The turmoil in the widespread crypto market has had a major impact on all of Ethereum’s (ETH) major non-fungible token (NFT) collections, including CryptoPunks.
However since last week, the floor price for CryptoPunks is seen to have increased significantly.
On Sunday, the floor or cheapest price level for CryptoPunks listed on the secondary market rose above $ 100,000 worth of ETH for the first time in two months, according to data from NFT Price Floor.
In fact, at the time this article was written, the lowest price for this digital art collection was at 83.55 ETH or about $ 127,870.
What factors led to this increase?
The increase follows two CryptoPunks sales worth millions of dollars.
CryptoPunk #4464 sold for over $ 2.6 million (2,500 ETH) on July 13, while CryptoPunk #4156 sold for $ 3.3 million (2,692 ETH) two days later.
Both are ‘rare’ Ape CryptoPunk collections where the sale ranks among the top five CryptoPunks sales in ETH’s largest chain.
In addition, the rise was also supported by the appreciation of Ethereum in tandem with the rise of other crypto assets that have begun to show signs of recovery over the weekend.
ETH is currently trading at $ 1,517 after gaining around 38% over the past seven days.
Despite being at current floor prices, CryptoPunks still lost significant value throughout the year.
The floor price peaked on Jan. 3 at $ 260,000 before it plunged sharply due to a collapse in the crypto market that also affected other popular NFT collections such as Bored Apes.
