Ethereum NFT Resurgence Fueled by CryptoPunks
CryptoPunks, after enduring a two-year downturn, are now witnessing a remarkable turnaround amid a surge in the NFT market.
In just four days, CryptoPunks have surged by 35%, bouncing back from their low of 21 ETH. This leading PFP collection, based on market capitalization, has now established a floor price of 28.5 ETH following a total volume of over $3 million on August 20, injecting vitality into the NFT market.
Moreover, the number of unique owners of CryptoPunks is on the rise, suggesting an influx of new buyers or returning investors at these price levels.
Simultaneously, the Bored Ape Yacht Club is undergoing a resurgence, starting the month with a 9.5 ETH floor price and climbing to 13.4 ETH.
The resurgence in profile picture (PFP) collections appears to lack a specific catalyst beyond community sentiment and positive momentum. Currently, the bullish price movement is predominantly observed in PFP collections, while other segments of the market, like generative art, are struggling to attract buyers. For instance, Chromie Squiggles, the Art Blocks collection mascot, maintains a floor price of 3.8 ETH, with only 14 transactions recorded over the past week.
