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NFTs Pump Alongside Bitcoin as the Crypto Market Surges

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By Jerry Walters - - 5 Mins Read
NFT cryptographic illustration
Featured | Riki32/Pixabay

Among all NFT hosting platforms, Bitcoin stands out with an impressive 44% increase in its daily NFT crypto trading volume, reaching $16 million.

Despite the current fluctuations in the crypto market, non-fungible tokens (NFTs) have experienced a surge in demand.

The latest data from CryptoSlam reveals a notable surge, with global NFTs crypto sales volume skyrocketing by 28.1% in the last 24 hours, reaching over $38.2 million. 

Concurrently, the total number of NFT transactions has surged by 26.2%, totaling 249,125.

However, despite these encouraging trends, the NFTs crypto wash volume has experienced a dip of 15.2%, currently resting at $10.6 million.

Bitcoin Leads the charge among all NFT hosting platforms, with an astounding 44% surge in daily NFT crypto trading volume.

Bitcoin's Dominance in NFT Trading

Currently, the daily NFTs crypto trading volume on Bitcoin has reached close to $16 million. Simultaneously, the Bitcoin blockchain has recorded $77,955 in wash trades during the same period. 

Furthermore, Ordinals sales have significantly contributed, nearly doubling within the past 24 hours, totaling $4.47 million across 2,157 transactions.

While Bitcoin leads the NFT cryptocurrency scene, Ethereum closely follows with a daily NFT sales volume of $10.9 million, reflecting a 32% increase from previous levels. 

Despite declining trading volume for the prominent NFT platform Blur, other platforms like Magic Eden, OKX NFT Marketplace, and OpenSea are witnessing huge growth.


Uncategorized Ordinals Sales Volume Charts
Ordinals Sales Volume Charts | Cryptoslam


According to data from DappRadar, these platforms have experienced surges of 48.45%, 63.15%, and 18.66%, respectively, over the past 24 hours.

NFTs Make a Resurgence

While meme coins have been the talk of the crypto town in 2024, non-fungible tokens (NFTs) are once again at the center of the discussion.

Nicolás Lallement, the co-founder of NFT Price Floor, points out that there are clear indicators of an NFTs crypto comeback. 

He highlights notable recent sales, including two Alien Punks fetching $16 million each and a record-breaking sale of Autoglyphs totaling $14.6 million in February.

Speaking to Crypto.News, Lallement emphasized the potential for an increase in quality NFTs crypto during the ongoing bull market and the anticipated L2 summer.

"I think NFTs will come back 100%, we are already seeing signs of that," Lallement quipped.

Lallement also explained digital collectibles' unique value proposition, noting their ability to offer richer and more sophisticated storytelling experiences.

Additionally, as the NFTs crypto market gains momentum, industry analysts speculate on the factors contributing to this resurgence. 

One important aspect is the increasing interest from mainstream artists, celebrities, and brands in embracing NFTs and cryptocurrency as a way to monetize digital art and unique creations.

This mainstream adoption not only adds credibility to the NFT and cryptocurrency market but also attracts a wider audience of investors and collectors.

Technological advancements in blockchain scalability and interoperability make NFTs more accessible and appealing.

Integration of layer 2 solutions is expected to address scalability issues and reduce associated fees for smoother transactions.

Moreso, the emergence of decentralized finance (DeFi) platforms that facilitate NFTs crypto trading and lending is expanding the utility and liquidity of digital collectibles.