NFTs Back? Market Breaks Weekly Trading Volume Record

The NFT market has made a comeback and broken its weekly trading volume record. The new all-time-high is around $208 million.

NFT Weekly Trading Volume Reaches New ATH

Over the last week, the NFT market has climbed to new heights as markets register record breaking transfers. The weekend especially saw big movements of these digital collectibles.

One of the biggest markets, OpenSea, observed the highest daily trading volumes ever of $35 million on Saturday and $49 million on Sunday.

The Ethereum-based marketplace saw big movements of popular digital collectibles like CryptoPunks and ArtBlocks Curated.

At the time of writing, CryptoPunks’ average price floats around 64 ETH or $165,000 on the OpenSea platform. This is the highest it has ever been.

Board Ape Yacht Club is another popular brand of digital collectibles that saw a record breaking average price of around 11.2 ETH (about $29,000) this Sunday.

Related Reading | NFTs In A Nutshell: A Weekly Review

Similarly, ArtBlocks Curated also witnessed a new ATH on Saturday. The average price of the NFT collection peaked around 8.1 ETH or just under $21,000.

During all these movements, the NFT market has hit a new weekly trading volume high of around $208 million.

The Market Crash—And The Rebound

The NFT market had a 90% crash in May where the weekly trading volume dipped down to around $18 million at the end of the month, from about $176 million, the then ATH, on 9 May.

Related Reading | Coca-Cola Takes A Sip Of NFT: Partners With Tafi For Friendship Day NFT

While the NFT market had great momentum leading up to May, the crash made some think the non-fungible token bubble had burst.

However, despite the skepticism, big name investments like Marvel‘s continued to happen throughout June and July, providing confidence in the technology.

Here is a look at how the weekly trading volume of NFTs has changed over the past 3 months:

The NFT weekly trading volume shoots up | Source: NonFungible

As the above graph shows, NFTs seem to have made a comeback as the market has now set a new ATH of $208 million.

Back in May, Bitcoin had a 50% price crash. The digital collectibles (and the general crypto) market crash happened in tandem with it.

At the time of writing, BTC’s price floats around $39k, up 3% in the last 7 days. Monthly gains for the crypto are around 14%.

Here is a chart showing the trend in the price of the coin over the last 3 months:

BTC's price seems to be going down | Source: BTCUSD on TradingView

After catching a sharp uptrend over the past week, Bitcoin’s price has fallen down to $39k from $42k+ on Sunday. It’s unclear at the moment where the crypto will head next from here. The coin could become range bound below the $40k level, or if BTC breaks $40k resistance again, a bull market could be ahead.