- In terms of volume, Blast has surpassed Ethereum.
- While ETH’s price declined, both network velocity and growth grew on charts.
Ethereum [ETH] The crypto space has seen a dominant position in many sectors. However, on one front it seems that the Blast has taken the lead.
Full Blast NFTs
Data suggests that in the past 24 hour, Blast NFT Collections like PAC REKT, Blastopians, and Plutocrats generated more collective volume than all of the Ethereum NFT Market across exchanges.
Source:
Wash trading is responsible for a large portion of the NFT volumes generated by Blast. In context, washing trading of NFTs is the practice of buying and selling NFTs between wallets that are controlled. This creates fake popularity and misleads investors. This undermines the NFT markets by distorting pricing and reducing liquidity.
The declining interest in Ethereum NFTs is concerning, even though it may be due to washing trading. AMBCrypto’s study of Santiment data showed that NFT trading has decreased significantly.
Santiment
Taking a deeper look
The NFTs on Ethereum were outperformed by NFT collections from other networks, such as Bitcoin or Mythos. CryptoSlam has data that shows popular Ethereum NFTs such as BAYC, Crypto Punks and Crypto Punks did not make the top five most-sold NFTs for the month. Crypto Punks’ number of buyers dropped by 20%. BAYCs number fell by 2.78 %.
Ethereum’s top position in the NFT market could be threatened if the current trend continues.
Crypto Slam
ETH holders bleed
At the time of publication, ETH had risen above $3,000, thanks to Bitcoin’s recent recovery. ETH’s network has also continued to grow.
A rising network growth indicates that new addresses are showing an interest in ETH. The velocity also increased, suggesting a rise in the number of Ethereum transactions.
ETH could see the green light if it gains momentum and receives more interest.
Santiment
However, the number of addresses interested in ETH and their size will play a significant role in Ethereum’s future price movements.
According to Santiment data, for instance, the addresses that held 100-10 000 ETH at time of press were in decline. Large addresses that make large purchases can have a major impact on the price path of ETH in future.
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Santiment
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Source: ambcrypto.com
