The Non-fungible Token Report: February 2024’s Market Trends and Top Projects
Research Report
February witnessed an impressive almost 50% surge in Bitcoin, marking its most significant jump since May 2019. The bullish momentum, fueled by increased inflow into Bitcoin Spot ETFs, notably Blackrock’s IBIT, has set the markets abuzz. This surge extends Bitcoin’s positive streak into its sixth consecutive month, potentially signaling the onset of an altcoin season.
The crypto industry’s overall market cap soared to $2.44 trillion, a level not seen since January 2022. The growing investment in Bitcoin ETFs has been instrumental in propelling its price upward, thereby catalyzing a broader market recovery across various sectors.
Following the frenzy around AI, the NFT, and DeFi spheres are experiencing a resurgence, buoyed by Bitcoin’s ascent and hinting at a possible rally in the making.
February unfolded with numerous significant developments poised to shape the future of blockchain, cryptocurrency, and NFTs. Notably, recent research highlighting the majority failure rate among new crypto projects echoes through the industry. Additionally, attention-grabbing initiatives like the Empire State Building’s NFT reward launch add to the flurry of NFT-related news demanding attention and exploration
Let’s dive right in! This report provides an overview of the significant fluctuations within the NFT market throughout February 2024. Let’s explore the key highlights together!
