Ethereum reclaims its crown in the NFTs

Ethereum reclaims its crown in the NFTs

Ethereum NFTs are back in action. According to CoinGecko, ETH NFTs have reported a 26% jump in market cap and a 488% spike in 24-hour trading volume. And, this isn’t a fluke.

One wallet aped into 45 CryptoPunks in a single day, dropping 2,082 ETH ($7.79 million), marking one of the largest single-day NFT buys we’ve seen in months.

In fact, with a full week still left in July, ETH NFT volume has already tapped $152.84 million – Marking a five-month high and signaling that real momentum may be building back into the NFT flow.

Zooming out, the combo of NFT market cap reclaiming $6 billion and ETH-based volume ripping higher underlines a tight correlation. Ethereum reclaiming its spot works as the backbone of NFT liquidity too.

On the price side, ETH is up by nearly 50% MTD, holding firm above $3,700 and testing key resistance zones.

If this NFT flow continues to absorb ETH at scale and gas activity stays elevated, it could reinforce upside pressure. This would add fuel to ETH’s breakout structure going into Q3.