NFT conflict: Will Bitcoin finally surpass Ethereum in March?

Over the past seven days, Bitcoin has seen more NFT sales than Ethereum.

NFT sales volume

The volume of sales of non-fungible tokens (NFTs) on the Ethereum network has increased in the past two days, surpassing that of Bitcoin. However, according to data from CryptoSlam, the Bitcoin network maintains the record in the overall volume of
weekly transactions.

According to AMBCrypto, between March 20 and 21, the volume of NFT sales on Ethereum totaled $43 million, exceeding Bitcoin’s $20 million by more than 115%.

However, when analyzing NFT sales on both networks over seven days, Bitcoin experienced higher activity

In the period considered, the sales volume of NFTs on the Bitcoin network amounted to $126 million from 50,000 transactions. According to data from CryptoSlam, these sales were completed by 49,228 unique sellers and 54,780 unique buyers

Over the past 21 days, the value in USD of all NFTs sold on the Bitcoin network was $408 million, an increase of 32% compared to the $307 million registered in February.

On the other hand, the volume of NFT sales on Ethereum in the last week totaled $108 million. This was recorded from 134,178 total transactions, completed between 46,985 unique sellers and 57,209 unique buyers

Bored Ape Yacht Club (BAYC) Assessment

An analysis of the main NFT collection, Bored Ape Yacht Club (BAYC), revealed a significant drop in its lowest price since the beginning of the year.

According to data from NFTPriceFloor, as of March 22, an NFT from the BAYC collection can be purchased at a minimum price of 14.16 ETH, equal to about $50,000 at the current price of the altcoin.

This marks a 46% drop compared to the minimum price of the collection, which was 26 ETH, registered on January 1. At its current minimum price, the NFTs that make up the BAYC collection are currently selling at their lowest values since August 2021

Market opportunities

Taking advantage of the drop in the value of BAYC this month, market participants sold and bought more NFTs from the collection than in February and January.

So far this month, BAYC’s sales volume totaled $33 million, exceeding February’s $21 million by 57% and January’s $17 million by 94%.

Although there are still eight days left until the end of March, the month already stands out as the one with the highest sales volume of the year.

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