Crypto’s JPEG market is showing signs of life – despite mass layoffs at prominent marketplace OpenSea – as NFT trading volume grew by $99 million in October compared to the month before, according to a report released by crypto data firm DappRadar. The report pointed to a 32% increase in trading volume from $306 million in September to $405 million last month, described as levels of sales not seen since August. This was accompanied by a jump in the price of Bitcoin to its highest price in 16 months on anticipation that a spot Bitcoin ETF could be approved in the U.S. soon. On the Solana network, NFT trading volume grew 15%, while the price of Solana itself surged 65%. Ethereum was also highlighted in the report for leading the pack, with a 50% jump in NFT trading volume. However, trading value is still far below the $2 billion in JPEGs that traded hands in March. Additionally, NFT sales continued to slump last month, with a 5% decrease from 3.58 million to 3.4 million. #crypto #NFT #JPEG #BitcoinETF
You can read more about this topic here: Decrypt: NFTs Are Back? Sales Jump 32% in October, Led by Ethereum
