Bitcoin

Summer

<h2 id="key-points">Key Points</h2>
<ul>
 <li>October saw a substantial increase in NFT activity, but top cryptocurrencies experienced a drop in NFT sales volume.</li>
 <li>The NFT market capitalization dropped by $100 million in November.</li>
</ul>
<h2 id="october-s-nft-market-performance">October’s NFT Market Performance</h2>
<p>October saw an uptick in the NFT ecosystem after a lull during the winter months. Ayo Creator, CEO of Pictodl, tweeted that NFTs experienced a rebound in October with a monthly volume of $356 million, marking an 18% increase from the previous month. The total transactions also rose by 42% to 7.2 million.</p>
<p>Despite this overall rise, top cryptocurrencies like <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, and Solana (SOL) saw a drop in NFT sales volume. Ethereum’s number of buyers only increased by 3%, while the sales volume and number of transactions fell by 33% and 60% respectively.</p>
<h2 id="solana-and-bitcoin-s-performance">Solana and Bitcoin’s Performance</h2>
<p>Solana’s situation was even more dire, with its sales volume and transactions dipping by 22% and 18% respectively. The number of NFT buyers and sellers also fell by 25% and 17% in the last 30 days. Bitcoin experienced a similar downturn, contributing little to the overall rise in NFT numbers in October.</p>
<p>Despite this, some collections performed well. Bored Ape Yacht Club topped the list for Ethereum, Frogana for Solana, and Bitcoin Puppets for Bitcoin.</p>
<h2 id="nft-market-in-november">NFT Market in November</h2>
<p>November saw a sharp decline in the NFT market capitalization, with a drop of nearly $100 million. The number of traders also decreased, however, the number of long-term holders continued to rise.</p>

Does October’s NFT Surge Indicate the Beginning of an NFT Summer Trend?

Table of Contents

CoinEagle.com

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