Will NFTs Retest Market Hype, Now That Bitcoin Is Projected To Hit $100K By 2024

On Apr 26, 2023

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The non-fungible token market has gained mainstream adoption among investors, artists, and institutions in recent years. Unfortunately, the NFT market growth has been downward for several months following the recent downfall in major crypto prices.

Below we shall look in-depth at the future of NFTs now that the flagship crypto “Bitcoin” has been projected to hit $100,000 by the end of 2024. Will the NFT market experience hype this year? Let’s find out:

Bitcoin To Hit $100K By 2024 – How Does This Impact NFTs?

Earlier this week, Geoff Kendrick, the residence analyst at Standard Chartered, predicted that the flagship crypto “Bitcoin” would soar back to more than $100,000 before the end of next year. In an exclusive interview with CNBC, Kendrick remarked:

“We see potential for Bitcoin (BTC) to reach the USD 100,000 level by end-2024, as we believe the much-touted ‘crypto winter’ is finally over.”

During the interview, Kendrick referenced the recent crisis surrounding the major traditional banking sector, asserting that it’s conducive to BTC’s outperformance and validates Bitcoin’s original premise as a decentralized, trustless, and scarce digital asset.

In that context, If Kendrick’s analytic prediction comes true, the spike in BTC price will consequently create a spike in non-fungible tokens and the broader crypto industry. It’s worth noting that NFTs are intertwined with crypto.

The last time the NFT market recorded its all-time high of more than $5 billion in trading sales volume, Bitcoin was rallying above $60,000.At the time, most NFT projects also gained high revenue from crypto transactions.

In the past few weeks, Bitcoin has led the rest of the industry in a short market rally, surging above $30,000 for the first time in more than ten months. Again, the recent surge in crypto prices has created a short reflux in the NFT market.

The NFT Market Health

NFTs feel bad right now as their volume has gone down and prices are tumbling, including pillars of the NFT market, Bored Ape Yacht Club (BAYC) NFT collection, CryptoPunks, and other popular blue-chip NFT collections.

According to CryptoSlam, the non-fungible token has decreased in trading sales volume for the past 30 days, dropping more than 10% from the previous month. The NFT market has recorded a trading sales volume of $734 million.

Over the same period, Ethereum-based NFTs have recorded a trading sales volume of $514 million, down 17% from the previous month. Solana NFTs have attracted a trading sales volume of $90 million, while Polygon, an Ethereum scaling solution, has recorded a sales volume of $52 million.

The most expensive NFT collection in the past 30 days was “The Sandbox Land #21221,” selling for $1.2 million on the Blur NFT marketplace. The other NFT collection that has sold for a head-scratching sum was Maverick Position NFT, selling for $1 million just a few weeks ago.

In the meantime, Bitcoin is leading a short rally today, climbing by 41% to $28,360 at the time of publishing. On the other hand, the NFT market is reacting to the surge in crypto prices and has also begun flourishing.

Bitcoin Price Today: CoinMarketCap.com

Mad Lads, an NFT collection featuring a fixed set of 19,950 NFTs on the Solana network, is leading the short hype, surging 46% in sales volume. Mad Lad has raised $2.1 million in sales for the past 24 hours. Bored Ape Yacht Club has followed closely, raising $1 million in sales.