- Interest in Bitcoin NFTs grew as weekly sales surged.
- Activity on the Bitcoin network continued to decline.
Ethereum [ETH] had been the undisputed champion in the NFT sector for quite some time. However, in the last few months, Bitcoin [BTC] managed to dethrone Ethereum and claimed the top spot.
NFTs makes a comeback
Bitcoin took the lead in NFT sales, experiencing a significant 55.42% increase, bringing its total sales to a staggering $49.74 million.
However, this surge came with a caveat. Wash trading, a practice of inflating trading volume through artificial buying and selling, also rose by 15.39%, exceeding $39,000.
This can cause concerns and questions about the legitimacy of some of this activity.
Interestingly, despite the wash trading increase, the number of active buyers on Bitcoin plummeted by nearly 96%, with only 2,056 addresses participating in the market.
Ethereum, the previous leader, followed closely behind with $35 million in NFT sales. This represented a slight decline of 0.31% compared to the prior week.
However, unlike Bitcoin, Ethereum saw a higher number of active buyers engaging in the market, even though this number still reflected a significant 56.33% drop from the previous week.
Meanwhile, alternative blockchains were making strides as well. Polygon enjoyed a healthy 29.43% increase in sales, reaching $19.63 million.
Solana also witnessed growth, claiming the fourth position with $18.225 million in sales. Immutable X joined the party with a 12.77% increase in sales, further solidifying its presence in the NFT ecosystem.
Source: Crypto Slam
One of the more popular collections on the Bitcoin network was Quantum Cats. Over the past month, the NFT collection witnessed a 51% uptick in sales volume.
Moreover, the sales transactions for this collection also grew significantly by 33% during this period.
Source: CryptoSlam
Activity on the network
Despite the high interest in Bitcoin NFTs, the number of active addresses on the Bitcoin network fell materially. AMBCrypto’s analysis of Santiment’s data indicated that the daily active addresses on the Bitcoin network fell from 1.17 million 613,000 in the last 30 days.
The waning activity on the network impacts miners as well and affects their ability to generate revenue based on transactions on the network.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Due to this miners can be forced to sell their holdings to remain profitable, causing selling pressure on BTC. However, the recent interest in BTC from whales can help BTC shake off the selling pressure.
Source: Santiment