Ethereum

Momentum

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Spot

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 <p>The era of declaring the NFT market dead is a thing of the past. Recent data serves as a strong testament to the resilience of the Ethereum NFT market, unveiling a thriving landscape with a transaction volume reaching an impressive $34.786 million. This surge, the highest since June 29, is underscored by remarkable performances from various NFT projects, including double-digit percentage gains within the last 24 hours for DeGods and others.</p>
 <p>The breakdown of this dynamic activity reveals that Blur constitutes a substantial 80% of the transaction volume, while OpenSea contributes 18%, emphasizing the diverse and expanding nature of the Ethereum NFT ecosystem.</p>
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 <h4 class="wp-block-heading" id="h-notable-successes-in-prominent-nft-ventures">Notable Successes in Prominent NFT Ventures</h4>
 <p>Several significant NFT projects have experienced substantial price increases, enhancing the overall vibrancy of the market. Pudgy Penguins, Azuki, and Milady are notable examples, with Pudgy Penguins achieving a new high by surging over 18% to exceed 10 ETH. Golden Finance reports that Pudgy Penguins’ floor price has reached a record 9.66 ETH, marking an impressive 100% increase in just 30 days. These accomplishments are particularly noteworthy considering the challenges faced by the Ethereum NFT market throughout 2022.</p>
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 <h4 class="wp-block-heading" id="h-challenges-and-renewed-momentum">Challenges and Renewed Momentum</h4>
 <p>The Ethereum NFT market encountered significant challenges in 2022, witnessing a sharp decline from its peak market capitalization of $19.1 billion in February. Events such as the collapses of Terra Luna and FTX in May and November, respectively, led to the market’s value dropping to $2.2 billion by the end of November, indicating a substantial decrease from its peak.</p>
 <h4 class="wp-block-heading" id="h-november-rejuvenation-and-revival">November Rejuvenation and Revival</h4>
 <p>Despite the hurdles, the Ethereum NFT market displayed signs of recovery in November 2022. Although the market cap had decreased to $3.7 billion by the year’s end, reflecting a 60% decrease in USD value from the year’s outset, it demonstrated resilience with a 68% increase in value from November.</p>
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 <p>Ethereum’s NFT sales volume in February 2023 amounted to $950 million, but bearish sentiments in the first and second quarters led to a significant decline. The market capitalization reached its peak at $10 billion on February 20, followed by an 82% decrease in sales volume on Ethereum between February and October. However, November marked a turning point, witnessing a resurgence in NFT trading, recording a sales volume of $348.61 million—an encouraging first month-over-month uptick since February.</p>
 <p><strong>Also Read: Ethereum: Vitalik Buterin Wants to Redesign the Network</strong></p>
 <h4 class="wp-block-heading" id="h-ethereum-surpasses-2-000-analysts-spot-ideal-buying-opportunity">Ethereum Surpasses $2,000: Analysts Spot Ideal Buying Opportunity</h4>
 <p>Concurrently with the flourishing NFT market, Ethereum itself has surged beyond the $2,000 mark, prompting analysts to highlight a prime buying opportunity. Analyst Ali underscores the appeal of the current price level, citing significant token accumulation in the $1,900 to $2,100 range.</p>
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    <p lang="en" dir="ltr">With #Ethereum above $2,000, it could be a prime buying moment. Why? A large volume of tokens were acquired around this level.<br><br>Data from @intotheblock reveals that 5.85 million wallets hold 43.8 million $ETH bought between $1,900 and $2,100. This range could become a significant… pic.twitter.com/OwYyqboJXn</p>
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 <p><strong>Also Read: Fidelity Files for Spot Ethereum ETF with SEC</strong></p>
 <p>A substantial 5.85 million wallets currently hold 43.8 million ETH within this range, indicating a robust support level that may pave the way for sustained growth in the coming years. Analyst Ali suggests that with Ethereum surpassing $2,000, it presents a prime buying moment, hinting at the potential for investors to benefit from the existing support level stabilizing Ethereum’s price for an extended period.</p>
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<div class="cs-entry__tags">
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  <li>crypto</li>
  <li>cryptocurrency</li>
  <li>ethereum</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-nft-market-booms-transaction-volume-hits-34-million-tbt72577.html">https://thebittimes.com/ethereum-nft-market-booms-transaction-volume-hits-34-million-tbt72577.html</a></p>

Ethereum NFT Market Booms: Transaction Volume Hits $34 Million

TheBitTimes

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