Crypto Market Shows Signs of Recovery with Surging Crypto Prices, NFT Sales
The crypto market is displaying promising signs of recovery following an extended bear market with surging crypto prices and NFT sales.
Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market cap, have experienced significant price surges, each gaining 30% and 28%, respectively, over the past 30 days.
Likewise, the total crypto market capitalization has risen by approximately 31% to reach $1.41 trillion during the same period.
The NFT space, which also experienced a decline after its previous hype cycle in 2021 and 2022, has witnessed a resurgence.
According to CryptoSlam data , total NFT sales have increased by 64% in the past month.
Ethereum, Bitcoin, and Solana emerged as the top three blockchains in terms of NFT sales volume, with all three experiencing sales growth during this timeframe (44%, 1,222%, and 56% respectively).
Furthermore, the crypto venture capital landscape is regaining momentum after six consecutive quarters of declining investments in Web3 companies.
This bullish trend is emerging despite the lingering market downturn that has dampened consumer, founder, and investor enthusiasm in the crypto industry.
In another bullish movement, digital asset investment products saw inflows of $293 million last week, bringing this seven-week run of inflows past the $1 billion mark and leaving year-to-date inflows at $1.14 billion.
This makes 2023 the third-highest yearly inflows on record.
The optimism around the launch of a spot Bitcoin ETF has further benefited the recent rally in crypto markets, which saw the flagship cryptocurrency reach as high as $38,000.
Analysts at financial services firm Cantor Fitzgerald believe the long-awaited spot BTC ETF is inching closer to
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