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NFT: why prices are soaring after falling to their lowest ?

© OpenSea

This is a fact that has probably not escaped you. The price of Bitcoin and many other cryptocurrencies is reaching record highs. As we write these lines, the most famous virtual currency is trading at $66,600, its highest historical level.

Optimism is back in the NFT market

In the wake of this euphoria, the NFT market, which many thought was dead and buried, is also regaining color. ZDNetthus reports the figures provided by the specialized media Cryptopolitan according to which 412.38 million dollars were exchanged during the last week of February. This is 35% more than the previous week.

Other clues confirm this phenomenon. This is the case for NFTs linked to the price of Bitcoin, which increased by 103% from one week to the next (154.82 million dollars in exchange). Same trajectory for those benchmarked on Ethereum, another cryptocurrency popular with investors: 153.94 million dollars exchanged.

Finally, the period seems particularly favorable for high value NFTs. Our colleagues discuss the case of the NFT Budgie which sold for more than a million dollars, and several dozen other transactions for an amount exceeding 100,000 dollars.

The stars of NFTs on the rise

However, the time is not necessarily for euphoria in the NFT sector which collapsed after a wave of optimism in 2021. Furthermore, there is nothing to indicate that the spectacular rise of Bitcoin is truly sustainable . Several specialists have also warned that its price risks falling soon, and that a rectification cannot be ruled out.

As a reminder, we already spoke to you last November about a wave of optimism in the NFT market. Thus, the floor price of CryptoPunks had increased by 82% over the last 30 days to reach $125,000. The same was true for Bored Ape Yacht Club which had increased by 67% ($65,000). Finally, the Azuki NFT soared 107% to $13,200. There was also already talk of the increase in the price of cryptocurrencies linked to these NFTs.

What you need to remember:

  • The course of Bitcoin is breaking a historic record
  • In this context, NFTs linked to this cryptocurrency are doing well
  • < li>The prices of renowned NFTs have increased enormously in recent weeks. It remains to be seen whether this trend will truly be sustainable

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Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116