Cryptopunks’ Transaction Strength Index Increases by 371% in 24 Hours

Following the swift decline in the NFT market, investors are looking inclined to become optimistic. This will signify the lofty likelihood of getting to the local bottom and restoration in the market in the following weeks.

Wu Blockchain stated that the 24-hour trading capacity of Cryptopunks has soared by 371% to $3.98 million. The collection’s floor price has also soared comparatively to 53.8 ETH, and Cryptopunks’ market value has attained the level of $1.67 billion. The top price of the commodity sold in the last 24 hours equals 155 ETH with the current price of $323,163 at the time of writing. Such inclination further proves the investors growing confidence in the platform with the plausibility of a reversal of the negative market tendencies detected in the previous months.

RELATED: Yuga Labs, the creator of Bored Ape Yacht Club, acquires CryptoPunks and Meebits from Larva Labs

While CryptoPunks’ market capitalization still remains sturdy and even shows a tendency to soar over time. The trading capacity tended to decline from November 2021 up until the middle of May 2022. While the most popular NFT-collections remained efficient as a store of value, the receding trading capacity signifies the lower interest among crypto investors and enthusiasts in such items. 

The NFT sector was among the major causes of the prolonged “crypto winter” and a reason for investors’ concerns about the profit future of new crypto projects. Moreover, the recent trends signify some positive signs of restoring attention to the major NFT collections that are likely to affect the entire sector and some related cryptocurrencies positively.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

Check Also


EU MPs Attack Amazon’s Participation in Digital Euro Project

A cross-party coalition of members of the European Parliament on Tuesday came under fire at …

Leave a Reply

Your email address will not be published.