Cardano’s NFT Floor Price Surges, An Unexpected Threat To Ethereum’s Throne?

The non-fungible token (NFT) market has primarily been in a downtrend in terms of trading volume since this year began and is presently undergoing a significant transformation.

Recent data from Stocktwits NFT, a multichain NFT data source has indicated a surging interest in Cardano, especially concerning its NFT floor price index, which has recently surpassed Ethereum’s.

Cardano NFT Surge: Threat To Ethereum’s Throne?

According to Stocktwits NFT, Cardano’s NFT floor price index has spiked 22% higher than that of Ethereum over the past 7 days. Ethereum has historically been the dominant platform in the NFT space, but this upswing suggests that Cardano may be gaining traction as a preferred platform for NFT trading.

However, despite Cardano’s commendable climb in NFT floor price, Ethereum continues to overshadow its competition in terms of sheer trading volume. Data from CryptoSlam highlights Ethereum’s robust presence with a trading volume of $12.3 million which was driven by 11,262 buyers over the past 24 hours.

In stark contrast, Cardano, even with its floor price index surge, is placed 8th, boasting a trading volume of just $228,778. However, it’s worth noting that Cardano has garnered interest from 1,579 buyers, pointing toward its increasing popularity, even if it doesn’t match Ethereum’s transactional magnitude.

Other platforms are also jostling for their piece of the NFT pie. Particularly, Solana and Polygon have cemented their positions as formidable players. With primary sales of $1.5 million and $2.1 million respectively, they, too, are making their mark in the NFT ecosystem.

ADA And ETH Price Action

Despite the surge in NFT floor price, the native tokens of both Ethereum and Cardano have not mirrored the uptrend of their respective NFT markets. Over the past 7 days, Cardano’s native token (ADA) has seen a decline of 8.5%, causing its price to currently stand at $0.26, at the time of writing.

Cardano (ADA)’s price chart on TradingView
Cardano (ADA)’s price is moving sideways on the 4-hour chart. Source: ADA/USDT on TradingView.com

Moreover, ADA’s market cap has taken a substantial hit over the past week, sliding from a high of $10.1 billion to its current value of $9.3 billion.

ADA’s bearish trajectory continued in the last 24 hours, dipping by another 0.2%. Ethereum’s performance has been similar as the second-largest cryptocurrency by market capitalization witnessed a nearly 10% decline in the past week.

Ethereum’s price dropped from last Monday’s $1844 to today’s $1,672, with a nearly 1% decline in just the past 24 hours alone. This downturn equates to a $20 billion reduction in Ethereum’s market cap during the same period. 

Featured image from Unsplash, Chart from TradingView

Source: https://bitcoinist.com/cardano-nft-floor-price-surges-threat-to-ethereum/