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Despite the stability in the prices of most major cryptocurrencies during the past 30 days, the likes of Bitcoin and Ethereum have only declined by 1.7% and 4.0% respectively, and BNB and XRP by 3.9% and 7.0%, respectively. coinmarket capNon-fungible token prices (nft) are pumping. According to nft price floorThe price to acquire this NFT from the Bored Ape Yacht Club (BAYC) collection is up 17.5% over the past 30 days to $117,750.
The Bored Ape Yacht Club NFT collection is currently the most valuable in the NFT space, with a market capitalization (as per the price floor) of approximately $1.177 billion. The minimum price to get your hands on a Cryptopunk NFT is up about 5.5% over the same time period – Cryptopunk is the second most valuable NFT collection, with a floor market cap of over $1.0 billion.
NFT prices rally despite macro, regulatory headwinds
The rally in NFT prices comes despite a broader risk aversion across traditional asset classes, with the Fed promoting tighter bets with a strong US data release last month – inflation is on the rise again and US economic activity and the labor market remain strong , the Fed is now taking interest rates through the middle of the year to about 5.5%, while the rate hike was expected to be about 5.0% only a month ago.
Such a change in Fed tightening expectations has generally been negative for digital assets, which are still viewed as a speculative asset class. Under such circumstances, NFTs have historically been one of the most affected sectors of the crypto space. The rally in prices also comes with a ramp-up in regulatory pressure on centralized crypto firms in the US. The SEC Has Recently Targeted Kraken More on its staking program Paxos on issuing its BUSD,
rising quantity support price
Prices have been able to remain resilient amid a surge in NFT trading volumes. According to the recently released monthly report by DappRadar, trading volume exceeded $2.0 billion in February, the highest monthly trading volume since May 2022. Meanwhile, DappRadar’s website shows that, during the past 30 days, the top seven NFT trading exchange Trading volume clocked over $2.0 billion with the new kid on the block stigma Of these, $1.45 billion is enjoying massive inflows.
Blur launched its platform in October, and there was a lot of hype about the platform last month in the lead up to the platform’s token airdrop – tokens allocated to users of the Blur platform based on their trading activity. The exchange has seen stratospheric growth over the past 30 days – according to DappRadar, the platform has seen 158,000 UAW (unique crypto wallets interacting with it), up more than 200% from the prior 30-day period. Over the same period, volumes are also up more than 200%, while transactions were up 150%.
Blur’s marketplace currently charges zero fees on trades and was encouraged to grow in popularity in February open sea, the established industry leader in the NFT marketplace space, to zero down on fees as well. Blurred airdrop promotions and fee reductions from the largest players in the NFT marketplace have been attributed by many analysts as key catalysts for the recent surge in NFT trading volumes, as well as the recent volatility in NFT prices.