Bitcoin NFTs Pump 110% in Sales in the Past 24 Hrs, Here’s What Driving This Growth

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The non-fungible token market has shown promising signs of rebound after suffering a massive downturn in the past several months. The NFT market downtrend began sometime in June last year, leaving many NFT collections in huge losses.

In recent weeks, the NFT market has been making another strong comeback. This time around, Bitcoin NFTs seams spearheading the short Bull Run. Optimism among investors regarding crypto and the increasing demand for Bitcoin NFTs has contributed to the overall rise in the NFT market.

Bitcoin NFTs Pump 110% In Sales Past 24 Hrs

The non-fungible token market data analysis shows that NFTs hosted on the flagship crypto “Bitcoin” have surged higher in recent weeks. In the past 24 hours, Bitcoin NFTs have pumped 110%, attracting a trading sales volume of $8.4 million.

Bitcoin NFTs Sales: Source: CryptoSlam.io

Bitcoin NFTs made their way into the non-fungible token market earlier this year. Bitcoin developer Casey Rodarmor invented Bitcoin NFTs after inscribing the NFTs’ functionality using Satoshi’s Ordinal theory. Bitcoin NFTs can represent images, text, or digital files.

Since its inception, Bitcoin Ordinals have gained mainstream adoption among investors and institutions. Recently, Bitcoin NFTs dethroned Solana-based NFTs and became the second-traded NFTs. These NFTs have strong potential even to outperform the market-dominant Ethereum NFTs.

$OXBT BRC-20 NFTs Pump 81% In 24 Hrs

Based on the latest data, $OXBT BRC-20 NFTs have shown exceptional performance in terms of sales volume, emerging flagship Bitcoin NFT collection. In the past 24 hours, The NFT collection has pumped 95%, becoming the most traded NFTs in the global NFT market.

During this period, the sales volume of $OXBT BRC-20 NFTs has exceeded $3.1 million, with around 6,165 transactions contributing to this remarkable figure. The number of investors buying this NFT collection has surged by 40% in the past 24 hours.

In the meantime, the hype around meme coins and other assets has slowly faded in the past several weeks, with attention now shifting to NFTs. Bitcoin NFTs enjoy the market share of the recent NFT market frenzy. So far, more than 9 million ordinals have been inscribed.