Bitcoin holds the $35,000/BTC mark, heralding the prospect of an NFT boom?According to Investing.com

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According to Khac Hieu

Investing.com – managed to sustain the upward momentum and hold on to the $35,000 mark after rising sharply from the sub-$30,000 price range. Traders are still hoping for bigger gains, but moving beyond this mark will be extremely difficult.

Source: Investing.com

According to Coinpedia predictions, the relative reduction in trading volume caused the price to drop slightly to $34,748/BTC on November 7, but the largest cryptocurrency on the market is still in an upward trend, indicating that the price may rise.

In fact, some BTC price analysts have failed to break the key $35,195 threshold multiple times. Despite the underlying upward trend, indicators are showing a different trend. Therefore, the price of Bitcoin is likely to rise above $36,000/BTC or fall below $33,400/BTC.

In the short term, selling pressure is slowly increasing, indicating that a slight correction is about to occur. This will drag the currency towards lower support around $33,226 and add significant buying pressure. At the same time, the Bitcoin Strength Index (RSI) is also falling, so it is expected that the Bitcoin price will fall significantly but trigger a good recovery soon.

Are NFTs booming again?

After the cryptocurrency market has experienced a long period of silence, the NFT market is expected to explode again in the future and show unprecedented growth.

NFTs’ unique ability to establish ownership and their scarcity captured the world’s attention early on, with record sales shaking markets, art schools, and collectibles to their foundations.

As these digital assets continue to drive innovation in everything from virtual real estate to exclusive music releases, they pave the way for new market opportunities and discussions about the intrinsic value of NFTs.

Recently, a report from Spherical Insights pointed out that it is not only individual collectors and enthusiasts who are driving the NFT market, but companies and brands are also increasingly participating in this field. As companies utilize NFTs for marketing, branding, and customer engagement, the commerce sector is expected to grow at a CAGR of around 30.8%.

“According to the latest report from Spherical Insights, the NFT market is expected to expand from US$13.28 billion in 2022 to a staggering US$223.17 billion by 2032.”

Some well-known industries have begun to adopt NFTs to launch exclusive digital collectibles and protect intellectual property. Once the potential of NFTs to build customer relationships and generate revenue is revealed, the market will see significant expansion and innovation.

NFTs offer benefits such as liquidity and proportional ownership. This trend is heating up as it attracts investors and businesses to combine digital and physical in unprecedented ways, redefining asset management and monetization in the process. Asia Pacific is expected to lead the way with a staggering growth rate of 33.2%. A report by Spherical Insights says that as a hotspot for digital innovation with a tech-savvy population and a strong digital economy, the region is ripe for adoption of NFTs.

As can be seen, a collaboration between The Sandbox, a new generation metaverse game, and World of Women, a collection of 10,000 NFTs deployed on, was recently supported by a $25 million fund aimed at promoting diversity in NFTs and games. Or NFL Rivals from Mythical Games, which introduces the intersection of sports and digital collectibles. Such development shows that the potential of the NFT market still has a lot of room.

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