Bitcoin Drops Under $40k While Ether Stands its Ground at $2,600 Amidst NFT Craziness and Ahead of EIP-1559 Activation
Bitcoin has recovered well in the second half of July, climbing to $42,500 last week after ten straight days of green candles. This price level hasn’t been seen since late May.
This week, however, is starting at a slightly red note, with Bitcoin going under $40k.
Still, is just 38.8% down from its all-time high of almost $65,000 in mid-May as we make our way back to the ATH.
Interestingly, it is Ether that has been the star of the last week and is continuing that momentum into this week.
Ether is currently trading above $2,600 after touching nearly $2,700 on Sunday. Ether now has 13 green candles in a row, while Bitcoin has made a hattrick in red candles.
During April to June drawdown, Bitcoin had crashed about 55.7%, and Ether fell harder by 61.2%. Despite this, thanks to the latest rally in Ether’s price, it is now only down 40.3% from its May peak.
has also been moving up since last week, currently up above 0.066 from 0.057 on July 28. The next resistance for this pair is at around 0.069.
ETH has been rallying due to two reasons, and DeFi isn’t either of them though DeFi market cap has increased by over 40% to above $90 billion in the past two weeks. ETH locked in DeFi is also on an uptrend since late June, now at 9.65 million ETH, as per DeFi Pulse.
The most important reason for this uptrend is the London Upgrade which is coming this week. It could either be August 4 or 5 at block 12,965,000. This could very well turn out to be a buy the rumor, sell the news event given the way Ether has been enjoying the gains this past week.
The most anticipated EIP in this upgrade is 1559, which will burn the base fee paid in ETH, making Ether effectively a deflationary asset. This is also expected to create a positive feedback loop for price hence the excitement.
Another reason is NFTs, which are back in action.
In the past 7-days, NFT marketplaces saw immense growth. CryptoPunk had a sudden jump in both volume and traders by 1260% and 340% repetitively, as per Dapp Radar. While CryptoPunks did nearly $122 million in volume, OpenSea got back at the top with almost $180 million volume. Axie Infinity is also near, at $171.4 million in volume.
The floor price of CryptoPunks, along with other NFTs, also went up crazy last week, with CryptoPunk #9778 having the latest top sale for a whopping 300 ETH worth $769.43k.
DAILY. FLOOR. UPDATE. I legitimately have updated this SEVERAL times while making it because the god damn floors keep moving. WHAT IS HAPPENING. This is the craziest 24-48hrs probably in NFT history. The amount of money that just flowed into the space is ABSURD. And.. just the pic.twitter.com/jcopztFxjH — Zeneca_33 (@Zeneca_33) August 1, 2021
So, the excitement around NFTs and this mania taking up the entire crypto industry along with seeing real mainstream adoption, but more importantly, EIP 1559 getting activated this week is making people load up on Ether.
Bitcoin/USD BTCUSD
39,714.5741 -$1,656.10 -4.17%
Volume 29.12 b
Change -$1,656.10
Open$39,714.5741
Circulating 18.77 m
Market Cap 745.61 b
Ethereum/USD
2,639.2536 $45.13 1.71%
Volume 24.73 b
Change $45.13
Open$2,639.2536
Circulating 116.94 m
Market Cap 308.64 b
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Rare CryptoPunk NFT Listed for $90.5 Million — About to be Biggest Sale Ever?
A rare CryptoPunk has been put for sale in the NFT market, and the price will probably make your jaw drop.
The rare CryptoPunk, which was previously sold for $7.6 million, is now being sold for a whopping $90.5 million.
Should there be an interested buyer, and if a sale has been made, it will be the biggest sale in the history of CryptoPunks.
Which Rare CryptoPunk NFT is Selling for $90.5 Million?
The rare CryptoPunk NFT that has been listed for $90.5 million is CryptoPunk 3100, according to the Larva Labs website. Larva Labs is the two-person team who created CryptoPunks.
According to a report by The Block, CryptoPunk 3100 is one of only 9 alien punks. It also sports a headband, which more than 400 other punks also have.
What are CryptoPunks?
CryptoPunks is one of the earliest NFT collections ever created even before NFTs and NFT collections saw a boom in its market.
It was first released in 2017 on the Ethereum blockchain. They were developed by Canadian software developers John Watkinson and Matt Hall.
According to the Lara Labs website, there are 10,000 uniquely generated collectible characters that are part of CryptoPunks. No two CryptoPunks are exactly alike as well. These CryptoPunks “could be claimed for free by anybody with an Ethereum wallet, but all 10,000 were quickly claimed.”
Per the report by The Block, these collectible characters include pixelated faces of aliens, humans, and zombies, among others. Zombie punks, in particular, are considered rare.
High Sales for CryptoPunks
The sale of CryptoPunks has proven to be a very lucrative business. According to the report by The Block, “there were 1,395 sales totaling $135 million (paid in ether)” for the month of July.
Aside from CryptoPunk 3100, another alien punk previously sold for $7.6 million. According to The Block, there has been an ape punk that was sold for $5.4 million.
Even more recently, an Ethereum whale has bought CryptoPunks amounting to $6 million.
Related Article: LOOK: Most Expensive NFTs Sold- Beeple Crypto Art, Steve Aoki, Jack Dorsey, and MORE
What is an NFT anyway?
For those who are new to the world of NFTs, NFT stands for non-fungible token. Each of these digital tokens have a unique value and cannot be traded for another token of the same value.
Like the CryptoPunks, many NFTs these days come in the form of digital art. These digital artworks can be sold as part of an NFT collection. Aside from art, NFTs can also take on the form of music, GIFs, collectibles, and many more.
So how are they similar to cryptocurrency? They are not one and the same, but they do share similarities. Both NFTs and cryptocurrencies use blockchains to store digital records. Both also have unstable volatility and have been unregulated by governments. The lack of regulation, however, may soon change.
Also Read: 12-Year-Old Makes Over $160,000 Selling 8-Bit Whale-Inspired NFT Collection-What is NFT Exactly?
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