Bitcoin, Ethereum lead May’s NFT scene amidst sales dip – How?

• During the last seven days, BTC’s NFT sales volume declined by 4%.
• Weekly price charts of both coins remained green.

Bitcoin [BTC] and Ethereum [ETH], two of the largest blockchains, continued to dominate the NFT market in May.

Although at first glance this looked optimistic, closer inspection revealed that both ETH and BTC’s NFT sales volume actually dropped in the last 30 days. 

Bitcoin, Ethereum NFTs in May

Coin98 Analytics posted a tweet revealing how several blockchains did in May. As per the tweet, BTC and ETH topped the list of blockchains in terms of total sales volume in May.

While BTC’s sales volume touched $157 million, ETH’s stood at $147 million.

Solana [SOL] made it to the top three on the same list. It was interesting to note that Blast was the only layer-2 blockchain that earned a spot on the list, as its sales volume reached $36 million.

As per DappRadar’s data, Node Monkes, Bitcoin Puppets, and Runestine were the top three NFT collections of Bitcoin last month.

Similarly, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Pudgy Penguins were the top three Ethereum NFT collections.

AMBCrypto’s analysis of CRYPTOSLAM’s data revealed that though ETH and BTC topped the list, their sales volume actually declined in May.

To be precise, BTC’s NFT sales volume dropped by 71%, and ETH’s numbers dropped by over 56%. 

June is looking better

Though NFT sales volumes dropped last month, the past week saw signs of recovery. BTC’s number of NFT buyers and sellers increased by more than 20%. However, its sales volume still dropped by 4%. 

Source: CRYPTOSLAM

Ethereum’s state in terms of sales volume was better than that of BTC’s, as the number surged by more than 4%.

Apart from that, ETH’s number of sellers and buyers also increased by more than 10% in the last seven days. 

Source: CRYPTOSLAM

BTC and ETH remain bullish

While all this happened, CoinMarketCap’s data revealed that the weekly charts of the top two coins remained green.

Bitcoin and Ethereum’s prices surged by 4.2% and 2.2%, respectively, last week. At press time, BTC was trading at $71,091, while ETH had a value of $3,815.

AMBCrypto’s analysis of Santiment’s data revealed that both Bitcoin and Ethereum’s social volumes remained high throughout the last week. 

Read Bitcoin’s [BTC] Price Prediction 2024-25 

Thanks to the price uptick, ETH’s weighted sentiment entered the positive zone. 

However, it was surprising to see that, despite a rise in value, BTC’s weighted sentiment was in the negative zone. This meant that bearish sentiment around the king of cryptos was dominant in the market. 

Source: Santiment