Blue Chip NFTs Tank +10% After Ethereum Fall Back From ATH
The non-fungible token market, led by the Ethereum-based non-fungible token collections, has seen significant plunges this week, marked by a decrease in sales volume and floor price value. In the past seven days, the majority of Ethereum NFT collections have plunged by over 10% in sales volume from the past week. The downturn is linked to a broader crypto market downturn and a cooling of speculative fervor. Ethereum Pulls Back From ATH Data compiled by CoinGecko.com, an on-chain crypto market aggregator, shows that Ethereum, the second leading crypto asset by market capitalization, has pulled back from its recent record high. Ethereum exploded last week to an all-time high of $4,960 for the first time since the NFT and crypto market in 2021. The crypto market rally was fueled by the Fed chair Jerome Powell’s recent remarks on reducing interest rates on crypto products. Unfortunately, the crypto market fire did not last long, causing Ethereum to pull back from its ATH. Ethe...