Idelto

Cryptocurrency news website

ETH

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

by

Cumulative NFT Sales Among 18 Blockchain Networks Surpasses $36 Billion

Statistics recorded this week show that the aggregate number of non-fungible token (NFT) sales, settled across more than a dozen different blockchains, has officially surpassed $36 billion. While there are 18 competing blockchains offering NFTs, Ethereum-based NFT sales dominate by more than 75%. While Ronin commands the second-largest amount of NFT sales, NFTs from the game Axie Infinity have been the top-selling collection for quite some time, with more than $4 billion in global sales to date.

$36 Billion in All-Time NFT Sales, Ethereum Dominates Sales by More Than 75%


The world of blockchain-based digital collectibles has been a force to reckon with as the NFT ecosystem has become a multi-billion-dollar industry. This week’s metrics indicate that all-time NFT sales have surpassed $36 billion to date.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

The $36 billion in sales recorded on cryptoslam.io’s NFT dashboard stems from 18 different blockchains like Ethereum, Ronin, Solana, Avalanche, Wax, Polygon, and Flow to name a few. Ethereum’s $27 billion in NFT sales, however, represents 75.02% of the total number of sales across all the chains.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

The top blockchains in terms of all-time NFT sales besides Ethereum include Ronin ($4B), Solana ($2.2B), Flow ($1B), Polygon ($591M), Wax ($430M), Avalanche ($277M), Immutablex ($98.7M), Palm ($50.5M), and Tezos ($40.4M). All-time NFT sales from the top nine blockchains add up to approximately 24.61% of the non-Ethereum-based NFT sales.

The remaining nine blockchains below Tezo’s position only represent 0.37% of the $36 billion in all-time NFT sales volume. Ethereum’s 1,300,118 NFT buyers and Ronin’s 1,742,207 NFT buyers are the only two chains with more than a million unique NFT buyers.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

Out of the $36 billion in NFT sales, the top NFT collection in terms of all-time sales is Axie Infinity, which has seen more than $4 billion in sales. The second-largest collection in terms of sales is Cryptopunks, which has seen $2.24 billion in sales.

Cryptopunks is followed by Bored Ape Yacht Club (BAYC) which has recorded $2.12 billion in all-time sales. BAYC is followed by Mutant Ape Yacht Club ($1.52M), Artblocks ($1.25M), NBA Top Shot ($1M), Otherdeeds ($906K), Azuki ($756K), Clonex ($671K), and Veefriends ($538K).

Most Expensive NFTs Stem from Veefriends, BAYC, Cryptopunks, Cyberkong — Opensea Still Commands the Most Amount of Sales by an NFT Marketplace


All-time sales metrics from cryptoslam.io’s dashboard indicate that the most expensive NFT sold is Veefriends’ “Thoughtful Three Horned Harpik,” which sold for 100,000 ether or $316 million. The Veefriends NFT is followed by Cryptopunk 5822 which sold for 8,000 ether or $23.7 million.

Five of the most expensive NFTs sold out of the top ten are BAYC NFTs and two are Cryptopunks. Other collections in the most expensive NFT top ten list included Meebits 10,761 and Cyberkong VX 8252.

Out of all the NFTs sold, most are purchased on the NFT marketplace Opensea with the market Looksrare following the platform’s lead. Other notable NFT marketplaces include Magic Eden, Flow’s NBA Top Shot market, Mobox, Solanart, Wax’s Atomicmarket, Bloctobay, and Rarible.

While billions of dollars worth of NFTs have been sold during the last few weeks, NFT sales have been dropping significantly. Weekly NFT trade volumes are down and weekly NFT sales have also floundered during the past few weeks. If the crypto economy is truly in a bear market cycle it will be interesting to see how the NFT industry handles the downturn.

What do you think about the 18 blockchains recording $36 billion in all-time NFT sales? Let us know what you think about this subject in the comments section below.

L1 Ethereum Network Fees Drop to Levels Not Seen in Over 2 Months, L2 Fees Follow

by

Ethereum network fees have dropped a great deal this week, sliding under $10 per transaction to levels not seen since March 10, 2022. On May 17, the average ethereum transfer fee is 0.0027 ether or $5.68 per transaction. The cheaper fees on layer one (L1) have made it so layer two (L2) fees have been between $0.02 and $1.13 per transfer.

Ethereum’s Onchain Fees Slide Lower Following a Brief Spike Last Week


This week is an optimal time to send ether or use the Ethereum network to swap coins as onchain transfer fees have dropped below the $10 mark. In fact, ether fees on average on May 17, 2022, are roughly around 0.0027 ether or $5.68 per transaction.

L1 fees on Ethereum have not been this low in 68 days, or since March 10. The lower fees follow a brief spike that took place during the Terra blockchain carnage on May 12, as fees were $31.19 per transfer on average that day.

With average network fees down this week, both median fees using L1 and L2 have dropped a great deal as well. At the time of writing on Tuesday morning (ET), the median network fee to transact on Ethereum is 0.0012 ether or $2.59 per transfer.

Median fees have dropped as low as $1.01, according to etherscan metrics on Tuesday. Etherscan data indicates that an Opensea sale could cost around $9.72 today, a decentralized exchange (dex) swap will cost $8.86, and transferring an ERC20 token will cost $2.60.

Ethereum’s L2 Fees Follow Drop in Onchain Transfer Costs


As usual, because onchain fees are cheaper, L2 fees have also seen a significant drop over the last five days since May 12. For instance, it costs roughly $0.02 per transfer using the Metis Network and roughly $0.10 to swap tokens.

While Metis is the cheapest L2, Loopring transfer fees are only $0.03 per ether transfer, and swapping tokens via Loopring will cost around $0.52. Zksync transfers are around $0.05 on Tuesday and swapping a coin will cost $0.13. The most expensive L2 today is Arbitrum One, as transfer fees are around $0.25 and a coin swap on Arbitrum is around $0.35.

The lower ether fees follow the network’s all-time hashrate high on May 13, 2022, at block 14,770,231. The network’s computational power hit 1.27 petahash per second (PH/s) that day, and continues to ride high.

Ethereum’s value has lost 41.8% year-to-date but ETH is still up over 482,570% since October 20, 2015, or roughly six years ago. ETH’s market valuation is 18.4% of the entire crypto economy’s net USD value, with a market capitalization of around $253 billion.

What do you think about Ethereum network fees sliding to new lows not seen in over two months? Let us know what you think about this subject in the comments section below.

Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 to Start the Week

by

Following a volatile weekend of trading, cryptocurrency prices consolidated to start the week, with BTC close to its long-term floor. Overall, bitcoin was trading marginally below $30,000, with ETH hovering slightly above $2,000.

Bitcoin

BTC started the week trading below $30,000 following a volatile weekend of trading, which saw prices mainly consolidate.

Following a rise to a peak of $31,308.19 during Sunday’s session, BTC/USD fell to an intraday low of $29,412.58 on Monday.

Today’s low has seen prices approach the long-term support level of $28,800, following a rebound from this point on Saturday.

Overall, price strength continues to hover in oversold territory, with the 14-day relative strength index (RSI) tracking at 32.44.

This is below a resistance level of 36.40, which was held on Sunday, leading to today’s selloff, as bears re-entered the market.

Should this momentum continue, we will likely see the price floor of $28,800 hit, with a chance of a potential breakout towards $25,000.

Ethereum

The world’s second largest cryptocurrency also started the week lower, however, it was able to stabilize above the $2,000 level for most of the session.

ETH/USD dropped to a bottom of $2,000.09 on Monday, which is around 3.27% lower than yesterday’s peak of $2,147.19

Similar to BTC, today’s drop sees ETH move closer to its price floor, which is near the $1,950 level.

As of writing, prices are trading slightly higher at $2,024.92 following previous lows. However, the 10-day moving average is still pointing to further downwards momentum.

This trend was magnified after the 35.35 resistance level on the 14-day RSI failed to break out during yesterday’s session.

As discussed earlier with bitcoin, we may inevitably see further lows in the coming days, but how low prices will drop will be the key question to ask.

Do you expect ETH to stay above $2,000 this week? Leave your thoughts in the comments below.

Ethereum Hashrate Taps an All-Time High Amid This Week’s Crypto Market Meltdown

by

Amid the crazy week in the world of cryptocurrencies and the Bitcoin network’s mining difficulty reaching a lifetime high at 31.25 trillion, Ethereum’s hashrate tapped an all-time high on May 13, at block height 14,770,231. Cryptocurrency miners continue to dedicate large quantities of processing power toward the second-largest crypto network in terms of market capitalization.

Ethereum’s Hashrate Continues to Climb Higher

Proof-of-work (PoW) ethereum miners are working harder than ever before to mine ethereum before the upcoming Merge. While most of the attention was directed at the Terra blockchain meltdown this past week, Ethereum’s hashrate tapped an all-time high (ATH) on May 13, 2022, at block height 14,770,231.

The network reached 127 petahash per second (PH/s) that day and the processing power is currently operating at 1.18 PH/s at the time of writing. Miners have been hashing away at the Ethereum network and plan to do so up until the network’s proof-of-stake (PoS) transition.

Since June 28, 2021, Ethereum’s hashrate skyrocketed 124.33% from 0.526 PH/s to today’s 1.18 PH/s. Furthermore, since March 25, 2019, Ethereum’s hashrate has jumped 725.17%. Ethereum miners are still profiting a great deal since the crypto market downturn, as Innosilicon’s A11 Pro with 1,500 megahash per second (MH/s) can profit by $36.66 per day using today’s ether exchange rates.

A 750 MH/s miner can get $17.82 per day in ether profits and 500 MH/s can get around $11.71 per day. Presently, Ethermine.org is the largest ethereum mining pool today with 303.12 TH/s of computational power.

The second-largest ether mining pool is F2pool with 155.35 TH/s and Poolin commands the third-largest share of Ethash with 121.69 TH/s. Other notable ethereum mining operations include hiveon.net (118.59 TH/s), 2miners.com (67.36 TH/s), and flexpool.io (59.77 TH/s).

Ethereum has more than 80 mining pools or operations dedicating hashrate to the blockchain using the proof-of-work (PoW) algorithm Ethash. It’s likely ethereum miners will continue to dedicate hashrate to the blockchain up until The Merge takes place.

However, the miners mining ether will not be able to hash away at the Ethereum network after The Merge completes the transition as the chain will be fully PoS. Ethereum developer Tim Beiko, has said The Merge is likely to be pushed to the third quarter of 2022. Beiko further detailed that he “strongly suggests not investing more in mining equipment at this point.”

What do you think about Ethereum’s hashrate reaching an all-time high on May 13, 2022? Let us know what you think about this subject in the comments section below.

Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000, BTC Down 6% to Start the Weekend

by

Following a strong rebound on Friday, crypto prices moved back into the red today, with BTC falling below $30,000 to start the weekend. ETH also moved lower, as its own price slipped below the $2,000 level during Saturday’s session.

Bitcoin

On Saturday, bitcoin’s price fell below $30,000, as crypto bears returned to action to start the weekend.

Following a rise of nearly 10% during Friday’s session, BTC/USD fell to an intraday low of $28,860.79 earlier today.

Saturday’s decline comes after prices hit a peak of $30,924.80 yesterday, as LUNA appeared to have finally fallen into crypto irrelevancy.

However, as LUNA spiked by almost 2,000% in today’s session, the volatility and general uncertainty in markets likely contributed to BTC’s selloff.

Looking at the chart, the 14-day RSI is now trading lower, as it fell to a bottom of 25, which is a floor that has not been broken since late January.

Should this change, then we will likely be looking at bitcoin trading closer to $25,000 in upcoming sessions.

Ethereum

The world’s second-largest cryptocurrency also moved lower to start the weekend, as ETH fell below $2,000 on Saturday.

ETH/USD dropped to a bottom of $1,964.65 on Saturday, which is around 7% lower than yesterday’s peak of $2,139.71.

As a result of today’s move, prices are now hovering close to a support level of $1,950, which was the starting point of Friday’s rally.

Similar to BTC, the 14-day Relative Strength Index on the ethereum chart is also tracking around 25, which is its lowest point in over four months.

We have already seen prices of ETH fall to as low as $1,695 this week, and should the RSI continue to weaken, we might soon revisit these lows.

Overall, ETH is down over 26% in the last seven days, with BTC trading almost 20% lower in that same period.

Could we see these support levels broken this weekend? Leave your thoughts in the comments below.