NodeMonkes NFT Recovers Strongly, Leading the Ordinals Market Comeback

This summer was a turbulent time for the Ordinals market, with top collections facing significant drops of 70-80% or even more. The market was like a storm, wasn’t it? However, positive signs are emerging, particularly with the NodeMonkes NFT collection, suggesting that the market may have bottomed out.

How did NodeMonkes’ price recover?

Leading the recovery is the NodeMonkes collection, with an impressive 94% increase from its recent low, recorded at 0.095 BTC on September 6th. Currently, NodeMonkes is trading at 0.18 BTC, bringing many investors back to safe shores.

The NodeMonkes NFT collection jumped from rank #10 to #5 in the last 7 days, becoming the fifth largest NFT collection by market cap.

High Demand for NodeMonkes

Not only has the floor price increased, but the demand for NodeMonkes is also evident in the trading volume figures. According to Cryptoslam, over the past 30 days, NodeMonkes has secured the sixth position in the trading volume ranking of all NFT collections, with a total value reaching $8.6 million. This is truly impressive, folks! Notably, the collection holds the top spot on the Bitcoin platform with a dominant trading volume, accounting for 58% of the market. Meanwhile, on Ethereum, NodeMonkes trails only behind CryptoPunks in terms of trading volume.

On September 23rd, NodeMonkes generated nearly $1 million in trading volume in just one day, reaching a precise figure of $983,057. This marked the highest trading volume since June 28th, signifying a new high in nearly three months.

Reasons for NodeMonkes NFT Recovery

NodeMonkes’ growth is fueled by several factors, including:

• Uniqueness: NodeMonkes is one of the first collections to utilize Bitcoin’s Ordinals protocol, allowing each artwork to be inscribed directly onto a satoshi, the smallest unit of Bitcoin.
• Vibrant Community: NodeMonkes has built a lively and loyal community, with many participating in online discussions and community events.
• Effective Marketing: The NodeMonkes development team has implemented effective marketing strategies, attracting the attention of investors and NFT collectors.
• Support from Investors: NodeMonkes has received backing from reputable investors in the industry, contributing to the collection’s credibility and value.

Commentary

The robust recovery of NodeMonkes, coupled with the increased trading volume of Ordinals collections, highlights the immense potential of the NFT market on the Bitcoin blockchain. NodeMonkes has demonstrated that NFT collections on Bitcoin can capture attention and attract investment as effectively as those on Ethereum. While challenges remain, with the evolution of the Ordinals protocol and growing community interest, the NFT market on Bitcoin is poised for strong growth, promising opportunities for investors and digital art enthusiasts.

Conclusion

The strong comeback of NodeMonkes reflects not only the high demand from the community but also serves as a positive signal for the entire Ordinals market. With both floor price and trading volume at elevated levels, the collection continues to assert its leading position and opens doors for the resurgence of NFT collections on the Bitcoin platform. It’s evident that NodeMonkes is playing a pivotal role in driving the development of the Ordinals market, fostering hope for the future of NFTs on the Bitcoin blockchain.

Note: This article provides general information about the Ordinals market and is not investment advice. Individuals should conduct their own research and assess risks before making any investment decisions.