NFT Market Outperforms Crypto Market According to Nansen

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Today’s Cryptocurrency Headline

Blockchain data analytics firm Nansen recently released its quarterly research report on NFTs, highlighting that the NFT industry has outperformed the cryptocurrency market year-to-date, with a market valuation expected to reach $80 billion by 2025. Furthermore, according to Nansen’s 2022 Quarterly NFT Report, the NFT market has outpaced the cryptocurrency market this year, with a year-to-date return of 103.7% for ETH and 82.1% for USD. Despite a drop in global markets across most asset classes at the end of February 2022, the NFT-500 index gained 5.9% in the first 30 days of March.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to Blockchain.com data, the average fee per bitcoin transaction fell from an all-time high of $62.78 in April 2021 to the lowest in two years at $1.04. At the same time, the Bitcoin network hash power remained at an all-time high of 248.11 EH/S. BTC has gained 1.46% and traded in a range of $38,536.51 to $41,116.73, indicating substantial volatility over the last 24 hours. So far, the largest cryptocurrency is holding above the psychological level at $40,000. The relative strength index (RSI) on the daily chart is rising from oversold levels, and the long tail on the candlestick indicates bulls are buying at lower levels.

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