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Bitcoin prices up, NFT interest down: Here’s what it means for you

April 22, 2024
in Bitcoin
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Bitcoin prices up, NFT interest down: Here’s what it means for you
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  • Interest in the Bitcoin NFT sector dwindled significantly.
  • Despite this, the price of BTC surged and activity on the network remained stable.

Despite the halving, Bitcoin[BTC] miners continued to generate large amount of fees over the last few days, signaling ongoing profitability in the mining sector.

The surge in miner revenue was primarily attributed to the emergence of Bitcoin runes, a protocol facilitating the creation of fungible tokens on the Bitcoin blockchain.

The introduction of runes has bolstered mining profitability by opening avenues for the creation of new cryptocurrencies and tokens within the Bitcoin ecosystem.

Trouble ahead

However, recent data suggests a decline in interest surrounding Bitcoin runes, alongside other Ordinal NFTs.

Following the completion of the DOG Runes snapshot at 840,269, the floor price of the Pre-Runes concept Ordinals NFT Runestone plummeted by over 60% within 24 hours.

Conversely, the floor prices of Bitcoin Puppets and NodeMonkes also declined during this period.

Source: Coingecko

This downward trend in interest could potentially impact the fees generated by Bitcoin miners.

With declining enthusiasm for runes and associated NFTs, miners may face increased selling pressure as profitability diminishes, potentially leading to a decrease in overall mining revenue.

Moreover, the repercussions of reduced miner revenue could extend to the broader Bitcoin ecosystem, impacting the cryptocurrency’s price. A decline in mining profitability may trigger selling among miners, contributing to downward pressure on BTC’s price trajectory.

However, there may be a silver lining on the horizon for Bitcoin runes. The recent announcement from Binance regarding a potential listing of runes on its network hints at a possible resurgence in interest.

See also  Ethereum whales are on the move - What next for ETH prices?

Such a move by Binance could inject new life into the runes market, reigniting investor enthusiasm and helping  BTC’s cause within the NFT space.

Source: X


Read Bitcoin’s [BTC] Price Prediction 2024-25


How is BTC doing?

At the time of reporting, BTC was trading at $66,367.49, registering a modest 2.11% increase in the last 24 hours. Despite this price uptick, current activity on the Bitcoin network appears relatively stable, with daily active addresses maintaining consistent levels.

Even though the price of BTC had surged, the MVRV ratio for BTC had declined, indicating that most addresses at the time of writing were not profitable. This suggests that the price of BTC may rally further before significant profit taking begins.

Source: Santiment

 

 

 

Previous: Bitcoin: ‘$60K ends up being the bottom’ this cycle, analysts predict
Next: Dogecoin: Analyst predicts THIS for DOGE despite recent dip

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

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  • Interest in the Bitcoin NFT sector dwindled significantly.
  • Despite this, the price of BTC surged and activity on the network remained stable.

Despite the halving, Bitcoin[BTC] miners continued to generate large amount of fees over the last few days, signaling ongoing profitability in the mining sector.

The surge in miner revenue was primarily attributed to the emergence of Bitcoin runes, a protocol facilitating the creation of fungible tokens on the Bitcoin blockchain.

The introduction of runes has bolstered mining profitability by opening avenues for the creation of new cryptocurrencies and tokens within the Bitcoin ecosystem.

See also  Why Bitcoin? Michael Saylor breaks down BTC’s edge over gold, stocks!

Trouble ahead

However, recent data suggests a decline in interest surrounding Bitcoin runes, alongside other Ordinal NFTs.

Following the completion of the DOG Runes snapshot at 840,269, the floor price of the Pre-Runes concept Ordinals NFT Runestone plummeted by over 60% within 24 hours.

Conversely, the floor prices of Bitcoin Puppets and NodeMonkes also declined during this period.

Source: Coingecko

This downward trend in interest could potentially impact the fees generated by Bitcoin miners.

With declining enthusiasm for runes and associated NFTs, miners may face increased selling pressure as profitability diminishes, potentially leading to a decrease in overall mining revenue.

Moreover, the repercussions of reduced miner revenue could extend to the broader Bitcoin ecosystem, impacting the cryptocurrency’s price. A decline in mining profitability may trigger selling among miners, contributing to downward pressure on BTC’s price trajectory.

However, there may be a silver lining on the horizon for Bitcoin runes. The recent announcement from Binance regarding a potential listing of runes on its network hints at a possible resurgence in interest.

Such a move by Binance could inject new life into the runes market, reigniting investor enthusiasm and helping  BTC’s cause within the NFT space.

Source: X


Read Bitcoin’s [BTC] Price Prediction 2024-25


How is BTC doing?

At the time of reporting, BTC was trading at $66,367.49, registering a modest 2.11% increase in the last 24 hours. Despite this price uptick, current activity on the Bitcoin network appears relatively stable, with daily active addresses maintaining consistent levels.

Even though the price of BTC had surged, the MVRV ratio for BTC had declined, indicating that most addresses at the time of writing were not profitable. This suggests that the price of BTC may rally further before significant profit taking begins.

Source: Santiment

 

See also  Bitcoin briefly passes silver in market cap: 'Shows how big BTC can be'

 

 

Previous: Bitcoin: ‘$60K ends up being the bottom’ this cycle, analysts predict
Next: Dogecoin: Analyst predicts THIS for DOGE despite recent dip
Tags: BitcoinHeresInterestMeansNFTPrices

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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EDITOR'S PICK

This Bitcoin Miner from Wall Street Plans 317% Hash Rate Jump by September

This Bitcoin Miner from Wall Street Plans 317% Hash Rate Jump by September

February 6, 2025
Join the Battle in Overworld Arena: Xterio’s Free PVP Game with Huge Rewards

Join the Battle in Overworld Arena: Xterio’s Free PVP Game with Huge Rewards

June 10, 2024
ZNS Connect Launches Testnet on Berachain, Invites Community Participation

ZNS Connect Launches Testnet on Berachain, Invites Community Participation

February 26, 2024
If THIS is true, Bitcoin will hit $50k soon 

If THIS is true, Bitcoin will hit $50k soon 

February 3, 2024

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