Ethereum NFTs Soar to $300 Million Weekly Volume, Dominating the Market

Ethereum NFTs Soar to $300 Million Weekly Volume, Dominating the Market

Autor: Coin-Report Editorial Staff

Veröffentlicht:

Kategorie: News and Updates

Zusammenfassung: Ethereum NFTs have surged to over $300 million in weekly sales, dominating 66% of the market, while Ethereum and Solana continue their rivalry with significant growth; meanwhile, the SEC has approved hybrid Bitcoin-Ethereum ETFs offering diversified exposure.

Ethereum NFTs Reach Over $300 Million in Weekly Volume

The Ethereum-based NFT collections have seen a significant surge, reaching over $300 million in weekly sales volume. According to Cointelegraph Deutschland, the increase was reported by CryptoSlam on December 21st, showing a 76% rise compared to the previous week with sales hitting $201 million. This accounts for 66% of all NFT sales during that period.

In comparison, Bitcoin and Solana based NFTs recorded lower volumes at $40 million and $29 million respectively. The Pudgy Penguins collection led the market with a remarkable volume of $54.4 million while other popular collections like Doodles and CryptoPunks also made it into the top ten list.

The Battle Between Ethereum and Solana Intensifies

A fierce rivalry between Ethereum (ETH) and Solana (SOL) is heating up as both networks show impressive growth throughout 2024. Newsbit reports that Solana has surpassed Ethereum in several areas including application revenues where it generated $141 million against Ethereum's $93.56 million.

Despite these achievements from Solana, experts believe that Ethereum's upcoming upgrades could help regain its dominance by enhancing scalability through Layer-2 solutions such as Base, Optimism, and Arbitrum which are expected to bridge gaps between institutional trustworthiness alongside daily accessibility needs among users worldwide.

SEC Approves First Hybrid Bitcoin-Ethereum ETFs

The U.S. Securities Exchange Commission has approved new exchange-traded funds combining both Bitcoin and Ethereum assets under one regulated product offering investors diversified exposure across two leading cryptocurrencies simultaneously according to a Wallstreet:online article.

This approval marks an important milestone within crypto markets allowing institutions easier access whilst ensuring compliance measures remain intact protecting investor interests amid growing demand surrounding digital asset investments globally, especially after recent approvals granted earlier this year concerning spot ETF offerings too!

Crypto Whales Increasingly Buying Up More ETH Amid Market Volatility

Cryptocurrencies like the leading altcoin, Ethereum ($ETH), have experienced a turbulent trading week according to a FinanzNachrichten.de report. Despite initial price increases being dampened by statements from Fed Chair Jerome Powell, a recovery emerged on Friday, fueling speculation about a possible bull run, especially after it became known that so-called "crypto whales" had quickly acquired large amounts!

Sources: