Bitcoin Ordinals Popular After NodeMonkes Price Rises 53%

-->The price of NodeMonkes, a non-fungible token (NFT) collection on the bitcoin network, has risen more than 50% in the past 24 hours. As of this Monday morning, its market cap has surpassed that of Bored Ape Yacht Club (BAYC), according to data from CoinGecko.

Bitcoin NFT’s

As of 11:00 AM Hong Kong time, the price of NodeMonkes has risen 53.3% to 0.83 BTC ($55,890) in the past 24 hours, with its market capitalization rising to around $558.9 million. This made NodeMonkes the second largest NFT collection in terms of market capitalization. CryptoPunks’ market cap is $1.76 billion, with BAYC’s at $490.9 million.

NodeMonkes sales surge 140.8% in the past 24 hours to reach a sales volume of $5.1 million, data from CryptoSlam shows. Runestone, another bitcoin NFT collection, is also up more than 40% to a market cap of $306.5 million. This now makes it the sixth largest NFT collection in market capitalization.

“Just as token traders have flocked from ETH to SOL memecoins, NFT traders have flocked to bitcoin NFTs,” Nick Ruck, chief operating officer of ContentFi Labs, told The Block. “Runestone and NodeMonkes have seen an increase in buyers and enthusiasts, with the latter managing to overtake BAYC.”

‘Exhausted’ Ethereum-based NFT market

Ruck adds that the shift may also be driven in part by rising gas prices and a “depleted NFT market” on Ethereum. As “even PudgyPenguins has fallen to less than 10 ETH from a recent all-time high of 20 ETH.”

Monthly trading volume on Ethereum-based NFT marketplaces fell to $786.5 million in February from January’s $867.8 million, according to The Block’s data dashboard. Trading volume for March to date was $503.1 million.