• Crypto Punks’ trading volume jumped 15x, leaving BAYC behind.
• The average floor price increased from 49.85 ETH to 59.40 ETH.

The Crypto Punks NFT collection was handed a boost in the last seven days as its trading volume skyrocketed from $200,000 to $3 million. 

In the NFT market, trading volume is an indicator of the health of a collection. Low trading volumes imply a drop in interest and a substantial decrease in liquidity. On the flip side, high trading volumes suggest increasing liquidity and solid demand for assets in a collection.

Punks are no longer unwanted

Therefore, the surge in Crypto Punks’ volume meant that there was an increase in demand for the collection. As a result, the rotation of ownership hit a point that it hadn’t neared in months.

Furthermore, the hike in the volume made it the collection with the highest sales on the Ethereum [ETH] blockchain. According to CryptoSlam, Crypto Punks’ sales in the last seven days amounted to $20.26 million.

This value represented a 924% increase when compared to the previous seven days.

However, being the top earner on Ethereum did not mean that Punks had the highest volume and sales in the broader NFT market.

AMBCrypto’s analysis of the market activity showed that $SATS BRC-20 NFTs, a collection operating via the Bitcoin Ordinals network, had the highest transactions and sales.

Source: CryptoSlam

Go to Source to See Full Article
Author: Victor Olanrewaju

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