Bitcoin NFTs Make a Comeback Fueled by NodeMonkes Frenzy

Bitcoin NFTs are experiencing a resurgence in popularity which is fueled by the meteoric rise of the NodeMonkes collection. This pixelated NFT collection inscribed on the Bitcoin blockchain has witnessed a surge in trading activity propelling it to the top three NFT collections by market capitalization. Chinese reporter Wu Blockchain reported that the price of Bitcoin NFT NodeMonkes has increased by more than 25% to 0.89 BTC ($56,500) in past 24 hours via X:

In the past 24 hours, the price of Bitcoin NFT NodeMonkes has increased by more than 25% to 0.89 BTC ($56,500), with a market value of $565 million, surpassing Pudgy Penguins and MAYC, becoming the third NFT with the highest market value, second only to CryptoPunks and BAYC .…
— Wu Blockchain (@WuBlockchain) March 4, 2024

The driving force behind the NodeMonkes frenzy appears to be two-fold. Firstly, it is the significant buying interest from Bitcoin whales and the perceived rarity of the collection. Data suggests a Bitcoin whale spent a whopping 53.45 Bitcoin worth approximately $3.35 million to acquire just six Alien NodeMonkes.

Furthermore, NodeMonkes claimed to be the first 10,000-count profile picture collection on Ordinals. By using ordinals it is possible to record data and art onto specific fragments of Bitcoin which results in unique NFTs with an exclusive appeal for collectors. The market capitalization of NodeMonkes has seen a significant increase due to the high demand for them.

The collection now boasts a market cap of over $576 million surpassing established NFT collections like Pudgy Penguins and Mutant Ape Yacht Club (MAYC). This rapid rise has even led some to speculate that NodeMonkes could potentially challenge CryptoPunks which is the current leader in the NFT market capitalization rankings.

NodeMonkes recorded over $11 million in sales volume, setting an all-time high on March 4. The project went live in December 2023 with an initial listing price of nearly $9,000. The NodeMonkes phenomenon appears to be having a ripple effect on the broader Bitcoin NFT market.

On March 3, the trading volume of Bitcoin Ordinals surged to a new high of $51.14 million. This marks the highest level since December, indicating renewed interest in this investment category. Magic Eden, a prominent trading platform, was a major contributor to this surge. It accounted for a significant portion (76.8% or $39.29 million) of the total trading volume.

The upcoming Bitcoin halving event that significantly reduces the number of new Bitcoins mined is expected to further fuel investor interest in the asset class. With continued whale support and a unique proposition, NodeMonkes seems poised to remain at the forefront of this burgeoning market segment.