CryptoPunks triggers a rebound in the NFT market: market capitalization surges 20% in a single day to $6.3 billion

The NFT market experienced a strong recovery this Monday, with total market capitalization surging over 20% in a single day, jumping from $5.1 billion to $6.3 billion. Ethereum ecosystem projects became the market makers for the rebound, and the massive buying event of the CryptoPunks series became the trigger point, leading to a rapid warming of high-value NFT assets.

NFT market capitalization soars, CryptoPunks becomes the recovery engine

After months of market downturn, the NFT sector made a strong comeback in July. According to on-chain data from Lookonchain, a newly created wallet address 0x1bb3 used 2,082 ETH (approximately $5.87 million) within just a few hours to sweep up 45 CryptoPunk NFTs, igniting trading enthusiasm on mainstream trading markets like OpenSea.

The wallet now holds NFT assets worth over 1700 ETH (approximately 6.5 million USD), highlighting that institutional or whale-level buyers are repositioning in leading blue-chip NFTs.

CryptoPunks lead the blue-chip NFT market rebound

The floor price of CryptoPunks rose by 14% in a single day, reaching $175,320, with a 24-hour trading volume of $14.7 million, a staggering increase of 11,143% compared to the previous day, firmly holding the top spot on the CryptoSlam sales leaderboard.

Other Ethereum ecosystem blue-chip NFTs are also rising simultaneously:

• Moonbirds: up 31.1%
• Pudgy Penguins: up 2.7%
• Bored Ape Yacht Club (BAYC): Rebound 6.9%
• Infynex Patron: Rebound 9.4%

These data indicate that market capitalization is flowing back to high-value NFT assets with cultural value and a consensus basis.

Ethereum NFT sales surge, dominance solidified

Ethereum's 24-hour NFT sales reached $32 million, surging 339%, far ahead of other blockchain platforms like Solana ($2.1 million) and Bitcoin chain ($1.8 million). The number of buyers and sellers also saw a significant increase, reaching 5,400 and 6,000 respectively in a single day.

Although it is currently difficult to determine whether this rebound is sustainable, what is certain is that the sentiment in the NFT market is rapidly changing, especially driven by high-net-worth investors.

Non-Ethereum ecosystem NFTs have limited reactions, blue-chip projects still hold dominance

Despite the overall rebound of Ethereum NFTs, other ecosystems such as Immutable and Polygon performed mediocrely, only recording slight increases or minor declines, indicating that high-end NFT transactions are still dominated by Ethereum.

CryptoPunks, as a representative NFT series, plays a core role again in this round of Rebound, highlighting its long-term brand power and collectible value. The rapid influx of capital suggests that the market may start a new round of trends, but analysts also remind that NFTs are still highly influenced by the overall trends in crypto, and volatility should not be ignored.

Conclusion: The Ethereum ecosystem blue-chip NFTs are driving a market rebound, with massive purchases of CryptoPunks igniting rebound sentiment. Investors should pay close attention to the trends of high-value NFT projects on the ETH chain and assess subsequent market momentum by combining changes in on-chain activities. Although the NFT market has rebounded rapidly, short-term volatility still requires careful evaluation.