While the crypto market tried to contain the massive price decline from Bitcoin and other cryptocurrencies, Bitcoin NFTs were performing excellent. On July 5th, there was a 70% growth in the NFT sales to over $3 million, with a combined 4,000 buyers and sellers involved in the transaction. Here, we will examine the crypto market crash, Bitcoin NFT growth, and the collections contributing to it.
$2.71 Billion BTC Transfers Sees Bitcoin Drop To $54k
The 4th and 5th of July were days of chaos for Bitcoin and the broader crypto market, with the apex cryptocurrency dropping down to less than $54k. Apparently, the primary cause of the downturn was the $2.71 billion BTC transfers from Mt. Gox. According to data from Arkham Intelligence, Mt. Gox wallets moved 47,229 BTC ($2.71B) from the cold wallet 1HeHL.
More details show the Japanese crypto exchange moved 2701.8 BTC ($148.4M) out of their wallets, with 1544.7 BTC ($84.9M) sent to Bitbank through Gox address 1PKGG. Another 1157.1 BTC ($63.6M) was sent to an unknown counterparty, bc1qkjc, which is predicted to be a listed repayment exchange.
Top NFTs Driving 70% Increase in Bitcoin NFT Sales
Despite the massive price drop, Bitcoin NFTs are currently on the recovery, with many NFT collections contributing to the recent 70% growth. According to data from CryptoSlam, the number of buyers grew by 22% to over 2,400, while the number of sellers grew by over 13% to 2,313. A 30% growth in the number of NFT transactions saw it increase to 4,000, with over $3 million in sales in one day. Even though there was a drop in NFT sales on 6th July, some NFT collections within the Bitcoin blockchain are still performing well.
RuneStone Bitcoin NFTs
RuneStone emerges as one of the best-performing Bitcoin NFTs after registering a critical $1.4 million in sales within seven days. This represents a 40% growth while the number of transactions for this NFT increases to over 2,000.
$PIZZA BRC-20 NFTs
$PIZZA BRC-20 NFTs is another great weekly among the NFT collections within the Bitcoin blockchain, with a 25% increase to $1.3 million. The number of NFT transactions also increased by 17% to 2,200, while the number of buyers saw a 54% surge to 1,205.
Shrooms Bitcoin NFTs
Even though this is a rising NFT collection, it entered the top 10 weekly NFT collections within the Bitcoin blockchain. The total worth of NFT sales increased by 590% to $320,000, while the number of transactions increased by 500. Apparently, investors expect this NFT collection to continue on this bullish path.
UniWorlds: Key of Destiny
Just like Bitcoin Shrooms, UniWorlds: Key of Destiny is another NFT collection that experienced over 500% growth within one week. The total sales increased to $249,000 even though the number of transactions increased by 450%.
Conclusion
Some Bitcoin NFTs are performing very well in the NFT market despite the price drop from BTC and the general crypto market. The price drop was due to $2.71 billion worth of BTC transfers from the Mt. Gox crypto exchange. However, BTC NFT collections weren’t affected much after recording a 70% increase on July 5th to $3 million in sales. RuneStone collections, UniWorlds: Key of Destiny, Bitcoin Shrooms, and $PIZZA BRC-20 are some of the NFTs with incredible performance.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
