The cryptocurrency market is witnessing a downturn as leading assets like Bitcoin and Ethereum face bearish pressure. As per estimates, the global crypto market capitalization suffered a $60 billion loss within one week. The market cap dropped from $2.77 trillion to $2.71 trillion. A certain group of crypto assets, non-fungible tokens (NFTs), have shown resilience and have not succumbed to the market decline. This is unusual considering the general trajectory of NFTs in the past few weeks. NFT Market Gains Momentum Amid Crypto Slump CryptoSlam data shows a significant uptick in sales volume by 4.5%, with total sales hitting $102.8 million. This marks an increase from the $100.9 million recorded the previous week and suggests recovery. The NFT market has seen more buyers, with figures rising by 28.9% to 451,436. Similarly, NFT sellers have surged by 26.5% to 285,272. Despite this uptick, the number of NFT transactions decreased by 2.8% to about 1.614 million. The Ethereum blockchain leads the sales figures with $32 million. This figure represents a 19.4% growth from the previous week, ensuring Ethereum’s continued dominance of the market . Ethereum, even with a 9.91% decline in wash trading, accounts for most of the volume. This further solidifies its leading position in the NFT marketplace. Top Blockchains Performers Other blockchains with notable NFT sales volume include Polygon, Mythos Chain, Bitcoin, and Solana, among the top five. These chains are the dominant base for most NFT actions, as seen over the past few months. Polygon jumped by 33.1% to secure the second position with a sales volume of $18.1 million. The figures came from 58,257 buyers within the last seven days. Mythos occupies the third position with $13.7 million in total sales despite registering a 12.79% decline. Bitcoin blockchain, with its $10.1 million in sales volume, occupies the fourth position, representing a 40.7% drop. Solana has been pushed down to the fifth position after a 4.44% decline to $8.77 million. NFTs Show Strength as Market Volatility Persists Meanwhile, CryptoPunks saw the highest growth as sales spiked by a staggering 141% to reach $6.3 million. Amid the collection’s success, CryptoPunk #2967 made the top individual NFT sale of the week by selling 420 ETH at $843,070. These performances highlight the bullish outlook of NFTs in the crypto space despite broader ecosystem volatility in the last seven days. The post NFT Market Rebounds to $102.8M as CryptoPunks Sales Jump 140% appeared first on TheCoinrise.com .
