Bitcoin NFT sales exceed Ethereum, indicating the beginning of a BTC season.
Interest in Bitcoin NFTs grew as weekly sales surged.
Activity on the Bitcoin network continued to decline.
Ethereum [ETH] had been the undisputed champion in the NFT sector for quite some time. However, in the last few months, Bitcoin [BTC] managed to dethrone Ethereum and claimed the top spot.
NFTs makes a comeback
Bitcoin took the lead in NFT sales, experiencing a significant 55.42% increase, bringing its total sales to a staggering $49.74 million.
However, this surge came with a caveat. Wash trading, a practice of inflating trading volume through artificial buying and selling, also rose by 15.39%, exceeding $39,000.
This can cause concerns and questions about the legitimacy of some of this activity.
Interestingly, despite the wash trading increase, the number of active buyers on Bitcoin plummeted by nearly 96%, with only 2,056 addresses participating in the market.
Ethereum, the previous leader, followed closely behind with $35 million in NFT sales. This represented a slight decline of 0.31% compared to the prior week.
However, unlike Bitcoin, Ethereum saw a higher number of active buyers engaging in the market, even though this number still reflected a significant 56.33% drop from the previous week.
Meanwhile, alternative blockchains were making strides as well. Polygon enjoyed a healthy 29.43% increase in sales, reaching $19.63 million.
Solana also witnessed growth, claiming the fourth position with $18.225 million in sales. Immutable X joined the party with a 12.77% increase in sales, further solidifying its presence in the NFT ecosystem.
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