Bitcoin NFT NodeMonkes has seen a remarkable increase in demand surpassing BAYC with a base price surge of over 50%.
In contrast to the general trend of the non-fungible token (NFT) market, which has been experiencing a slowdown, there has been an increase in interest in Bitcoin NFT ordinals
Bitcoin NFT NodeMonkes have recently seen a surge in demand that has surpassed that of some of the most prominent and established players now available on the market.
Bitcoin NFT NodeMonkes Surges, Overtakes BAYC in NFT Market
The base price of Bitcoin NFT NodeMonkes has increased by more than 50% over the past twenty-four hours, reaching 0.82 BTC. This represents a market capitalization of five hundred and fifty million dollars.
NodeMonkes has surpassed Bored Ape Yacht Club (BAYC) and secured its place as the second-largest non-fungible token (NFT) project, following CryptoPunks, as a result of this astonishing increase.
According to the information provided by CoinGecko, the market value of CryptoPunks hit $1.76 billion, while the market capitalization of Bored Ape Yacht Club (BAYC) stood at $490.9 million.
On the other hand, NodeMonkes saw a significant increase in sales, which reached a total of $5.1 million after a 140.8% increase over the previous twenty-four hours.
Similarly, another Bitcoin non-fungible token, known as Runestone, has experienced significant growth, with its value surpassing 0.04 BTC after a surge of more than fifty percent over the past week.
In the ranking of the most significant non-fungible token (NFT) projects, Runestone has surpassed Mutant Ape Yacht Club (MAYC) to take the sixth spot, with a market valuation of 310 million United States dollars.
Investors in non-fungible tokens (NFTs) are shifting their attention to Bitcoin NFTs, a significant move within the cryptocurrency industry. Additionally, it reflects the shift noticed among token dealers towards SOL meme currencies from Ethereum (ETH).
This pattern has increased the number of purchasers and enthusiasts flocking to platforms that house Bitcoin non-fungible tokens (NFTs). Notable projects such as Runestone and NodeMonkes have also received more attention.
The fact that NodeMonkes successfully flipped the famous Bored Ape Yacht Club (BAYC) NFT, which has been subjected to a large amount of selling pressure in recent weeks, is particularly relevant.
Analysts believe that this move may have been influenced in part by the rising gas prices on the Ethereum network as well as a perceived saturation in the NFT market, which is characterized by falling prices even among renowned projects such as PudgyPenguins.
According to the data dashboard provided by The Block, there has been a significant decrease in the monthly trading volume on Ethereum-based NFT platforms.
The overall volume for February was recorded at $786.5 million, which is a decrease from the number of $867.8 million recorded in January. The pattern continues throughout March, with the total volume of trading for the month up to this point totaling $503.1 million.
Despite these shifting market dynamics, there has been a boom in interest in Bitcoin non-fungible tokens (NFTs), which highlights the changing tastes and techniques of NFT traders overall.