Ethereum

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Bull Market

The non-fungible token (NFT) industry has predominantly experienced a decline in trading activity since the beginning of the year, but the market appears to be currently undergoing a noteworthy and positive transformation. Based on on-chain data, one of the major collections that seems to be leading this recent surge is the CryptoPunk non-fungible tokens. 
CryptoPunks, a series of 10,000 unique pixel art characters on the Ethereum blockchain, gained widespread acclaim and fervent collector attention for a few years after its inception. However, interest in the collection has been relatively low in the past few months, coinciding with the <a href="https://bitcoinist.com/elon-musk-fires-shots-at-nfts/" target="_blank" rel="noopener ">widespread downturn in the NFT market</a>. 
<h2 id="strong-trading-volume-surge-from-200-000-to-3-000-000-in-one-week-strong">Trading Volume Surge From $200,000 To $3,000,000 In One Week</h2> 
In recent weeks, the CryptoPunks collection has been garnering the attention of investors and collectors. According to <a href="https://app.intotheblock.com/insights/nft/by-collections/0xb47e3cd837ddf8e4c57f05d70ab865de6e193bbb" target="_blank" rel="noopener nofollow">data from blockchain analytics firm IntoTheBlock</a>, there has been a substantial surge in the trading volume of the Cryptopunks NFT collection, escalating from $200,000 to well over $3 million in the previous week. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 The Cryptopunks NFT collection's trading volume has increased significantly in the past week, from $200k to over $3M!<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/S0YGJVdlD7" rel="nofollow" target="_blank">https://t.co/S0YGJVdlD7</a> <a href="https://t.co/ahBV646GKM" rel="nofollow" target="_blank">pic.twitter.com/ahBV646GKM</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1723385822970315086?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 11, 2023</a>
</blockquote> 
The trading volume is a crucial metric that helps measure market interest, market activity, and liquidity of a non-fungible token collection. As such, <a href="https://bitcoinist.com/donald-trump-nft-witness-spike-in-trading-activity/" target="_blank" rel="noopener ">high trading volumes</a> often suggest rising liquidity and increasing demand for NFTs in a collection. 
Furthermore, the surging trading volume of the CryptoPunks collection has translated to a drastic 1,000% increase in its sales volume. Based on data provided by <a href="https://www.cryptoslam.io/" target="_blank" rel="noopener nofollow">CryptoSlam</a>, the collection ranks as the highest Ethereum-based NFT collection by sales volume. 
Another data point that points to the rising demand for CryptoPunks’ non-fungible tokens is the growing <a href="https://bitcoinist.com/floor-prices-nft-rising-analyst-skeptical/" target="_blank" rel="noopener ">floor price</a>. As of this writing, the NFT collection boasts a floor price of 59.4 ETH, reflecting a roughly 27% increase in the past seven days. 
<h2 id="strong-nft-industry-witnesses-boom-as-crypto-bull-market-approaches-strong">NFT Industry Witnesses Boom As Crypto Bull Market Approaches&nbsp;</h2> 
The recent interest in the CryptoPunks collection highlights the resurgence of the broader NFT market.&nbsp; According to <a href="https://app.intotheblock.com/insights/nft" target="_blank" rel="noopener nofollow">data from IntoTheBlock</a>, the daily trading volume of Ethereum-based NFTs crossed $30 million on Thursday, November 9, for the first time since early July.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter wp-image-264205 size-large" src="https://bitcoinist.com/wp-content/uploads/2023/11/F-t_yGJWkAAYYjI.png?resize=980%2C391" alt="NFT" width="980" height="391" srcset="https://bitcoinist.com/wp-content/uploads/2023/11/F-t_yGJWkAAYYjI.png?w=1120 1120w, https://bitcoinist.com/wp-content/uploads/2023/11/F-t_yGJWkAAYYjI.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2023/11/F-t_yGJWkAAYYjI.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/F-t_yGJWkAAYYjI.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/11/F-t_yGJWkAAYYjI.png?w=750 750w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
Interestingly, the timing for this favorable momentum shift couldn’t be any better, as the broader cryptocurrency market has also been experiencing a climate shift in the past few weeks. Bitcoin, the premier cryptocurrency fueling the current positive sentiment, is up by 37% in the past month.&nbsp; 
If the highly-anticipated bull market does arrive, the NFT industry could capture a considerable chunk of the fresh money inflow, as recent on-chain data are pointing to a brewing bullish run for most non-fungible tokens. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/f3fXCAoU/" alt="NFT" width="2174" height="1442">

NFT Boom: CryptoPunks Collection Shines With 900% Trading Volume Increase

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