Bitcoin (BTC) and Ethereum (ETH), two of the largest blockchains, continued to lead the NFT market in May.
While this initially seemed promising, a closer look revealed that NFT sales volumes for both ETH and BTC had actually declined over the past 30 days.
NFTs for Bitcoin and Ethereum in May
A tweet from Coin98 Analytics provided data on the performance of multiple blockchains in May. According to the tweet, the two blockchains with the highest overall sales volume in May were Bitcoin and Ethereum.
ETH's sales volume was $147 million, compared to $157 million for BTC.
On the same list, Solana [SOL] placed among the top three. Interestingly, Blast was the only layer-2 blockchain with a sales volume of $36 million to secure a spot on the list.
The top three NFT collections of Bitcoin for the previous month were Node Monkes, Bitcoin Puppets, and Runestine, according to DappRadar's data.
Similarly, the top three Ethereum NFT collections were Mutant Ape Yacht Club, Bored Ape Yacht Club, and Pudgy Penguins.
Despite topping the list, ETH and BTC saw a drop in sales volume in May.
More specifically, NFT sales volume for BTC fell by 71%, while NFT sales volume for ETH fell by more than 56%.
Despite a decline in NFT sales volumes last month, there have been encouraging indicators this past week. The quantity of NFT buyers and sellers on BTC grew by over 20%. Its sales volume did, however, nevertheless decline by 4%.
When it came to sales volume, Ethereum was doing better than Bitcoin, with a rise of almost 4%.
In addition, during the previous seven days, there was a more than 10% increase in the quantity of buyers and sellers of ETH.
During this period, CoinMarketCap’s data showed that the weekly charts for the top two cryptocurrencies remained positive.
Bitcoin and Ethereum prices increased by 4.2% and 2.2%, respectively, over the past week. At press time, BTC was trading at $71,091, while ETH was valued at $3,815.
Due to the price increase, ETH's weighted sentiment turned positive. However, it was surprising to note that despite the rise in value, BTC's weighted sentiment was negative, indicating that bearish sentiment prevailed in the market for Bitcoin.
June 2024, Cryptoniteuae