The non-fungible token (NFT) sector is currently facing a strong bearish trend, with OpenSea slipping to the fourth position among top marketplaces. Data from CryptoSlam reveals a 26% decrease in global NFT sales over the past 24 hours, with a total trading volume of $58.2 million. This decline could be attributed to a shift in investor focus towards cryptocurrencies.

Ethereum Dominates NFT Sales

The Ethereum network continues to lead in NFT sales, with $23.5 million recorded in the past 24 hours, followed by Bitcoin with $20 million in trading volume, according to CryptoSlam. Notably, the Bitcoin-based digital collection NodeMonkes, launched in December 2023, saw the highest sales in the last 24 hours, surpassing other popular collections like Ordinals, Bored Ape Yacht Club (BAYC), and Pandora.

Market Trends and Performance

Recent data from CryptoSlam and DappRadar indicate a decline in the number of NFT buyers and sellers, with a 4% and 9.4% decrease, respectively. Blur emerges as the top NFT marketplace with a sales volume of $25.3 million in the past day, despite a 3.3% drop in sales. Magic Eden, the second-largest marketplace, experienced a 38% decrease in trading volume, currently at $8.4 million with 10,510 sales.

The OKX NFT Marketplace, on the other hand, saw a slight increase in daily sales, reaching $5 million. Formerly the largest marketplace, OpenSea now holds the fourth position with a 24-hour trading volume of $4.99 million. The average price of digital collectibles on OpenSea decreased by 22.22% in the last 24 hours.

Market Comparison with Cryptocurrency Sector

While the NFT market faces a bearish sentiment, the overall cryptocurrency sector has seen significant gains, with Bitcoin reaching new all-time highs in recent weeks.

For more insights and updates on the cryptocurrency market, visit Global Crypto News.

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