The surge in the NFT market is being boosted by the rally of Bitcoin (BTC) and Ethereum (ETH)

Lisette Lémieux
12 Dec 2023
Bitcoin and Ethereum's recent surge has boosted NFT markets, with Ethereum-based Pudgy Penguins experiencing a 77% increase in USD floor price and 397% increase in trading volume, indicating a strong recovery and growing investor confidence in NFTs.

The recent surge in the values of Bitcoin and Ethereum has resulted in a significant boost in various NFT markets, particularly collections on Ethereum and Solana. Pudgy Penguins, an Ethereum-based collection, has experienced a 77% increase in its USD floor price over the past week, while trading volume has escalated by 397%. This surge indicates a strong recovery and growing investor confidence in NFTs linked to these blockchain networks.

Other Ethereum NFT collections are also benefiting from this revival, with Azuki’s floor price rising by 25%, and stalwarts like Bored Ape Yacht Club and CryptoPunks seeing increases of 30% and 15%, respectively. Even the controversial Milady Maker collection has enjoyed an over 70% increase in floor price. These trends suggest a broader market revival, transcending beyond individual projects and signaling a possible end to the prolonged NFT winter.

Solana’s NFT collections are also witnessing considerable growth, with Mad Lads, a prominent Solana project, seeing its floor price jump by 52.6%. Other Solana collections like Claynosaurz and Chads have also recorded significant gains in floor price and trading volume. These developments, buoyed by the uptick in major cryptocurrencies like Bitcoin and Ethereum, point towards a rejuvenated interest and confidence in digital collectibles.

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