In a significant development, Bitcoin achieved a higher 24-hour NFT sales volume than Ethereum for the first time. Data showed Bitcoin had $17.3 million in NFT sales from 575 buyers, while Ethereum achieved $26.7 million from over 11,000 buyers.
Although Ethereum’s total sales figure was higher, Bitcoin’s lower transaction wash percentage indicates its NFT market’s strength and organic growth. This milestone underscores Bitcoin’s rising relevance in the burgeoning NFT sector, traditionally dominated by Ethereum.
Meanwhile, Ethereum has outperformed Bitcoin over the past two weeks. ETH gained over 2% in one day, 6% weekly, and 4% over fourteen days to hit $1899. In contrast, Bitcoin consolidated above $35,400 with smaller increases of 2% daily 3% weekly, and just 1% over two weeks.
Nonetheless, Bitcoin has significantly outgained Ethereum on a year-to-date basis, rising over 82% against ETH’s 30% growth. This signals Bitcoin’s resilience despite slowing upside momentum recently.
Correlation data also showed Bitcoin decoupling from traditional markets. Its 60-day correlation with the Nasdaq 100 index plunged from 70% to just 19%, while its correlation with the US dollar weakened from 40-50% to 11%. Gold correlation increased modestly but remains relatively low on average.