Bitcoin Overtakes Solana in NFT Transaction Volume

Bitcoin Ordinals, which allow the creation of NFTs over the Bitcoin network, have significantly increased network activity, although it does not affect the BTC price for now. The latest data shared by market followers revealed that Bitcoin, which is the leader in NFT transaction volume, has risen to second place, surpassing Ethereum’s biggest rival Solana. According to the screenshot from CryptoSlam, smart contract platform Ethereum is still the leader of the NFT industry with daily volume of $13 million.

NFT trading volume on the ETH network decreased by 5% daily, while BTC increased by 54%. Bitcoin snatched the number two seat from Solana with $4.2 million in volume. Although there was a daily increase of 174% in the SOL network, it could not receive the order it lost from Bitcoin. In the NFT market rankings, Polygon ranks sixth, BNB seventh, and Cardano eighth. Ethereum layer-2 solution Arbitrum is in the ninth place with a daily trading volume of 152 thousand dollars.

It is exciting that NFTs find a place in the Bitcoin network, which the vast majority describe as “old technology” today. However, experts warn against the unconscious moves of investors. According to crypto analysts, the excitement around Ordinals may fade as soon as profits start to dwindle.