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Ethereum NFTs have risen, with the total NFT market capitalization that recovers $ 6.8 billion for the first time since Q4 2023. ETH has risen almost 50% this month, with NFT flows and gas consumption that adds bullish pressure in Q3.
Although the market may seem a bit overloaded, NFTs [Non-Fungible Tokens] Have built a solid bullish structure lately. Historically, Spikes in the NFT market capitalization are tailored to wider crypto -bull runs. And we are starting to see those early signs again.
The total NFT market capitalization has just squatted $ 6.8 billion, which was the first outbreak since last year’s Q4 pump, which peaked at around $ 10 billion. It was the nearest cycle of the NFT -Rerzernij 2021.
Source: Coingecko
And yet, even with the overall NFT question to climb, cryptopunks only (an OG Ethereum NFT) has almost 30% Market DominanceJumping with around 10% since the election rally.
Immediately behind them, Pudgy Penguins, also Ethereum-Native, checks around 8.5% of the market. Together these two run most of the heavyweight status of Ethereum in the NFT game.
And it’s not random. Ethereum [ETH] This month is torn by almost 50% and organizes a strong Q3 movement. That momentum clearly flows into high-end NFT theater pieces.
The real question now -is this dominance in the NFT room just a side effect, or a direct reflection of the growing macro -footprint from Ethereum?
Ethereum restores its crown in the NFTs
Ethereum NFTs are back in action. According to Coingecko, Eth NFTS reported A jump of 26% in market capitalization and a peak of 488% in 24-hour trade volume. And this is not a coincidence.
One wallet reached 45 cryptopunks in a single day and dropped 2,082 ETH ($ 7.79 million), so that one of the of the Buy Biggest Single-Day NFT We have seen in months.
In fact, with another full week in July, ETH NFT volume has already tapped $ 152.84 million what a five-month high has been marked and indicates that the real momentum can rebuild in the NFT stream.
Source: Theblock
The combination of the NFT market capitalization that recovers $ 6 billion and on ETH-based volume, underlines a tight correlation. Ethereum who recovers his place also works as the backbone of NFT -Liquidity.
On the prize side, ETH has risen by almost 50% MTD, holding company above $ 3,700 and testing key resistance zones.
If this NFT current ETH continues to absorb the scale and gas activity remains increased, it can strengthen the upward pressure. This would add fuel to ETHs Breakout structure Go to Q3.