The cryptocurrency Bitcoin (BTC) recently made a significant entry into the NFT space, sparking competition in the rankings and momentarily dethroning Ethereum (ETH) as the leading NFT network. However, new data indicates a swift comeback for Ethereum, particularly in the last 30 days, as it reclaims its position at the peak.
Ethereum’s NFT Sales Volume on the Rise
According to Coin98 Analytics, the altcoin Ethereum has reaffirmed its dominance in the NFT sales volume rankings. The analysis reveals that Ethereum’s sales volume rose to $356 million in January, surpassing its competitors.
An examination of NFT sales volume on Cryptoslam underscores Ethereum’s consistent superiority over the past seven days, maintaining its momentum from the previous month. Currently, Ethereum boasts a total seven-day volume exceeding $182.8 million. In contrast, Bitcoin lags behind with a seven-day volume over $54.7 million, highlighting Ethereum’s significant leadership.
Today’s Valuation for Ethereum
Analyzing Ethereum’s price trend on a daily basis reveals its approach towards the $2,500 price threshold. The latest data shows a notable increase of 2.75% on February 9th, raising its trading value to $2,486.
As of the latest update, ETH is trading at approximately $2,491, continuing its upward trajectory. Moreover, the Relative Strength Index (RSI) has surpassed the 60 threshold, signaling a bullish trend. Should this momentum continue, Ethereum could soon enter the overbought zone, further solidifying its position in the market.
NFTs Contribute to the Ethereum Network
NFTs contribute to the Ethereum network by utilizing smart contract capabilities to create, manage, and trade unique digital assets. Representing ownership or authenticity of digital assets like artworks, collections, virtual real estate, and more, NFTs enable creators to tokenize their work on the Blockchain and monetize it.
This increases transaction volume and activity on the Ethereum network, thereby boosting demand for gas fees paid in Ethereum’s native cryptocurrency, Ethereum (ETH). Additionally, the popularity of NFTs attracts developers and users to Ethereum, encouraging the growth of the ecosystem through the development of decentralized applications (dApps) and the use of Ethereum’s robust infrastructure for NFT-related projects, thus contributing to the network’s overall adoption and usage.
