Bitcoin Ordinals NFT interest soars as NodeMonkes records 53% surge in floor price

Quick Take

  • NodeMonkes’ floor price reached 0.83 BTC ($55,890) on Monday morning Asia time, making it the second-largest NFT collection in terms of market capitalization, CoinGecko data showed.
  • The sales of NodeMonkes jumped 140.8% in the past 24 hours to reach $5.1 million, according to CryptoSlam data.

The floor price of NodeMonkes, Bitcoin’s premiere non-fungible token (NFT) collection, surged by over 50% in the past 24 hours, surpassing Bored Ape Yacht Club in market capitalization on Monday morning in Asia, according to CoinGecko data.

As of 11:00 a.m. Hong Kong time, the floor price of NodeMonkes had jumped by 53.3% to 0.83 BTC ($55,890) over the past 24 hours, with its market cap expanding to around $558.9 million. 

This made NodeMonkes the second-largest NFT collection in terms of market cap, CoinGecko data showed. CryptoPunks’ market cap amounted to $1.76 billion, with BAYC’s standing at $490.9 million.

NodeMonkes’ sales rose by 140.8% in the past 24 hours to reach a sales volume of $5.1 million, according to data from CryptoSlam. Runestone, another bitcoin NFT collection, saw a 40.7% surge in floor price, with its market cap reaching $306.5 million, becoming the sixth-largest NFT collection in market cap.

“Just as token traders pivoted from ETH to SOL memecoins, NFT traders have been pouring into Bitcoin NFTs,” Nick Ruck, chief operating officer of ContentFi Labs, told The Block. “Runestone and NodeMonkes have seen a surge in buyers and enthusiasts with the latter having managed to flip BAYC which has seen a major selloff in recent weeks.”

‘Exhausted’ Ethereum-based NFT market

Ruck added that the move might also be partially fueled by rising gas costs and an “exhausted NFT market” on Ethereum as “even PudgyPenguins declined to less than 10 ETH from a recent all-time high of 20 ETH.”

The monthly trading volume on Ethereum-based NFT marketplaces fell to $786.5 million in February from January’s $867.8 million, according to The Block’s data dashboard. The trading volume for March so far amounted to $503.1 million.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.