In an intriguing twist within the non-fungible token (NFT) arena, Bitcoin (BTC) has reached a noteworthy milestone, surpassing Ethereum (ETH) in 24-hour NFT sales volume. This signifies a significant shift in the NFT market.
Bitcoin has achieved a remarkable feat by overtaking Ethereum in 24-hour NFT sales volume, marking a turning point in the NFT market’s landscape.
Ethereum’s long-standing dominance in the NFT space has been challenged, with Bitcoin now emerging as a strong contender, capturing the attention of NFT enthusiasts and collectors.
Data reveals that Bitcoin contributed $17,291,694 in NFT sales, with 575 buyers participating. In contrast, Ethereum recorded $26,689,252 in total sales, with 11,225 buyers.
Despite Ethereum’s higher total sales, Bitcoin’s relatively lower wash percentage suggests a potentially healthier and more organic market activity.
However, when examining volatility, data from Deribit, a prominent crypto derivatives exchange, indicates a narrowing spread between ETH and BTC volatility, known as the ETH DVOL vs. BTC DVOL spread, suggesting a shift in investor sentiment and increased attention towards Ethereum and alternative cryptocurrencies.
In the wake of these developments, Ethereum has outperformed Bitcoin over the past fourteen days, showing significant price movements. It has gained over 2% in the last 24 hours, 6% in the last seven days, and 4% in the last fourteen days, with its current price at $1,899.
Bitcoin, on the other hand, has exhibited a slowdown in its upward momentum, currently consolidating above $35,400. It has seen a 2% increase in the past 24 hours, 3% in the past seven days, and 1% in the fourteen-day timeframe.
It’s worth noting that Bitcoin has gained more than 82% year-to-date, whereas ETH has seen an increase of only 30% during the same period, according to CoinGecko data.
According to recent Kaiko data, BTC has witnessed a significant decline in its correlation with traditional assets throughout the year. Notably, the correlation between Bitcoin and the Nasdaq 100 index has decreased substantially over the past year, dropping from over 70% in September 2022 to approximately 19% as of last week.
Furthermore, Bitcoin’s negative correlation with the US dollar, previously ranging from 40% to 50%, has weakened and now stands at around 11%, indicating a reduced tendency for Bitcoin’s value to move in the opposite direction of the US dollar.
While Bitcoin’s correlation with gold has shown some upward momentum since August, the average correlation throughout the year has remained relatively low at 12%, suggesting a modest relationship between Bitcoin and gold in terms of price movements and indicating a potential divergence in investment characteristics between the two assets.