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 Bit...
BTC’s NFT Breakthrough
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.
Despite Ethereum maintaining a higher total sales figure, the relatively lower wash percentage of Bitcoin suggests a potentially healthier and more organic market activity.
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.
Nasdaq 100 Correlation With Bitcoin Plummets
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.
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