Inside why a $6 billion NFT market cap surge is fueling Ethereum’s Q3 bull case!
Main Idea
Ethereum's NFT market cap surged to $6.8 billion in Q3, driven by increased trading volume and high-profile purchases, contributing to ETH's 50% price rally.
Key Points
1. Ethereum's NFT market cap reached $6.8 billion, the highest since Q4 2023, with ETH rising nearly 50% in Q3.
2. CryptoPunks dominate the NFT market with 30% market share, while Pudgy Penguins hold 8.5%, driving Ethereum's NFT activity.
3. A single wallet purchased 45 CryptoPunks in one day for 2,082 ETH ($7.79 million), marking one of the largest NFT buys in months.
4. ETH NFT trading volume spiked 488% in 24 hours, with July's volume already hitting $152.84 million.
5. Ethereum's price remains strong above $3,700, with NFT activity and gas usage potentially reinforcing further upside.
Description
NFT volume has been surging, with Ethereum rallying by 50% in Q3.
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