Raul Pal is Real Vision CEO and a well-known macro investor, and can see a strong comeback when Ethereum (ETH) builds momentum to establish a new all-time high (ATH) with a certain NFT. In X’s post, PAL pointed out an important NFT collection where you can see strong benefits when ETH reaches a new peak.
NFTs to profit from Ethereum’s momentum
PAL said he “shaping the view” as the updated Ethereum bull market lifts NFT assets closely tied to its ecosystem. He named the cryptotopunks and Bored Ape Yacht Club (BAYC), which cited their distinguished and cultural status.
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He also mentions Meebits and Cryptodickbutts, describing them as “cheap OG assets” if the overall market sentiment of NFTs improves. PAL believes that such NFT rally will be driven not only by rising Ethereum’s value, but also by a shift in investors focusing on these well-known collections.
In particular, Ethereum has traded at 2,499, a 3.7% loss in the past day. However, tokens have continued their impressive run over the past month following a 56% surge. Meanwhile, its prices are 49% lower than the all-time high of 4,891% on November 10, 2021. But analysts like virtual bacon expect the token to reach $10,000 for this bull cycle.
Cryptopunks, Bayc still dominates the market
Coingecko’s latest figures show that Cryptopunks remains the most dominant NFT collection in terms of market capitalization. It commands 57% of the best NFT dominance indexes at a floor price of 46.59 ETH, which is around $115,900. Although it has not changed in the last 24 hours, its floor prices have risen 3.9% in a week.
The boring APE Yacht Club took second place on the floor at 12.74 ETH, translated to around $31,700. Bayc scored 1.1% in 24 hours, but a 6% decrease over the week. Pudgy Penguins ranks third for a price of 9.93 ETH.
Despite the benefits of choice, the NFT market
Despite PAL’s optimism, the NFT market is struggling in the short term. NFT’s total market capitalization fell 5% in the last 24 hours to $4.446 billion, while sales fell 10.7% to $5.66 million.
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However, some collections have defied the trend. Sandbox land surged over 42,000% in floor prices, while Snowfro’s Chrome Squiggle jumped nearly 24% in 24 hours. These moves suggest a pocket of investor interest, even amid the broader weaknesses.
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