NFT Market Downturn, But Bull Run Still Imminent — Bitcoin and Solana NFTs Lead Recovery

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The non-fungible token market, led by the Ethereum NFT market, has suffered a severe decline in the past few weeks, and there have been rumors that the NFT market is dying this time. But interestingly, Bitcoin and Solana-based NFT collectibles have emerged, breaking these rumors and are now leading the recovery of the NFT market.

NFT Market Gains 5% Today

Data collated by on-chain crypto market aggregator Cryptoslam.io shows that the global non-fungible token market has recorded some positive growth today. In the past 24 hours, the NFT market has traded sales of $29 million, an increase of 4.82% from the previous day.

These positive growths come amid a short-term bear market, which has caused many non-fungible token collectibles to suffer huge losses, mainly NFT collectibles hosted on the Ethereum blockchain network. Bored Ape Yacht Club and Mutant Ape Yacht Club are perfect examples of companies that have been affected by the recent short-term NFT bear market.

Over the past three months, the lowest price of the Boring Ape Yacht Club NFT collectible has fallen by more than 30% to less than 12 ETH. On the other hand, the lowest price of the Mutated Ape Yacht Club fell below 2 ETH for the first time, setting a new NFT history.

NFT bull market is still coming

Fortunately, the non-fungible token market seems to be on an upward trajectory, and after nearly three months of downward trend, Bitcoin and Solana-based NFT collectibles are leading the NFT recovery. This recovery shows that the much-anticipated NFT bull run is still coming.

Non-fungible token collectibles hosted on the Bitcoin and Solana blockchain networks are seeing bullish activity today, showing signs of recovery in the NFT market in the coming weeks. In the past 24 hours, Bitcoin NFT collectibles traded $9 million in sales, up 17% from the day before.

Meanwhile, Solana NFT collectibles traded sales of $7.6 million, up 9.98% from the day before. Bitcoin Ordinal is the most sold NFT collectible on the Bitcoin network today. In the past 24 hours, Bitcoin Ordinal NFT collectibles traded sales totaled $3.6 million, up 92% from the day before.

Tensorians, a limited edition of 10,000 pixelated NFTs hosted on the Solana blockchain network, is the second best-selling NFT collectible today. In the past 24 hours, the transaction sales of Tensorians NFT collectibles reached $1.7 million. Tensorians NFT sales increased by 369% from the previous day.

Mad Lads is a non-fungible token collectible from Solana Development Project Coral, with a limited supply of 10,000 NFT collectibles hosted on the Solana blockchain network. It is the third best-selling NFT collectible today. In the past 24 hours, Mad Lads NFT collectibles have traded sales of $1.4 million. Mad Lads NFT sales increased by 73% from the previous day.

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