Bitcoin Dominates: Overtakes Ethereum In 24H NFT Sales Volume For The First Time
November 08 2023 - 8:00PM
NEWSBTC
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. Related Reading: Dogecoin In Tight Zone: Why A Rally Will
Happen If DOGE Clears $0.076 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.
Related Reading: Ethereum Failed Transactions: You Won’t Believe
How Much Users Have Lost 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
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