- NFT trading volumes peaked at $1.201 billion in February but later entered a downward spiral, crashing to $297 million in September.
- The market has reserved the downtrend and experienced a $915 million increase.
- The newcomer Bitcoin NFTs made a significant share, outranking Ethereum NTFs.
In a recent report, the research team at the leading crypto exchange, Binance, disclosed that the NFT market has experienced a sudden break out from a longstanding bearish trend. According to the research, the NFT trading volumes surpassed their previous downtrend and experienced a notable month-over-month increase of $915 million in November.
Based on the data from Binance, the last time NFT volumes touched $900 million was in March. Meanwhile, the market had its peak point of the year in the previous month at $1.201 billion. However, following this peak, a downward trajectory ensued, with volumes dropping to approximately $700 million in May.
This bearish trend persisted, reaching its depths in September when it hit the year’s lowest point at $297 million. Effectively, the $915 million recorded in November marks a break out of the eight-month-long bearish trend th…
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