Ethereum regains NFT sales crown as ETH eyes $2,500

  • Ethereum leads in NFT sales trade volume. 
  • ETH price closes in on $2,500.

Bitcoin [BTC] made a significant entry into the NFT scene, causing a shakeup in the rankings and displacing Ethereum [ETH] as the dominant NFT network. However, new data indicates that Ethereum has reclaimed the top spot, particularly in the last 30 days.

Ethereum tops NFT sales volume ranking

Coin98 Analytics data showed that Ethereum has reasserted its dominance in the Non-Fungible Token (NFT) sales volume rankings. The analysis indicates that the sales volume on the network reached $356 million in January.

Bitcoin, with a sales volume of $335 million, was the only other network in the same volume bracket. This suggests an ongoing competition between the two networks, with Bitcoin recently joining the NFT sales volume race.

How Ethereum and Bitcoin sales volume have trended

An analysis of NFT sales volume on Cryptoslam showed that Ethereum has maintained higher sales volume in the last seven days, continuing its momentum from the past month.

At the time of this writing, the total seven-day volume was over $182.8 million. Further examination showed a wash trade volume of over $39.5 million, resulting in an actual volume of over $143.3 million. 

In comparison, Bitcoin recorded a total seven-day volume of over $54.7 million, with a wash trade volume of around $746,000, bringing the total volume to about $54 million.

Notably, Ethereum dominated the sales volume at the time of this writing, with a volume of around $25 million and a wash trade volume of about $3.5 million. Bitcoin’s volume was around $6.4 million.

 How much are 1,10,100 ETHs worth today

Ethereum moves up in price

An analysis of the Ethereum price trend on a daily timeframe showed its proximity to entering the $2,500 price range. The chart showed a consistent uptrend over the past few days, with a 2.75% increase on 9th February, reaching a trading value of $2,486.

At the time of this writing, ETH continued its uptrend, trading at about $2,491. The Relative Strength Index (RSI) has crossed the 60 threshold at the time of this writing, signifying a bull trend. If the upward momentum persists, Ethereum could enter the overbought zone.

Source: Trading View

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