CryptoPunks NFTs Soar in Price, Market Capitalization Hits $1.71 Billion

• Ethereum-based NFTs have seen the most activity since 2023 started, with 726,992 Ethereum [ETH]-based NFTs sales transactions completed since the year started and sales volume on the network totaling $289.47 million at press time.
• CryptoPunks held an 8.10% share of the total NFT market capitalization at press time and their market capitalization stood at $1.71 billion at press time.
• The price per CryptoPunk NFT went up by 6% in the last month, and at press time, an NFT from this collection was obtainable for 67.47 ETH.

Since the start of the 2023 trading year, the Ethereum-based NFTs (Non-Fungible Tokens) have seen the most activity and growth. According to data from CryptoSlam, with 726,992 Ethereum [ETH]-based NFTs sales transactions completed since the year started, sales volume on the network totaled $289.47 million at press time. Furthermore, in the last 17 days, the highest daily sales volume on the network stood at $30.11 million on 6 January.

The overall stability in the general cryptocurrency market since the start of the 2023 trading year has led to renewed interest in profile picture NFTs (PFPs), with Ethereum-based NFT collections seeing the most traction. One of such collections is CryptoPunks, which has seen tremendous growth in the last month. After a momentary decline in market share during December 2022, the CryptoPunks NFT collection reclaimed its spot as the project with the largest market capitalization in the NFT vertical of the crypto ecosystem. According to NFT analytics platform NFTGo, CryptoPunks‘ market capitalization stood at $1.71 billion at press time. In the last month, this rallied by 14%.

Also, increased trading activity for the CryptoPunks NFT collection in the last 30 days led to a 42% jump in sales volume, per NFTGo. As a result, sales volume within the period under review totaled $21.06 million. The project’s floor price has grown tremendously in the last month, data from NFT Floor Price showed. Within that period, the price per CryptoPunk NFT went up by 6%. At press time, an NFT from the CryptoPunks collection was obtainable for 67.47 ETH.

With a market capitalization of $1.71 billion, CryptoPunks held on to an 8.10% share of the total market capitalization of $22.7 billion. It was closely followed by Bored Ape Yacht Club [BAYC], which had a market capitalization of $1.64 billion at press time.

The overall stability in the cryptocurrency market along with the increased demand for Ethereum-based NFTs has resulted in the growth of CryptoPunks, making it one of the most popular and successful NFT collections. The market capitalization and the trading volume of CryptoPunks has seen a significant increase in the last month, and it is likely to keep on growing in the coming months.