Market UpdateNFT Market Update - Week 32, 2022
Eth 2.0 Merge = Mini Bull Run?
Last week, I hinted the thought that the Bull Market could be coming back for a quick sprint. I said that if we broke the $1,850 mark this would be enough confirmation for me. Well, we have broken above that mark,
The overall feeling is we are seeing this price action is due to the announcement of ETH 2.0 merge approaching with a new confirmation date of September 15th which was announced earlier this week. This is a little ahead of the original date of the 19th after multiple successful tests. The price action appears to be a buy the rumor / news event which will continue this short-term bull run.
Not financial advice but, I will be taking some profits through this rise. This week we have seen a much-needed increase in funds (23.64%) entering the NFT Market. A couple projects certainly drove the specific volume increase this week. While the crypto market is covered in a sea of green.
**This Market Report is Not Financial Advice, This is my Personal Opinion of the current conditions and you should Always Do Your Own Research**
This Weeks OpenSea Volume
Weekly OpenSea volume reached $107.93 million. Compared to last week, this figure Increased by 11.42%.
OpenSea NFTs Daily Volume
- Monday - Users 25.693K | Volume 12M | Transactions 53K
- Tuesday - Users 26.82K | Volume 16.63M | Transactions 57.2K
- Wednesday - Users 28.9K | Volume 17.6M | Transactions 64.2K
- Thursday - Users 28.42K | Volume 14.18M | Transactions 60.5K
- Friday - Users 25.79K | Volume 13.1M | Transactions 55.8K
- Saturday - Users 23.93K | Volume 10.61M | Transactions 54.3K
Market Size
We can see by the numbers that this week the unique Users increased by 3.88% and the trading transactions increased by 8.11% from last week. People are spending more than the previous two weeks.
Weekly Top Sales
The Highest Single Sale this week was,
BAYC #7863 for $654.18k
Weekly Top OpenSea Projects
Weekly Top New OpenSea Projects
Wednesday was the largest day of Volume on OpenSea and just under 800Eth of Wednesday's Volume went straight to Rare Apepe YC. Sources say this community is vibing like summer of 21 & with BAYC holding about 10% of the collection. I wonder why they are getting this feeling. Something really special is happening with this one. Keep your eyes open and buy the dips if interested.
Rare Apepe YC OpenSea Link 5.6K Supply
8liens NFT minted out last Sunday and holds this weeks Top Mint spot. This project has hit almost 5K in secondary volume since Sunday.
8liens NFT OpenSea Link 3.3K Supply
Conclusion
With the exception of Ethereum hitting almost 2K this week. Not much else has changed in the industry over the last month. The anticipation of the 2.0 merge may be driving the price of crypto up across the board. However, I'm not sure how this will impact the daily users, under the current conditions. We would need a significant increase in volume to see an immediate impact from this conversion. Currently gas prices have been super low due to the reduced volume which is also helping with transaction speeds. Without the large volume the merge may have little impact.
The Fear index has remained Neutral for the second week in a row. Remember as I have been stating, this industry is unpredictable. So, enjoy the highs when they come and always practice safe investing. Dollar cost average in and take profits on the way up, don’t get caught holding someone’s bag.
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