Blur NFT Platform Soars 20%: Next Big Thing in the Crypto Market?
In Brief
The NFT related altcoin Blur has risen double digit over the past 24 hours, according to CoinMarketCap data. The token has seen a massive surge in trading volume of 1240% in just 24 hours.
Blur (BLUR), an altcoin closely tied to the NFT sector, has seen a surge of over 20% within 24 hours, data from CoinMarketCap reveals. The token, which is native to the Blur NFT aggregator and marketplace, has experienced a considerable increase in trading volume of 1240% in the same period.
This sudden spike coincided with the token’s listing on Upbit, a leading South Korean trading platform, which spurred a 22% price jump. Currently, Blur ranks 44th globally in terms of trading volume, despite being 110th in market capitalization.
Blur’s recent integration with the OKX NFT marketplace is another driving factor behind its upward trend. The marketplace forms part of a leading NFT platform that operates on the Solana (SOL) blockchain, further bolstering its presence in the sector.
Despite a significant drop on June 5 following the US Securities and Exchange Commission (SEC) launching legal actions against several major cryptocurrency firms, Marketplace currently trades at $0.36.
Can Blur Sustain This Upward Trend?
Blur’s growth in the past week has sparked a positive trend. By positioning itself as a prime location for NFT collectors and sellers, Marketplace has seen a substantial increase in trading volume.
The Blur NFT aggregator’s trading volume soared in the past 24 hours, exceeding $395 million. According to data from DappRadar, the number of unique traders on Blur has grown by 65%, reaching a total of 6,278 at the time of writing.
Data from DappRadar shows an average collectible price on Blur of $3410. This makes Marketplace the leading NFT marketplace for pricing. Blur launched an airdrop in February, attracting many airdrop hunters. This occurred in the first quarter. The platform saw a 361% increase in Ethereum NFT trades. According to Nansen.ai, Blur then surpassed OpenSea as the NFT market leader.
Blur is strongly positioned in the NFT market. Blur’s integration with other platforms ensures its sustained growth. Like all cryptocurrencies, it faces market fluctuations and regulatory pressures. The future question is if Marketplace can innovate and adapt. It needs to keep pace with the evolving NFT landscape.
- The American financial titans, including Citadel Securities, Fidelity Investments, and Charles Schwab, are backing the newly established EDX Markets. This cryptocurrency exchange made a dramatic entry into the digital assets industry on June 20 with the promise of a surge in the crypto market.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
