The NFT space is showing signs of life again, with market capitalization surging past $6 billion amid renewed crypto market optimism.
Data from CoinGecko shows the total NFT market cap reaching $6.04 billion, marking a 16.9% increase in 24 hours — the highest level since early February.
A spike in trading activity accompanied the rally, with CryptoSlam reporting a 154% jump in global NFT sales volume, totaling $41.4 million in a single day.
Much of the excitement was driven by a whale purchase of 45 CryptoPunks for over 2,080 ETH (around $7.8 million), according to OpenSea. The move pushed the collection’s floor price up nearly 16% to 47.5 ETH.
According to LVRG Research’s Nick Ruck, the NFT rally is riding on a broader wave of bullish sentiment across altcoins and Ethereum, while Bitcoin remains range-bound. He believes traders are eyeing a possible NFT comeback, betting that legacy collections could benefit from a prolonged bull cycle.
Still, some analysts are urging restraint. Vincent Liu of Kronos Research pointed out that while the whale activity shows renewed interest in blue-chip NFTs, long-term strength will depend on broader wallet participation. Presto Research’s Min Jung echoed this view, noting that recent gains are largely tied to older collections like CryptoPunks, with little sign of a fresh narrative or “new meta” driving momentum.
Despite the uptick, analysts agree: it’s too early to call it a full NFT revival.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/nft-market-heats-up-but-is-it-just-temporary-hype/