CryptoPunks surged 47% in November to 37.68 ETH, solidifying their blue-chip status.
On Monday, November 25, the floor price of CryptoPunks reached 37.68 ETH, which is the highest level it has reached since May. This represents a significant 47% increase from the floor price of 25.35 ETH at the beginning of the month.
In November, the non-fungible token (NFT) market has had a significant comeback, although CryptoPunks has been the most successful performer. CryptoPunks’ performance is far superior to that of other popular collections, despite the fact that the NFT market as a whole has been seeing growth.T
o put that into perspective, BAYC, Milady Maker, and Pudgy Penguins have all had increases of 7%, 34%, and 28%, respectively, during the same time period. These comparable collections have seen their floor prices increase by an average of 34.5%, which is far lower than the 47% increase that CryptoPunks has experienced.
The CryptoPunks project, which was one of the first significant NFT projects, continues to be a symbol of the culture and history of the NFT. As a result of their inherent value as “OG” non-fungible tokens, they are considered solid blue-chip assets among older “whale” market participants and traders.
A rebound in optimism following Bitcoin’s new all-time high has also spurred the larger market. This newfound confidence has likely spilled over into non-fungible tokens (NFTs), with high-profile collections such as CryptoPunks profiting disproportionately from the additional attention since the event.
CryptoPunks, in contrast to other more recent collections, also have relatively high liquidity and a substantial presence on the secondary market. As a result, they are a preferred alternative asset during times of capital rotation.