CryptoPunks Floor Price Hits $100K In ETH In Two Months

The CryptoPunks floor price hits $100K in ETH in two months and it is on the rise after the many sales that had an entry-level cost so let’s have a closer look at our latest cryptocurrency news.

The cheapest available CryptoPunks NFt is listed above $100,000 and topped the mark for the first time in two months. The Rising punk’s prices came after high-value sales last week at $2.6 million as well as $3.3 million. All of the major blue chip Ethereum NFT collections took quite the hit in the past few months amid the wider market crash and CryptoPunks was no exception. After the multi-million dollar sale, the price for the cheapest NFT from the project started growing immensely.

The price floor for CryptoPunks which is the cheapest available listed on the secondary markets increased above $100,000 worth of ETH for the first time in two months so as of the time of writing, the cryptopunks floor price sits at $113,500. measured in US dollars, the entry-level price for CryptoPunks surged by 31% in the past week and this is due to the rising value of Ethereum which set itself up by 27% in one week. However, this was not the whole story. When measured in terms of ETH, the CryptoPunks floor is up by 12% in the past week and 27% in the past month. However, this is not a market-wide trend for the NFTs.

The Bored Ape Yacht Club for example has a floor price of 94 ETH or about $125,750 and saw its EHT price floor drop by 5% in the past week but thanks to the rising value of ETH, the USD floor price increased by 11% in one week. An NFT is a blockchain token that serves as proof of ownership to an item or digital good like artwork, collectible, or video game items. The NFT market increased to $25 billion in 2021 which is $20 billion more added to the tally. CryptoPunks is one of the most successful projects in the space and Larva Labs launched the collection in 2017 and gave way to NFTs for free. The project became something of a status symbol for crypto industry players and the collection yielded more than $2.3 billion worth of trading volume with a record sale of $23.7 million in February.

The week’s price came after a pair of multi-million dollar CryptoPunks sales as one was sold for $2.6 million while another was sold for $3.3 million a few days later. Both are rare ape avatars with 10,000 profile pictures and the sales rank among the five biggest on-chain CryptoPunks sales when measured in ETH. At a current floor price of around $113,500, it has lost huge value over the course of one year and it hit a peak of $260,000 this year, remaining as high as $241,000 but like the BAYC and other NFT collections, the price collapsed when the market tanked.