Dear all,
Bitcoin breaks through 70k. Let us bring you the customary NFT and digital market overviews for the past two weeks.
🌐 Two Weeks Market Brief
Bitcoin for the past 2 weeks ending 11st March rose 27.99%, Ethereum 19.4% and the rest of the market 28.87%. Aside from Bitcoin, memecoins staged a notable rally.
The sustained influx of capital into the Bitcoin Spot ETFs propelled the ongoing rally as Bitcoin broke through 70k to reach all time high prices. The sentiment is extremely bullish as can be evidenced by the fear & greed index (Figure 1). The current market dynamics, particularly within BTC, does evoke sentiments of late 2020 though there could well be shorter term corrections. Ethereum is expected to undergo the Dencun upgrade tomorrow. Meme and AI narratives persist as driving forces of market sentiment.
Figure 1: Fear and Greed Index shows extreme greed / Source: Coinmarketcap
With inflation persisting and growth starting to show weakness the prevailing environment bears resemblance to a stagflationary period. Gold and Bitcoin both breaking all time highs can tentatively be served as evidence. We could be on the brink of an exceedingly uncertain period for macro, rendering predictions about the Federal Reserve's next moves exceptionally challenging. The release of the US Consumer Price Index (CPI) today further adds to the complexity of the situation.
NFT Market Overview
Despite the recent rise in Ethereum prices, the trading volume appears to remain relatively steady. Across three major chains, there hasn’t been much change in daily trading volume compared to two weeks ago. Ethereum's daily volume stands at $26.6 million, Solana at $10.1 million, and Bitcoin at $4.9 million. Over the past 7 days, Blur leads in trading volume among all marketplaces at $159.1 million, followed by Magic Eden at $64.43 million.
Here is the Blue Chip Index for Ethereum NFTs. In both USD and ETH terms, continues to show decoupling effect, as the rise in Ethereum's price affects the USD term positively while causing a decrease in ETH terms.
Here are the top 5 Ethereum collections based on trading volume over the past week, including the floor price and the percentage change in floor price for each collection. After Pudgy Penguins surpassed the floor price of Bored Ape Yacht Club (BAYC) back in February, Pudgy is closely following BAYC. The rise of Ethereum has an effect on the floor price of NFT collections, as traders tend to adjust the ETH value in correlation with the ETH price. Nevertheless, BAYC doesn’t show any signs of recovery after its acquisition of Proof and Daniel Alegre’s departure as CEO.
| Collection | Volume (ETH) | Floor Price (ETH) | Floor Change (%) |
|---|---|---|---|
| Bored Ape Yacht Club | 10,161 | 15 | -5.62 |
| Pudgy Penguins | 8,658 | 14 | -11 |
| Peplicator | 6,332 | 0.1512 | +143 |
| Mutant Ape Yacht Club | 6,140 | 2.27 | -18 |
| Pandora | 3,645 | 6 | -14 |
Here are top five sales in the Ethereum NFT market in the past 7 days:
- Bored Ape Yacht Club #8861: 247 ETH
- CryptoPunks #7846: 220 ETH
- The Crop Collective #6239: 220 ETH
- CryptoPunks #8515: 157 ETH
- Fidenza #531 by Tyler Hobbs: 142 ETH
