- Over the past seven days, BTC NFT sales volume fell 4%.
- The weekly price charts of both currencies remained green.
Bitcoin [BTC] And Ethereum [ETH]two of the largest blockchains, continued to dominate the NFT market in May.
While this seemed optimistic at first glance, closer inspection revealed that the sales volume of both ETH and BTC actually declined over the past 30 days.
Bitcoin, Ethereum NFTs in May
Coin98 Analytics posted tweet revealing how different blockchains fared in May. According to the tweet, BTC and ETH topped the list of blockchains in terms of total sales volume in May.
While BTC’s sales volume was $157 million, ETH’s was $147 million.
Solana [SOL] reached the top three on the same list. It was interesting to note that Blast was the only layer 2 blockchain to earn a spot on the list, as its sales volume reached $36 million.
According to DappRadar factsNode Monkes, Bitcoin Puppets, and Runestine were Bitcoin’s top three NFT collections last month.
Similarly, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Pudgy Penguins were the top three Ethereum NFT collections.
AMBCrypto’s analysis of CRYPTOSLAMs facts revealed that although ETH and BTC topped the list, their sales volume actually declined in May.
To be precise, BTC’s NFT sales volume fell by 71% and ETH’s by more than 56%.
June is looking better
Although NFT sales volumes fell last month, there were signs of recovery over the past week. The number of NFT buyers and sellers of BTC increased by more than 20%. However, sales volume still fell by 4%.
Source: CRYPTOSLAM
The state of Ethereum in terms of sales volume was better than that of BTC as the number rose by more than 4%.
Apart from that, the number of sellers and buyers of ETH has also increased by more than 10% in the past seven days.
Source: CRYPTOSLAM
BTC and ETH remain bullish
While all this was happening, CoinMarketCap’s facts revealed that the weekly charts of the top two coins remained green.
Bitcoin and Ethereum prices rose 4.2% and 2.2% respectively last week. At the time of writing, BTC was trading at $71,091, while ETH was valued at $3,815.
AMBCrypto’s analysis of Santiment’s data showed that social volumes of both Bitcoin and Ethereum remained high over the past week.
Read Bitcoins [BTC] Price prediction 2024-25
The price increase pushed ETH’s weighted sentiment into the positive zone.
However, it was surprising to see that despite an increase in value, BTC’s weighted sentiment was in the negative zone. This meant that bearish sentiment surrounding the king of cryptos was dominant in the market.
Source: Santiment