NodeMonkes NFTs have soared to new heights, becoming the second-largest NFT collection by market cap, as Bitcoin-based NFTs gain unprecedented momentum in the crypto space.
In a stunning market upheaval, NodeMonkes’ floor price has skyrocketed by 50%, catapulting the collection to a staggering $554 million market cap, outshining the Bored Ape Yacht Club and trailing only behind the iconic CryptoPunks.
This surge represents a broader trend of rising interest in Bitcoin ordinals NFTs, even as the general NFT market experiences a slowdown.
The past 24Â hours have been monumental for NodeMonkes, with a base price increase of over 50% to 0.82 BTC. This leap has not only boosted its market cap but also its sales volume, which has ballooned by 140.8%, reaching $5.1 million.
Another Bitcoin NFT making waves is Runestone, which has seen a growth spurt of over 50% in the past week and is now valued at over 0.04 BTC. With a market cap of $310 million, Runestone has surpassed the Mutant Ape Yacht Club to secure the sixth spot among the largest NFT projects.
A significant shift in the NFT landscape is underway, with traders pivoting their focus to Bitcoin NFTs, mirroring a similar trend from Ethereum to SOL meme coins. This pivot is partly attributed to the rising gas costs on the Ethereum network, prompting a migration towards the more economically viable Bitcoin NFTs.
Recent data indicates a decline in Ethereum-based NFT marketplace volumes, with February’s trading volume dipping to $786.5 million from January’s $867.8 million. This downtrend continues into March, highlighting the shifting strategies of NFT traders towards Bitcoin NFTs.
