Is a new NFT season on after 15% market cap surge and BAYC’s latest high?

The NFT market continues to live short of its glory days of 2017 when most people were wondering how a jpeg was costing so much. And yet, despite everything, this sector’s performance has recovered somewhat lately.

With the most-capped NFT leading by example, does it mean the mini NFT season is on?

BoredApeYachtClub doubles its floor price in a month

The last 24 hours saw BoredApeYachtClub (BAYC) surpass the floor price of 10.88 ETH. This meant the NFT doubled in a month from around mid-April when most crypto markets were just starting to recover.

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The daily trading volume of BAYC increased by 18%, reaching 217.58 ETH at the time of writing. Sales of the collection also increased by 17.64 ETH during this period.

Source: CoinMarketCap

That’s not all either as BAYC was the most traded collection among Ethereum’s unique wallet addresses. While these addresses hit 10,000 for the first time this year, they have more than doubled since late April.

All about the explosion in NFT trading activity

BAYC hasn’t been the only NFT rising though. PudgyPenguins hiked by 1%, while Normies jumped by 17.41%. This suggested that there may be broader market strength.

More analysis of the jpegs marketplace ascertained this uptrend as trading volumes rose by more than 90%. For instance, trading volume on OpenSea increased by 92.7%, climbing to $38.4 million in a month.

Interestingly enough, there were other platforms that outperformed OpenSea despite it being the largest marketplace.

Source: Token Terminal

Blur recorded a surge of 266%, hitting $25.4 million. The monthly trading volume on NFTX and Sudoswap rose by 1295% and 462%, respectively, too.

NFT market cap and sales surges

As far as the general market cap of this sector is concerned, it gained by more than 15% in a day. The market hit $4.312 billion, further confirming a mini NFT season could be unfolding.

The demand for the collection was evident in the surge in sales. This week, the number of sales increased by over 139%. It was almost double in a day, rising from 6,360 to 10,371. This indicated high demand where more buyers were willing to pay higher prices.

However, the weekly sales volume decreased by 11.43% to about $16.80 million. The day’s sales volume was about $532K.

Source: CoinMarketCap

The performance across multiple metrics suggested the NFT market has been gaining traction lately.

However, there are still clear signs that NFTs might never return to their former all-time highs any time soon.

Final Summary

• _NFT market cap surged by 15% in a day, led by BAYC, which doubled its floor price in a month. _
• _Trading activities on NFT marketplaces exploded alongside the number of sales, indicating high demand. _