Today, Ethereum (ETH) and Polygon (MATIC) are demonstrating market resilience despite a significant drop in NFT sales during the period from January to September 2023. According to data from OpenSea, ETH saw a slump in NFT sales from $659 million at the beginning of the year to $74 million in September, while MATIC experienced a decrease from $109.12 million to $4.5 million over the same period.
However, in October 2023, both cryptocurrencies showed signs of recovery. Ethereum’s price rose by 8.7% to $1,810, while Polygon’s increased by 14.3% to $0.649. This market resilience was driven by anticipation of Bitcoin Spot ETF approval and new partnerships for both networks.
Today, Ethereum saw a further trading volume surge of 7%, with its price increasing from $1,785.51 to $1,912.62. Analysts predict it will reach $2,335.71 by year-end. Simultaneously, Polygon’s market cap hit $6.5 billion following a month-long growth of 25.8%. It is projected to retest $0.87 by year-end.
Despite the expected continuation of low NFT activity until the end of the year, Ethereum and Polygon’s network activity is projected to rise due to the popularity of ETH staking and zkEVM adoption on Polygon. Analysts forecast that ETH could surge by 17.1% to $2,120 and MATIC might climb by 42.2% to $0.923.
In related news, Everlodge is launching a web3 marketplace for converting real estate into NFTs via blockchain technology. These NFTs can be traded on platforms that support ERC-20 tokens, providing passive income opportunities. Everlodge’s native token, ELDG, priced at $0.023 in stage 6 of the presale, is expected to see growth upon launch.
Additionally, NuggetRush (NUGX) has been making headlines with its innovative approach; launching a play-to-earn mining game that allows the conversion of NFTs into real gold, thus offering tangible rewards to mining enthusiasts.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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