NFT Market Cap Surpasses $6B as CryptoPunks See $13.5B Buying Spree

A major investor has spent over $13 million on 76 tokens from the CryptoPunks collection, sparking a surge in trading volumes and prices. According to analysts, this purchase, combined with the broader crypto market recovery, has brought renewed activity to the NFT segment.

Sharp Rise in Market Cap and Sales Volumes

The NFT market capitalization has climbed above $6 billion for the first time since February. According to CoinGecko, it reached $6.725 billion, gaining 29% in the past 24 hours. At the same time, trading volumes skyrocketed. CryptoSlam reports that global NFT sales jumped 179% in 24 hours to $44.1 million, and reached $168 million over the past week.

Massive CryptoPunks Purchase Changes Market Dynamics

Analysts point to a key driver behind the movement: a large buyer who spent roughly $13.5 million on 76 CryptoPunks tokens over a five-hour span. This pushed the collection's floor price up by 15,88% and boosted trading volume by about 8,100%.

Some are comparing it to peak deals from 2021. According to Nick Ruck, Director of Research at LVRG Research, the NFT market is being fueled by rising altcoins and bullish sentiment, while bitcoin remains in a sideways trend. He noted that traders are once again eyeing top collections in hopes of another price rally.

Institutional Interest and Cautious Optimism

Vincent Liu, Investment Director at Kronos Research, believes this type of purchase indicates strong interest from major investors in NFT blue chips and a return of liquidity to the premium segment. He sees it as a potential signal for a new wave of demand for top-tier collections.

Min Jung from Presto Research agrees that the renewed interest in NFTs is being supported by the overall crypto market optimism. However, he points out that demand is currently focused not on new tokens but on well-established projects like CryptoPunks. In his view, this shows that the sector is still far from full recovery - the market remains in a phase of cautious rebound.

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