- Interest in Bitcoin NFTs grew as weekly sales increased.
- Activity on the Bitcoin network continued to decline.
Ethereum [ETH] has been the undisputed champion of the NFT sector for quite some time. However, in recent months Bitcoin [BTC] managed to dethrone Ethereum and claim the top spot.
NFTs are making a comeback
Bitcoin took the lead in NFT sales and saw a significant increase of 55.42%, bringing total sales to a whopping $49.74 million.
However, this increase came with a warning. Wash trading, a practice of increasing trading volume through artificial buying and selling, also rose 15.39%, to above $39,000.
This may raise concerns and questions about the legitimacy of some of these activities.
Interestingly, despite the increase in wash trading, the number of active buyers on Bitcoin fell by almost 96%, with only 2,056 addresses participating in the market.
Ethereum, the previous leader, followed closely with $35 million in NFT sales. This represented a slight decrease of 0.31% compared to the previous week.
However, unlike Bitcoin, Ethereum saw a greater number of active buyers in the market, even though this number still reflected a significant drop of 56.33% from the previous week.
Meanwhile, alternative blockchains were also making progress. Polygon saw a healthy 29.43% increase in revenue, reaching $19.63 million.
Solana also witnessed growth, claiming the fourth position with revenues of $18.225 million. Immutable
Source: Crypto Slam
One of the more popular collections on the Bitcoin network was Quantum Cats. Last month, the sales volume of the NFT collection was up 51%.
Furthermore, sales transactions of this collection also grew significantly by 33% during this period.
Source: CryptoSlam
Activity on the network
Despite the high interest in Bitcoin NFTs, the number of active addresses on the Bitcoin network dropped significantly. AMBCrypto’s analysis of Santiment’s data indicated that the number of daily active addresses on the Bitcoin network fell from 1.17 million to 613,000 over the past 30 days.
The declining activity on the network also affects miners and affects their ability to generate income from transactions on the network.
Read Bitcoin’s [BTC] Price forecast 2024-25
This may force miners to sell their assets to remain profitable, causing selling pressure on BTC. However, whales’ recent interest in BTC may help BTC shake off selling pressure.
Source: Santiment