3 mins readThe non-fungible token (NFT) market has slowed down since this year started. Yet, fresh data from Stocktwits NFT shows a growing curiosity in Cardano. More specifically, its NFT floor price index surpassed Ethereum's recently. It seems like Cardano might become a more favored NFT trading space.
A Risk to Ethereum's Dominance?
StockTwits NFT reveals Cardano's NFT floor price rose 22% more than Ethereum's in the past week. Ethereum has long been the NFT leader. However, this surge hints at Cardano becoming a more chosen platform. Regardless, Ethereum outdoes the competition with sheer trading volume.
CryptoSlam data proves Ethereum's strong presence. Its trading volume is $12.3 million, thanks to 11,262 buyers in the past day alone. In great contrast, Cardano is ranked 8th, even with its floor price leap. Its trading volume is just $228,778. Nonetheless, Cardano gained interest from 1,579 buyers. It's growing in popularity, even if it can't rival Ethereum's sheer size.
Other platforms want their share of the NFT action. Solana and Polygon are becoming tough rivals. They made their mark in the NFT world with primary sales of $1.5 million and $2.1 million, respectively.
ADA And ETH Price Trends
Despite climbing NFT floor prices, Ethereum and Cardano's native tokens haven't seen parallel rises. Their tokens aren't shadowing the upswing of their NFT markets. In the past week, Cardano's token, known as ADA, dropped 8.5%. Its price now rests at $0.26.
Moreover, ADA's market cap has taken a significant downfall over the last week. Its peak of $10.1 billion reduced down to $9.3 billion. This marked dip reflects ADA's declining price trend of late. Over the last day, ADA has dipped a further 0.2%.
Ethereum, next in line to Bitcoin in terms of market cap, has also experienced a similar downturn. Within the last week, its value has dipped close to 10%. Ethereum's price went down from last week's $1844 to today's $1,672. This drop accounts for a nearly 1% slide in just the last 24 hours.
This downward shift in Ethereum’s price has resulted in a significant cut to its market cap. To comprehend this drop, it stands at a massive $20 billion reduction in its market cap over the same period.
Final Thoughts
The NFT market is witnessing a notable transformation. Right now, Cardano's NFT floor price index outshines Ethereum's by 22%, no small feat. It infers that Cardano has managed to carve a niche within the market. Nevertheless, Ethereum still overshadows its competition. It does this by maintaining a leading position in trading volume.
Even so, Ethereum and Cardano's native tokens haven't followed suit. They've strayed from their respective NFT markets. It is diverging from the rises to display downturns instead. More platforms are likewise marking their territory within the NFT landscape. Especially, with rising attention on Solana and Polygon.
Solana and Polygon are making significant strides. Their progressive climb should not be overlooked. The pressing question remains whether Cardano can sustain its climb. Or? Will it pose a tangible threat to Ethereum's grip on the NFT sector?
