Ethereum NFT sales heat up with boost from CryptoPunks, BAYC

• Ethereum network recorded sales worth $19.8 million in the last 24 hours.
• CryptoPunks, BAYC, and Pudgy Penguins lifted Ethereum to the top in recent days.

After a brief scare, Ethereum [ETH] has reclaimed its position as the top blockchain for non-fungible token (NFT) trading activity.

According to AMBCrypto’s analysis of CryptoSlam’s data, the Ethereum network recorded sales worth $19.8 million in the last 24 hours, more than twice that of second-ranked Solana [SOL].

Moreover, Ethereum was the top blockchain over the last week as well, with more than a $100 million in sales of NFTs.

Ethereum reclaims numero uno rank

AMBCrypto noticed that the gap between Ethereum and Bitcoin [BTC] started to widen again following the latter’s stupendous performance late last year.

Driven by surge in demand for Ordinals, Bitcoin-based NFTs topped the charts in December, pushing traditional powerhouse Ethereum to the second rank on the list.

However, the new year turned out to be game changer for Ethereum, with marquee collections like CryptoPunks and Bored Ape Yacht Club (BAYC) rising to the occasion.

Blue-chip collections exert dominance

As per CryptoSlam, CryptoPunks was the top-selling NFT collection in the last 24 hours, recording over $4.7 million in sales.

In fact, the largest collection by market cap saw its floor price hitting a nine-month high of 59.95 ETH as of this writing, AMBCrypto spotted using NFT Price Floor data.

In the world of NFTs, floor price is considered as an important barometer of a collection’s popularity. Therefore, high floor price might signal that interest in that project is increasing.

Source: NFT Price Floor

The other prominent Yuga Labs-owned entity BAYC stood at the sixth position, with $1.19 million in trading volume.

BAYC also registered a 24-hour change of 1.84% in its floor price, seen at 24.849 ETH as of this writing.

Read ETH’s Price Prediction 2024-25

Don’t ignore Pudgy Penguins

However, if one were to analyze the past week’s statistics, Pudgy Penguins NFT collection seemed to have done the heavy-lifting.

The collection of unique 8,888 cartoon NFTs featuring adorable penguins recorded $9.1 million in cumulative sales in the last seven days, marking a 6x jump.