Bitcoin NFT NodeMonkes Overtake BAYC, Sees 50% Surge In Floor Price

While the broader NFT market has been witnessing a slowdown, interest in Bitcoin ordinals NFT has been rising on the other hand. Bitcoin NodeMonkes NFTs have been in major demand recently surpassing some of the top and existing p[layers in the market.

Bitcoin NFT NodeMonkes Overtake BAYC

Over the last 24 hours, the base price of Bitcoin NFT NodeMonkes has surged by over 50% to reach 0.82 BTC, equating to a market capitalization of $554 million. This remarkable increase has propelled NodeMonkes to surpass Bored Ape Yacht Club (BAYC) and secure its position as the second-largest NFT project, following CryptoPunks. The market capitalization of CryptoPunks reached $1.76 billion, while Bored Ape Yacht Club (BAYC) stood at $490.9 million, as per data from CoinGecko.

On the other hand, NodeMonkes experienced a surge in sales, increasing by 140.8% in the last 24 hours, reaching a sales volume of $5.1 million.

Similarly, another Bitcoin NFT, Runestone, has witnessed substantial growth, surging by more than 50% over the past week to exceed 0.04 BTC in value. With a market capitalization of US$310 million, Runestone has outpaced Mutant Ape Yacht Club (MAYC) to claim the sixth position among the largest NFT projects.

Rising Demand for Bitcoin NFTs

In a notable shift within the cryptocurrency space, NFT traders are redirecting their focus towards Bitcoin NFTs. It further mirrors the recent pivot observed among token traders from Ethereum (ETH) to SOL meme coins. This trend has led to a surge in buyers and enthusiasts flocking to platforms hosting Bitcoin NFTs, with notable projects such as Runestone and NodeMonkes experiencing increased attention.

Of particular significance is NodeMonkes’ achievement of flipping the popular Bored Ape Yacht Club (BAYC) NFT, which has encountered significant selling pressure in recent weeks. Analysts suggest that this move may be driven in part by escalating gas costs on the Ethereum network and a perceived saturation in the NFT market, characterized by declining prices even among prominent projects like PudgyPenguins.

Data from The Block’s data dashboard reveals a notable decline in monthly trading volume on Ethereum-based NFT marketplaces, with February recording a total volume of $786.5 million, down from January’s figure of $867.8 million. The trend persists into March, with trading volume for the month thus far amounting to $503.1 million.

The surge in interest in Bitcoin NFTs amidst these shifting market dynamics underscores the evolving preferences and strategies of NFT traders

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.