Market UpdateNFT Market Update - Week 35, 2022
Code Red As Extreme Fear Returns
This week was no exception and the market continues to fall. Ethereum struggles to break the $1,600 resistance mark and could fall back to test the $1,400 level. The market sentiment is defiantly bearish at the moment and the current state of extreme fear confirms this. Depending on the upcoming news around additional rate hikes, we could see the price take a hard hit. This is based on this news not being favorable, which we all believe will be the case.
This week we saw 95.65 Million in funds across all NFT markets this was down by (5.86%) from the prior week.
**This Market Report is Not Financial Advice, This is my Personal Opinion of the current conditions and you should Always Do Your Own Research**
This Weeks OpenSea Volume
Weekly OpenSea volume reached $74.48 million. Compared to last weeks final total, this figure decreased by 3.97%.
OpenSea NFTs Daily Volume
- Monday - Users 25.6K | Volume 12.31M | Transactions 56.4K
- Tuesday - Users 26.9K | Volume 13.49M | Transactions 57.9K
- Wednesday - Users 26.3K | Volume 12.28M | Transactions 57.1K
- Thursday - Users 23.94K | Volume 8.44M | Transactions 48.8K
- Friday - Users 23.57K | Volume 8.92M | Transactions 50.6K
- Saturday - Users 21.28K | Volume 8.01M | Transactions 46.2K
Market Size
We can see by the numbers that this week the unique Users Decreased by 2.89% and the trading transactions Decreased by 3.29% from last week. As Bearish sentiments continue to rise.
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
BAYC #2389 for $137,596 Thousand
This Weeks Notable Projects
Top Mint of The Week OpenSea Link
Top Weekly Volume Growth OpenSea Link
Top Weekly Floor Growth OpenSea Link
Top Volume This Week OpenSea Link
Conclusion
The last weeks decline in the overall market is mostly due to the pending global talks about more Rate increases. We could see some artificial increases due to the approaching Eth merge. We could also see this as a springboard situation although myself and others feel it would be short lived. Many feel that we haven't actually seen the bottom yet. So, remember to trade safely and invest in projects that are of long term proven value. Look for good communities that have a track record of delivering success.
Always remember, that 99% of all projects will go to zero. This is why it’s so important for you to always invest wisely and do your own research. My reports are for informational purposes only.
The Fear index has dropped into a state of Extream Fear for the current week. As long as there is a state of uncertainty in the economic world we will see these ups and downs continue.
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