NFT Market Cap Jumps 21% to $6.3B Overnight — What’s Going On?

The NFT market roared to life on Monday, jumping more than 20% in a single day, with total market cap rising from $5.1b to $6.3b.

After months of stagnation, renewed interest in Ethereum-based collections appears to be driving the sudden revival.

A major catalyst came in the form of a high-profile CryptoPunk sweep. According to on-chain data from Lookonchain, a newly created wallet, 0x1bb3, spent 2,082 ETH, or about $5.87m, to purchase 45 CryptoPunk NFTs within hours.

The transaction lit up OpenSea, where the wallet now holds assets valued at over 1,700 ETH, or roughly $6.5m.

A whale created a new wallet(0x1bb3) and spent 2,082 $ETH($5.87M) to buy 45 CryptoPunk NFTs 4 hours ago.https://t.co/mVu8wrKhT7 pic.twitter.com/pfH4j5lYKI

CryptoPunks led the rally, with floor prices climbing 14% from the previous day to $175,320. This surge pushed the project to the top of the 24-hour sales leaderboard, clocking in over $14.7m in volume, according to CryptoSlam. That marked a staggering 11,143% increase in daily sales.

Other Ethereum collections followed suit. Moonbirds recorded a 31.1% gain, while Pudgy Penguins rose 2.7%. Bored Ape Yacht Club saw a 6.9% increase, and niche collections like Infynex Patron gained 9.4%.

The broader uptick signals a shift in sentiment as investors appear to be rotating capital back into high-value NFT assets.

The NFT market cap just pumped 17% in a day from $5.1B to $6.0B.

Which NFTs are you holding? pic.twitter.com/yIauTicwpy

Ethereum retained its dominance by a wide margin, notching $32m in NFT sales over 24 hours, a 339% spike. Solana, Bitcoin and BNB Chain trailed, each generating between $1.3m and $2.1m in sales, data from CryptoSlam showed.

The rise in activity coincides with a sharp increase in wallet activity and a visible uptick in both buyer and seller participation. Ethereum alone saw over 5,400 buyers and 6,000 sellers across NFT marketplaces within the same period.

While it remains unclear whether this momentum will sustain, the sharp uptick shows how quickly sentiment can shift in the NFT space. The market had been mired in sluggishness for months, with volumes declining and floor prices softening across major collections.

Not all platforms or blockchains experienced the recovery to the same extent. While Ethereum-based collections surged, others like Immutable and Polygon recorded smaller gains or minor dips, showing Ethereum’s ongoing lead in high-value NFT transactions.

CryptoPunks’ leading role in the recent surge shows the enduring appeal of iconic collections with cultural significance, particularly when major investors join the action.

This rapid influx of funds and interest might indicate the onset of a wider market recovery. Still, experienced analysts warn that the NFT market remains unpredictable and closely tied to overall cryptocurrency trends.

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