Key Takeaways
Ethereum NFTs have been surging, with the total NFT market cap reclaiming $6.8 billion for the first time since Q4 2023. ETH is up nearly 50% this month, with NFT flows and gas usage adding bullish pressure in Q3.
While the market may seem a bit overstretched, NFTs [Non-Fungible Tokens] have been building a solid bullish structure lately. Historically, spikes in the NFT market cap have aligned with broader crypto bull runs. And, we’re starting to see those early signs again.
The total NFT market cap just cracked $6.8 billion, marking the first breakout since last year’s Q4 pump, which peaked at around $10 billion. It was the closest cycle to the 2021 NFT frenzy.
Source: CoinGecko
And yet, even with the overall NFT demand climbing, CryptoPunks alone (an OG Ethereum NFT) has nearly 30% market dominance, jumping by about 10% since the election rally.
Right behind them, Pudgy Penguins, also Ethereum-native, controls roughly 8.5% of the market. Together, these two are driving most of Ethereum’s heavyweight status in the NFT game.
And, it’s not random. Ethereum [ETH] ripped by nearly 50% this month, staging a strong Q3 move. That momentum is clearly flowing into high-end NFT plays.
The real question now – Is this dominance in the NFT space just a side effect, or a direct reflection of Ethereum’s growing macro footprint?
Ethereum reclaims its crown in the NFTs
Ethereum NFTs are back in action. According to CoinGecko, ETH NFTs have reported a 26% jump in market cap and a 488% spike in 24-hour trading volume. And, this isn’t a fluke.
One wallet aped into 45 CryptoPunks in a single day, dropping 2,082 ETH ($7.79 million), marking one of the largest single-day NFT buys we’ve seen in months.
In fact, with a full week still left in July, ETH NFT volume has already tapped $152.84 million – Marking a five-month high and signaling that real momentum may be building back into the NFT flow.
Source: TheBlock
Zooming out, the combo of NFT market cap reclaiming $6 billion and ETH-based volume ripping higher underlines a tight correlation. Ethereum reclaiming its spot works as the backbone of NFT liquidity too.
On the price side, ETH is up by nearly 50% MTD, holding firm above $3,700 and testing key resistance zones.
If this NFT flow continues to absorb ETH at scale and gas activity stays elevated, it could reinforce upside pressure. This would add fuel to ETH’s breakout structure going into Q3.
