ETH Don Jump 19% Reach $4.1K Amid NFT Market Sales Drop 11%
Ethereum climb 19% reach $4,100 last week, but NFT market sales drop 11% reach $134.9 million. Buyer numbers fall near 90% to 73,900, while sellers drop 91% to 42,878. On-chain NFT transactions rise small 1.6% to 1.78 million but e no boost sales.
Ethereum NFTs dey lead volume with $58.5M (-23.4%), followed by Polygon at $17.8M (+56.9%), BNB Chain at $13.6M (+33.5%), Bitcoin at $14.2M (-19.5%) and Solana at $8.2M (-33.5%). Top collections dem no dey same: Polygon’s Courtyard top with $15.9M (+68%) and buyers rise 153%; CryptoPunks drop 43.7% to $11.4M even though record 720 ETH sale happen; Pudgy Penguins add 12.8%, SpinNFTBox jump 56.3%, while DMarket and Sorare see slight fall.
The big drop for people wey dey participate for NFT market dey cause worry about how the market fit last. Traders suppose dey watch buyers activity and sales volume to see if recovery fit happen amid the market contraction wey still dey happen.
Bullish
Ethereum price rise wey reach 19% dey show say buyers get strong momentum, meaning say market dey bullish even though NFT market sales dey fall. Sharp drop for NFT participation dey show say the sector get wahala but e no fit cancel Ethereum on-chain demand. For short term, if price keep moving and traders still dey interested for ETH, e mean say price fit continue to rise. For long term, if NFT market continue to shrink, speculative demand fit cool down, wey fit limit how far price go climb. Overall, the strong price rally for Ethereum pass the wahala from NFT, so e support the bullish outlook for ETH.