{"id":9606,"date":"2023-11-04T15:30:25","date_gmt":"2023-11-04T15:30:25","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/october-saw-32-growth-in-trading-volume-trend-to-continue-this-month\/"},"modified":"2023-11-04T15:30:26","modified_gmt":"2023-11-04T15:30:26","slug":"october-saw-32-growth-in-trading-volume-trend-to-continue-this-month","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9606","title":{"rendered":"October Saw 32% Growth in Trading Volume \u2013 Trend to Continue This Month?"},"content":{"rendered":"<div>\n<figure id=\"attachment_127237\" aria-describedby=\"caption-attachment-127237\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-127237\" class=\"wp-caption-text\">Source: AdobeStock \/ Mininyx Doodle<\/figcaption><\/figure>\n<p>The market for <span data-preserver-spaces=\"true\">non-fungible tokens (NFTs)<\/span> is experiencing a resurgence, with October witnessing a substantial 32% growth in trading volume compared to the previous month.<\/p>\n<p>According to <span data-preserver-spaces=\"true\">data released by crypto data firm DappRadar<\/span>, NFT trading volume surged by $99 million, reaching $405 million in October, signifying levels of sales not seen since August.<\/p>\n<p>DappRadar pointed out that this growth marks a significant shift from the year-long downward trend in NFT trading.<\/p>\n<p>The report highlighted the promising signs of recovery in this sector, offering renewed hope to projects that have faced challenges throughout this year.<\/p>\n<p>While the market for profile picture (PFP) projects, such as Yuga Labs\u2019 Bored Ape Yacht Club (BAYC), has experienced a lull during the crypto winter, the recent uptick in NFT trading volume could indicate a broader revival in the digital assets industry.<\/p>\n<p>The surge in NFT trading volume coincided with Bitcoin\u2019s price rebounding above $35,000, reaching its highest point in 16 months.<\/p>\n<p>Analysts suggest that this price increase was driven by anticipation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.\n<\/p>\n<h2>Solana NFTs Continue to Find Momentum<\/h2>\n<p>\nDappRadar\u2019s report also mentioned Solana ( SOL) as a notable network showing growth, with NFT trading volume on the high-speed layer-1 blockchain increasing by 15%, from $24 million to $27.6 million.<\/p>\n<p>Solana\u2019s own price experienced a significant surge of 65% in October, rising from $23 to approximately $38, according to CoinGecko.<\/p>\n<p>Ethereum ( ETH), the second-largest cryptocurrency, remained at the forefront of NFT trading, with a 50% increase in trading volume across various blockchains supporting NFTs.<\/p>\n<p>\u201cEven though there was growth on Ethereum, other chains have seen a significant drop in sales volume. Polygon, Starkware, and Flow had their sales volume drop 48%, 42% and 32% respectively,\u201d the report added.<\/p>\n<p>As NFT trading gained momentum in October, the floor prices of popular PFP projects also witnessed an increase.<\/p>\n<p>For instance, the floor price for NFTs from the Bored Ape Yacht Club rose from $40,000 worth of Ethereum to around $55,000.<\/p>\n<p>While the surge in trading value may instill optimism among NFT traders, it is important to note that October\u2019s trading volume of $405 million is still significantly lower compared to the $2 billion in NFT sales seen in March.<\/p>\n<p>Additionally, NFT sales continued to decline last month, with the total number of NFTs sold decreasing by 5%, from 3.58 million in September to 3.4 million in October, as reported by DappRadar.<\/p>\n<p>However, this decline was less severe compared to the significant drop of 290,000 NFT sales in August.<\/p>\n<p>\u00a0<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/nfts-on-the-rise-again-october-saw-32-growth-in-trading-volume-trend-to-continue-this-month.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Mininyx Doodle The market for non-fungible tokens (NFTs) is experiencing a resurgence, with October witnessing a substantial 32% growth&#8230;<\/p>\n","protected":false},"author":1,"featured_media":9607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-9606","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>October Saw 32% Growth in Trading Volume \u2013 Trend to Continue This Month? 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