Friday, December 8, 2023

CryptoPunks price rises over $100,000 for first time since May.

For the first time in two months since May 18, the floor price of CryptoPunks the cheapest available, listed on a secondary marketplace, rose above $100,000. Over the last couple of months, NFT collections took a massive hit because of the wider crypto market crash.

But now, the cheapest NFTs from CryptoPunks have grown substantially. The entry-level price for CryptoPunks, over the past week, surged nearly 31%. This is attributed to the rising value of Ethereum, which is up nearly 40% in the past seven days, as per data from CoinMarketCap. CryptoPunks, when measured in terms of ETH, price is up nearly 12% over the past week and about 27% over the last month.

However popular NFT collections like the Bored Ape Yacht Club (BAYC) has seen their price floor fall 5% over the past week. The rising US dollar looks promising and will definitely push up the price. In 2021, the NFT market recorded a trading volume of $25 billion and added $20 billion more in 2022 – so far. CryptoPunks has yielded more than $2.3 billion worth of trading volume. This includes the record sale of $23.7 million in February.

The latest price climb follows a pair of multi-million dollar CryptoPunks sales – one was sold for over $2.6 million on July 13 and another for $3.3 million on July 15. Both NFTs are rare ape avatars in the collection of 10,000 profile pictures. These sales are ranked among the five largest on-chain CryptoPunks sales in terms of ETH. But it should be noted that CryptoPunks lost a significant value over the course of 2022 because of the downfall in the broader crypto market.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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