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.