During the world’s largest Bitcoin conference, Ethereum NFTs ironically provided one of the few green shoots on the red-filled crypto dashboard.
Bitcoin’s largest annual conference kicked off on Monday in Las Vegas with a Bitcoin theme ($BTC) Its price tag exceeds $78,600, and tens of thousands of attendees packed into Venice’s conference center to hear why it was worth more than that.
3 days later $BTC It was less than $75,000.
Throughout the three-day conference, all top 10 digital assets were negative except meme coin DOGE. However, Ethereum is far down the leaderboard $NFT Collections from the 2021 Bull Run have been gathered.
Bored Ape Yacht Club is up 17% over the past seven days, while its derivatives Mutant Ape Yacht Club and Bored Ape Kennel Club are up 25% and 53%, respectively.
Pudgy Penguin is up 15%, Azuki NFT is up 34%, Doodles is up 27%, and Clone X is up 16%.
The lineup of institutional speakers at the Bitcoin conference, which attracted more than 40,000 attendees over three days, was supposed to generate a barrage of bullish headlines, even though many reportedly received free GA passes. Instead, it became a classic news-selling event.
Meanwhile, on Ethereum, Bitcoin’s biggest competitor, a five-year-old cartoon monkey has become one of the top-performing crypto traders.
Virtual land NFT: average transaction volume decreases by 98% $ATH
Percentage increases are easy even from a low base
Of course, in reality, the whole $NFT The market capitalization is currently $1.9 billion, down from a peak of over $17 billion in April 2022.
So while NFTs performed well last month, they are still well below their previous highs.
Additionally, NFTs are currently a high market capitalization, low volume traded asset class, where very small purchases can significantly change the valuation of your collection.
To make matters worse, wash trading accounted for about $24 million of the $48 million total. $NFT Trading volume for the past week.
In fact, this increase is almost purely a floor price phenomenon and is hardly justified by actual purchases. Over the past 30 days, NFT market capitalization has increased by $480 million with just $125 million in non-wash trading volume, including liquidations and sales at lower prices.
