitcoin’s correlation with gold has seen some upward momentum since August, the average correlation throughout the year has remained relatively low at 12%.

This suggests that the relationship between Bitcoin and gold has been modest regarding price movements and indicates a potential divergence in investment characteristics between the two assets.

Featured image from Shutterstock, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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