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CryptoPunks Floor Price surged–possible reason could be ETH price jump.
The drastic fall of cryptocurrency made almost every other cryptocurrency to witness steep decline. NFTs also followed the similar trend after the other crypto assets. But as the crypto market is showing slight upward movements, the growth started reflecting on NFTs. Increase in CryptoPunks floor price is one such positive instance.
Not to mention that Non-Fungible Tokens (NFTs) were not the exception during the heavy market crash lately. But price recovery of even the cheapest NFT collection like CryptoPunks signifies the turning of tables for now.
As per the reports, the floor price of CryptoPunks NFTs has crossed over $100,000. The entry-level price of the NFT collection remained below this level for about two months but are now witnessing recovery. Currently, the floor price of CryptoPunks is at 83.55 ETH that equates to approx $127,780.
While comparing the same floor prices of these NFTs, they showed a significant recovery. In terms of their value in exchange of ETH, CryptoPunks floor price rose by approx 12% while it is up by nealy 27% in a month. However, the growth in terms of US dollars is much higher where their floor price gained almost 31% in the last one week.
The reason for increasing the floor price of CryptoPunks clearly depends upon the rising trading price of Ethereum (ETH). Second biggest cryptocurrency in the world by market capitalization–Ethereum–is up by more than 45%, in a week. ETH is current;y trading at $1,545 while at the time of writing.
However, this is not the case with the wider NFT market where several other cryptocurrencies have even seen a decline during the same time. Take Bored Ape Yacht Club for instance, whose entry-level price has seen a fall of 4.18% over the last week. However, in terms of dollar to NFT, floor price of BAYC has seen a growth of more than 15% during the similar time frame. Currently Bored Ape is priced at $148,527.