CryptoPunks Lead NFT Market in Recovery

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• CryptoPunks are leading other NFTs in a recovery attempt
• CryptoPunks’ floor price has registered the highest uptick in the last 7 days
• The NFT collection has also recorded a surge in trading volume

Leading Ethereum NFT collection CryptoPunks has recorded the highest uptick in its floor price in the last week compared to other popular collections. CryptoPunks’ floor price increased by more than 50% to $113,840 with its closest second, the Bored Ape collection, registering a rise of slightly above 15%. The collection’s trading volume has also increased by over 10X to more than $19.5 million, indicating that NFT collectors are returning to the scene.

NodeMonkes and Pudgy Penguins Also in the Green

The rise in its floor price and trading volume also came with an increase in the number of transactions, buyers, and sellers. Other popular NFT collections like Bored Apes, NodeMonkes, Doodles, and Pudgy Penguins also registered a notable uptick across the same metrics.

According to data aggregator CryptoSlam, most NFT collections were in the green on metrics like number of buyers, sellers, transactions, and traded volume. Among the collections that registered a drop in most of these metrics is Azuki whose sales volume dropped by 8.6% and the number of buyers and sellers dipped by approximately 5%.

The rise in trading volume across the NFT market can largely be attributed to the increase in prices of most cryptocurrencies since the U.S. president-elect Donald Trump won the election on November 5.

Crypto Traders Join the NFT Train

Some crypto traders have come out to declare that they entered the NFT market after recording a rise in the value of their crypto holdings.

So ummm. I did something.

I’ve wanted a punk for years. Never had opportunity to, but one good trade and I knew what I had to do.

Thanks to those in the trenches. https://t.co/1yRLHzsQ3C

— R A R E (@wheresrare) November 14, 2024

CryptoPunks’ renewed trading activity comes a month after a CryptoPunk was sold for $56 million, a sale that raised red flags within the NFT community, with some thinking that it was a publicity stunt for an upcoming crypto project.

With the NFT space seemingly in a recovery mode, it’s to be seen whether the rise will remain after the crypto market cools down from the election fever.