These are pretty incredible short-term surges. So what's behind the positive price action?
There's no fine science to answering this question. My hunch, though, is that the top Bitcoin NFTs were oversold this summer, and momentum is rebounding now that sentiments are getting sunnier in crypto again.
Another factor I suspect may be involved is a rotation from Solana NFTs to Ordinals.
While most of the top Ethereum NFTs are up on the 7-day charts, the biggest Solana NFTs have seen sell pressure in kind. Mad Lads, Claynosaurz, and DeGods are down 10%, 8%, and 26% respectively this week.
Of course, an ecosystem rotation doesn't paint the full picture for why Ordinals projects are up bigly in recent days. Still, the recent downswing around Solana NFTs makes me think some of this action is from NFT traders swinging to the hot hand, Bitcoin.
Gains come and go, so things might look much different here a few weeks from now. Maybe Solana NFTs will be up and Bitcoin NFTs will be down then. But there's no question that the current spotlight is on Ordinals, and they’re capturing the attention of traders looking for the next big opportunity…
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