Is CryptoPunks’ recent growth indicative of NFT market’s overall progress

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CryptoPunks, an NFT collection that ranks second in terms of market cap and floor price, witnessed massive growth in terms of unique addresses buying the NFT. The sudden interest in the CryptoPunks could be attributed to a recent spike in CryptoPunk’s social activity. Well, we shouldn’t forget that an increasing interest in the CryptoPunks collection […]

However, CryptoPunk’s market cap and volume did not show any improvement over the past 30 days.

Aside from a spike on 28 September, CryptoPunk’s trading volume was relatively flat. Its market cap moved sideways for the majority of last month, not indicating any major fluctuations.That being said, the decline in trade volume has had a negative effect on CryptoPunk’s average price. Over the last 24 hours the average trading price for the NFT collection depreciated by 10.24%. However, overall, the average price movement recovered from the lows that it had been constantly hitting between 12-24 September.

Although there has been growth in terms of unique addresses that are holding CryptoPunks, it still appears that the punks have a long way to go and an uphill battle to fight. Even though CryptoPunk’s recent developments indicate an increasing interest in the NFT space, bluechip NFTs such as

 

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