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Ethereum Reclaims Top Position in NFT Market
Ethereum has once again solidified its status as a market leader in the realm of blockchain non-fungible tokens (NFTs), achieving an impressive sales volume of $17.02 million. According to data compiled by CryptoSlam, sales on the platform surged by 39.19% in the twenty-four hours leading up to 2:00 pm, signaling significant growth in this market segment.
The sharp increase in Ethereum’s sales volume is a clear indicator of the industry’s current momentum, with expectations soaring to $43.36 billion, marking a historic high. Notably, Ethereum’s surge in sales has propelled it past Bitcoin, holding the top daily sales position for two consecutive days, a feat previously unattained.
Market Dynamics
This shift in dominance marks the conclusion of a dynamic week, where Bitcoin initially led the market on Monday and Tuesday before Ethereum’s ascendancy on Wednesday. Solana, taking the second spot, and Bitcoin, the third, both experienced a 30% decline in sales margin, recording figures of US$11.61 million and US$6.79 million, respectively – a 4.17% reduction for Solana.
The all-time NFT sales volume for Bitcoin stands at nearly $3 billion, with the current tally at around $23 million. Positioned to surpass this milestone, Bitcoin is on track to become the fourth network in history to achieve this landmark.
NFT Market Landscape
From the latest data, Polygon emerges as the fourth leading network in terms of sales volume, with a notable 6.35% increase within twenty-four hours, totaling $1.13 million. This surge marks a significant milestone as Polygon witnesses a $1 million boost in sales for the first time in its history.
Meanwhile, Mythos Chain rounds out the top five NFT networks, accumulating transactions totaling $1.06 million. Immutable, which formerly held a top-five position, experienced a setback with a 20% decline in sales, resulting in a total of $725,679, marking a significant shift in the market dynamics.
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